November 21, 2011 - DCA & HMFA Celebrate Installation of Solar Panels at Senior Affordable Housing Community in Bellmawr
DCA & HMFA Celebrate Installation of Solar Panels at Senior Affordable Housing Community in Bellmawr
Assistance Provided through HMFA's Multifamily Solar Funding Program
BELLMAWR, N.J. – Representatives of the New Jersey Housing and Mortgage Finance Agency (HMFA) today joined local and state officials to celebrate the unveiling of newly installed solar panels at Bellmawr Senior Housing, an independent senior living community in Bellmawr, Camden County. The HMFA, an affiliate of the New Jersey Department of Community Affairs (DCA), committed funding for the installation through its Multifamily Solar Funding Pilot Program.
"The Christie Administration is committed to ensuring a sound and responsible energy future for New Jersey that both stimulates the economy and protects the environment, and the solar project at Bellmawr Senior Housing advances that goal," said DCA Commissioner Lori Grifa, who is chair of the HMFA. "We are proud to contribute to the Administration's efforts to increase renewable energy production and make New Jersey an even more economically and environmentally inviting place to live."
The HMFA received funding through the federal American Recovery and Reinvestment Act (ARRA) of 2009 as a sub-grant recipient and used to money to develop the Multifamily Solar Funding Pilot Program, which provides zero-interest loans to eligible HMFA-financed multi-family building owners for the roof installation of solar photovoltaic renewable energy systems.
The Bellmawr Senior Housing community was completed in 2007 and was financed by the HMFA. The community includes 130 affordable housing units for senior residents who are 62 years of age and older. Using the Multifamily Solar Funding Pilot Program, the owner was able to increase the energy efficiency of the community and lower its operating costs.
"The solar panel installation unveiled today demonstrates how government agencies are partnering with the private sector to produce and promote renewable energy," said HMFA Executive Director Anthony L. Marchetta. "The Multifamily Solar Funding Pilot Program and others like it are all around winning strategies because they create jobs and provide energy efficiency benefits for both owners and tenants by lowering utility costs."
In September, New Jersey surpassed California as the country's largest commercial solar market. In fact, New Jersey's commercial solar market jumped 170 percent from the first quarter of this year to the second quarter, according to the Solar Energy Industries Association. New Jersey's solar installations now account for 24 percent of all such arrays in the U.S. – up from 15 percent at the end of March, the association reported.
The HMFA committed $1,019,447 for the 167-kilowatt solar voltaic system, which is projected to create 154 Solar Renewable Credit Certificates known as SRECs. These SRCES will generate approximately $69,300 per year, which results in direct utility savings to the building.
For more information on HMFA programs and mortgages, please call 1-800-NJHOUSE or 609-278-7400, or log on to www.nj-hmfa.com.