Milestone Transaction for Investment Tax Credits will Reduce Burden of Utility Costs for Residents Across 33 Communities in California

NEF continues to find innovative ways to bridge capital gaps that often challenge the affordable housing industry. Earlier this month, the team worked with our partners at The Pacific Companies (TPC) to close on a milestone transaction that will be a major benefit for residents across 33 affordable housing developments in California.

The purchase of $31 million of Investment Tax Credits will assist TPC in enhancing the properties with renewable energy upgrades including solar panels, battery storage and EV charging stations. These improvements will help reduce the amount of electricity used and ultimately help lighten the burden of utility costs for residents. By increasing sustainability and resiliency efforts, affordable housing leaders can maximize positive outcomes for those who matter most – the residents they serve.

As rising costs continue to challenge the industry, creative solutions are essential to ensure that long-term stability of properties across the country. Reach out to NEF's team to learn more about our full suite of innovative financial solutions and how aligning clean energy incentives and utility efficiency programs can help move affordable housing forward!