The Other Half

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3 min read

We’ve all seen the photos – of the gleaming new   LEED-certified apartment building with solar panels on the roof, classy high-efficiency windows, and a sleek overall look.

Less glamorous is the mundane and outdated-looking 1980s garden-style apartment complex that has just undergone a retrofit project by its original owner that will cut yearly energy and water usage and utility bills by more than 20%.

Yet while the former may garner the awards and attention, the latter type of “stand-alone” retrofit project (involving steps such as air sealing and installing more efficient water fixtures and lighting) is where the enormous opportunities lie today in the affordable housing industry along with some challenges.

This month we take a comprehensive tour of green retrofits of affordable multifamily rental properties. As part of the circuit, we report on the state of the industry, the opportunities and challenges, and a number of existing initiatives (“Green Retrofits,” p. 16). In addition, we discuss how four different organizations are going about this effort (p. 26); provide an in-depth explanation of energy audits (p. 30); show why water efficiency improvements can be a great first step (p. 33); and describe an exciting new calculator being developed in Indiana (p. 35).         To tie the theme together, as our case study story, we visit a completed upgrade project at an affordable housing development in Santa Ana, Calif. that may be a model for other stand-alone green retrofits. (“City Gardens,” p. 4)

On a different topic, we feature a thought-provoking piece by Brian Carnahan, compliance director at the Ohio Housing Finance Agency, on the concept of establishing a national rating system for affordable housing providers such as developers and management companies. (“A Step Forward,” p. 38)

Lastly, we report on a neat newly completed historic rehabilitation development in North Easton, Mass. that celebrates the site’s rich industrial heritage (“Dig This,” p. 41), and highlight a sharp new mixed-use project rising from the ground in Pittsburgh that has many local public officials and residents excited. (“Pittsburgh’s Thriving Downtown,” p. 45)

And yes – that Pittsburgh development is designed to achieve LEED Silver certification or better.

But while the fancy new LEED real estate developments may continue to win most of the acclaim and awards rather than more pedestrian retrofit projects, there’s no distinction in how energy and water dollar cost savings are achieved. The other half of the inventory – existing properties – can similarly generate benefits for their owners and tenants. And in the end isn’t that all that really matters?