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March 31, 2016
FOR IMMEDIATE RELEASE
ROOFTOP SOLAR LOWERS UTILITY COSTS FOR LOW-INCOME HOUSING RESIDENTS
Novogradac Journal of Tax Credits to Honor Innovative Renewable Energy Development
SAN FRANCISCO – Affirmed Housing Group has been named a winner of a 2016 Novogradac Journal of Tax Credits Renewable Energy Power Award for the energy upgrades it made to its Sonoma Court affordable housing development in Escondido, Calif. Affirmed Housing Group is being honored in the small community project category and serves as an example of how renewable energy tax credits are effective tools for projects of various scales. The awards will be presented at the Novogradac Financing Renewable Energy Tax Credit Conference in San Francisco, April 28.
“Congratulations to this year’s 2016 Power Award winners,” said Stephen Tracy, conference chairman and partner in Novogradac & Company LLP’s San Francisco office. “Whether it was by bringing solar energy to a historically coal-fueled region, by powering a hospital with fuel cell energy or by lowering utility bills for low-income families, these development teams have shown the versatility and effectiveness of using renewable energy tax credits to help finance the transformation of these communities.”
Affirmed Housing Group conducted a $13 million renovation of Sonoma Court, a 61-unit affordable housing property built in 1978. In addition to cosmetic and infrastructure upgrades, the renovation project included adding energy-efficient features, such as dual-pane windows, Energy Star appliances, a central solar hot water system and highly efficient heating pumps. The building’s new rooftop photovoltaic system has helped offset community utilities by 70 percent and resident utility bills are now as low as $5 per month.
The Renewable Energy Power Awards recognize development teams with effective and innovative renewable energy tax credit projects in terms of positive job creation, community impact and reducing energy footprint.
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Developments eligible for consideration in this round were placed in service in 2015 and 2016 and used the federal renewable energy investment tax credit (ITC), the federal renewable energy production tax credit (PTC) and/or Section 1603 cash grant funds. Awardees were recognized in three categories: financial innovation, overcoming obstacles and small community project.
Full descriptions of the Novogradac 2016 Renewable Energy Power Awards winners can be found at www.novoco.com/awards/energy/index.php. In addition, the Novogradac Journal of Tax Credits conducts several awards programs that recognize excellence in affordable housing, community development and historic preservation. Nominations for each program are open year-round and more information can be found at www.novoco.com/awards/index.php.
About Novogradac & Company LLP
Novogradac began operations in 1989 and has since grown to more than 500 employees and partners with offices in San Francisco, Walnut Creek and Long Beach, Calif.; Dover, Columbus and Cleveland, Ohio; St. Louis; Boston; New York; Chicago; Austin, Texas; Portland, Ore.; Naples, Fla., Raleigh, N.C.; Iselin, N.J.; and the greater metropolitan areas of Philadelphia; Washington, D.C.; Atlanta; Detroit; Kansas City, Mo.; and Seattle.
Specialty practice areas include tax, audit and consulting services for tax-credit-assisted affordable housing, community revitalization, rehabilitation of historic properties and renewable energy. Other areas of expertise include business valuation, preparation and analysis of market studies and appraisals of multifamily housing investments and renewable energy tax credits.
For more information about the Novogradac 2016 Renewable Energy Power Awards, please contact Jennifer Young at (415) 356-8041 or by email at events@novoco.com.
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