Loan at a Glance:
PCG’s work with Capital For Change, the largest full-service CDFI in Connecticut, provides a $1,000,000 pari passu participation in a $3,200,00 loan.
Project Summary:
This loan funds the purchase and installation of a commercial fuel cell that provides cost-effective, renewable energy for Cherry Street Lofts, a brownfield cleanup and redevelopment project that includes 157 residential units for families earning between 50% to 70% AMI, Great Oaks Charter School, Great Oak Charter School tutor housing, and planned future development of 85 additional residential housing units.
Loan Result:
Each low-income residential unit benefits from a projected $123 per year electric bill savings in year one, increasing to $290 per year in year 202.