DC Project Shows the Payback from Green Retrofitting
Tax Credit Advisor, April 2009: Galen Terrace, an 84-unit affordable apartment property in the Anacostia neighborhood of Washington, DC, is a poster child for the benefits of green retrofitting.
In a $13.6 million transaction, the tenants’ association joined with developers Somerset Development Company and the National Housing Trust-Enterprise Preservation Corporation to buy, renovate, and preserve the three-building federally assisted Section 8 property.
The renovation included energy efficiency and water conservation improvements with a payback period of 10 years or less. A comprehensive initial energy audit of the buildings identified needed improvements.
The incremental cost of the energy improvements was 3.8% of the development budget. Projected savings are 60% in energy and 21% in water usage.
Green elements included the installation of: solar reflective roof material; green label-certified carpets; Energy Star refrigerators; low-flow water fixtures (shower, toilet, faucets); new energy-efficient windows and doors; daylight sensors on outdoor lights; and barrels to collect rainfall for use to water landscaping. In addition there was insulation of water pipes and use of low-VOC paints, primers, sealants adhesives, and caulking. Renters receive a Green Home Guide and orientation
Tax Credit Advisor
Tax Credit Advisor (TCA) is the only publication to provide in-depth coverage of federal low-income housing, historic rehabilitation, new markets tax credits, and state housing & historic credits. TCA, a monthly print publication, alerts you to the news, trends, resources, and emerging opportunities to help you successfully develop, finance, manage, and invest in tax credit projects. read more
IRS Clarifies Certain Provisions Related to PTC and ITC
The Internal Revenue Service (IRS) recently released Notice 2014-46, further clarifying Notices 2013-29 and 2013-60, regarding (i) how to satisfy the Physical Work Test and (ii) the effect of various types of transfers with respect to a facility after construction has begun.