About the Project:
Hampshire Tower Apartments (“Hampshire”), established in 1967, is a 216–unit high rise, fully affordable multifamily building located in Takoma Park, MD. Hampshire is electrifying the HVAC systems, installing a 159kW solar PV system, and establishing a Resilience Hub.
The Hampshire Tower Apartments project marks a milestone as the Green Bank’s largest investment facilitated to date at a total cost of $16.4 million (of which the Green Bank is set to provide a $4.5 million loan). The contractor for this project is ETS (an Orlo Company) in conjunction with Era Building Solutions.
The project includes a major gas-to-electric HVAC system conversion and other energy upgrades such as integration of in-unit heat pumps that dramatically improve building energy performance, aligning with the County’s Climate Action Plan (CAP). Moreover, Hampshire will become the first privately owned Resilience Hub in the County due to its central location, its adjacency to five Equity Emphasis Area tracts, and its high concentration of low-to-moderate income residents.
The project will increase electricity use at the property by 137,343 kWh/year, decrease natural gas use by 37,292 kWh/year, and mitigate 138 metric tons GHG emissions annually. It will also provide a total of $164,545 in savings per year from lower energy and maintenance expenses while improving the quality of life for the residents.
Financing Details
The project will cost $16.4 million. The Green Bank will provide a $4.5 million construction loan with NYCEEC’s participation. Montgomery County DHCA will contribute $6 million and Hampshire Towers ownership will contribute $5.9 million.
Montgomery County Green Bank’s Role
The Green Bank and NYCEEC provided a $4.5MM construction loan.
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