Green Technology Portfolio
NEF Provides High-Quality, Affordable Green Housing
NEF has invested approximately $300MM in some of the most innovative green developments in the country. From wind turbines and solar panels to rooftop rain gardens, recycled building materials and energy efficient heating/cooling and appliances, these projects illustrate the growing percentage of NEF investments that are committed to environmentally sound design and construction. What’s more, these projects manage to take the lead on green while still providing high-quality affordable housing and critical supportive services that are in scarce supply in many communities. Some specific examples include:
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Crescent ParkThis $115MM rehab project offers 378 units of affordable family housing on 24 acres in Richmond, Calif. The development—first built in 1968 with funding from HUD—will now include solar panels and other energy efficient measures when completed at the end of 2009. NEF invested $46MM in the project, our largest-ever single investment. The project’s current on-site Multicultural Family Resource Center is also being significantly expanded as part of the rehab. The project is sponsored by EAH, a long-time NEF partner and work is now underway. |
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Christopher House MarlboroughThis suburban Boston project is the new construction of 83 units of affordable housing for seniors who have some need for supportive services, but are not yet ready for a nursing home. It replaces an eyesore and environmental hazard (a defunct, polluting local tannery) with a newly constructed building that incorporates green building principles focused on reducing energy consumption. NEF invested more than $5 million in equity to support the project. It is under construction and should be completed in 2008. |
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Orchard GardensOrchard Gardens is a $6.7MM new construction project offering 35 units of family housing designed as rowhouses and farm-houses in Missoula, Mont. The sponsor --homeWORD-- believes that achieving sustainability through green building techniques requires an attention to social equity and strengthening the local economy. So, the project includes green elements such as a photovoltaic system and PVC-free buildings, but it also includes an arts program and is focused on helping residents set up individual development accounts to promote savings. |
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4th Street Lofts and Davenport LoftsThese companion projects are part of Davenport’s historic Crescent Warehouse District, a former manufacturing district that is being transformed into housing, entertainment and other commercial uses. Both projects rehabbed shuttered warehouses built at the turn of the 20th century to create affordable lofts for low-income families and individuals. They incorporated green elements such as low-emission materials and rooftop rain gardens to enhance the preservation effort. NEF invested some $13MM combined in the two deals. |
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Salinas ApartmentsThis 63-unit new construction project is serving farmworker families in largely agricultural Pojaro, Calif. It took a green approach to replacing a dilapidated, overcrowded develop-ment, utilizing a common area solar panel system, recycled content materials, low VOC paint, fresh-air intake vents and dual flush toilets, to name just a few elements. The project was completed in 2006 and guided by Global Green USA. Salinas Road operates at better than 20 percent above the California Energy Efficiency Standards. NEF invested nearly $8 million in the project. |
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Station PlaceThis 176-unit mixed-income project involves the construction of one 14-story green building designed for senior independent living in Portland. The project won the 2006 Award of Excellence from the Home Depot Foundation for Affordable Housing Built Responsibly. Home Depot recognized the efforts of REACH, the sponsor, to create a durable 100-year, low-maintenance, energy-efficient, well-insulated building that uses 30 percent less gas, electricity and water than conventional buildings. NEF invested $7.6MM in this project. |
