Letter from the President

Transcription

1 2015 Annual Report

2 Letter from the President Dear Friends, Thank you for your continued support to the Triple Bottom Line Foundation (TBL Fund) and its mission to serve the vulnerable and neglected populations in our communities. I would like to recognize our staff, board members, volunteers, and interns for all of their hard work in It is due to their dedication that the TBL Fund is able to deliver measurable and lasting triple bottom-line impacts for our communities, our environment, and local economies. In 2015, the TBL Fund expanded its services territory to Texas. TBL Fund also became an official Property Assessed Clean Energy (PACE) lender in Texas. Together with ResourceSmart ( TBL Fund can now collectively provide multifamily property managers and owners a turn-key service for the design and installation of water conservation, energy efficiency, renewable energy generation and property retrofits while also providing access to financing, rebates, grants and other incentives. Last year, TBL Fund issued three loans and facilitated project financing for green rehab of multifamily affordable housing properties in Colorado and New Mexico worth $642,260. TBL Fund also provided Technical Assistance on 45 projects to educate clients on financing options and strategies available for the smart rehab of their MF affordable housing properties. Finally, the TBL Fund joined the Department of Energy s Better Building Challenge program as a Financial Ally, leading the way to better provide the financing needed to preserve affordable housing. We are excited at the possibilities of significantly increasing our impact in We are launching our crowdfunding platform Project SunLight in 2016 and focusing on a Pay for Success social innovation funding model for our work. We hope you will continue to support us and share in our successes as you have in the past. Sincerely, Ravi Malhotra Founder and President Triple Bottom Line Foundation Triple Bottom Line Foundation info@tblfund.org P a g e

3 2015 Accomplishments Completed first year as certified Community Development Finance Institution (CDFI) Issued three loans and facilitated project financing for multifamily (MF) affordable housing properties in Colorado and New Mexico worth $642,260 of smart rehab. Provided Technical Assistance to 45 clients/projects on potential financing options and strategies available to them for the smart rehab of their MF affordable housing properties. Became a PACE lender for the Texas PACE Authority. Joined the Dept. of Energy s Better Building Challenge program as a Financial Ally with a commitment to provide access to $25 Million of financing for green rehab. Established and documented standard operating procedures as a CDFI. Began raising capital from Triple Bottom Line Impact Investors. Introduction The Triple Bottom Line Foundation (TBL Fund) is an ICAST managed 501c3 nonprofit. It is a Community Development Financial Institution (CDFI) as certified by the U.S. Department of Treasury. Established in 2001 as the StEPP Foundation, TBL Fund has since evolved into an institution that provides low-cost financing to multifamily affordable housing property owners. TBL Fund also serves impact investors, providing investment opportunities that generate significant triple bottom line impact on society, the environment, and local economies. In 2015, the housing market continued to see accelerated demand and limited supply, causing prices to soar across the country. This trend has especially affected the rental market, applying tremendous stress on the individuals and families that rely heavily on affordable housing options. TBL Fund s narrow focus on multifamily housing affordability allows us to directly address this affordable housing crisis. By lowering the cost of Hanigan Canino, a TBL Fund Project in Denver, CO housing, and providing safer, healthier and more comfortable homes, TBL Fund improves housing options for the low-income families, elderly and disabled populations who need it most, while installing clean energy solutions in these properties to help solve the climate change crisis. Triple Bottom Line Foundation info@tblfund.org P a g e

4 Lending In 2015, the TBL Fund provided low interest loans to two owners of affordable multifamily properties and one community facility to support a green rehabilitation project for their property. These three projects totaled $642,260 worth of green upgrades. Technical Assistance In 2015, TBL Fund provided technical assistance that helped 45 multifamily properties access various incentives (e.g. utility rebates, grants, Federal and State tax credits and deductions) and low-cost funding options (e.g. debt from CDFIs and State Housing Finance Agencies) for their green renovations and helped them understand the nuances of the available energy financing and green incentives. Case Study - Solar Vista: Solar Vista is an excellent example of the impact Triple Bottom Line Foundation can have on an affordable housing property. Solar Vista, an apartment complex located in Colorado Springs, CO, is home to more than 56 low-income individuals. By securing a loan from TBL Fund, Solar Vista was able to leverage $130,000 in total financing for their $250,000 green rehab project, including installing new efficient HVAC systems, insulation, lighting upgrades and new energy efficient windows. The annual savings in utility bills total $10,997 giving the project a simple payback of 11.8 years. Looking Forward Triple Bottom Line Foundation will continue to tackle the afforable housing and climate change crisis head-on by financing green upgrades in multifamily affordable housing properties. We believe that financing the installation of energy efficiency, water conservation, renewable energy, and health and safety upgrades using a market based approach is a truly scalable and sustainable strategy. TBL Fund has made it a priority to grow its assets using a variety of investment strategies. Look for more info on this in Triple Bottom Line Foundation info@tblfund.org P a g e

5 Team Members 1. Ravi Malhotra, Founder and President 2. Marcia Cohen, Director of Finance and Administration 3. Rachel Stone, Development Officer 4. Ryan Kristoff, Grants Coordinator 5. Kiana Cedar, Marketing Coordinator 6. Suzi Bromfield, Administrative Assistant Board of Directors Vic Ahmed Chairman Innovation Pavilion Bruce Dines Vice President Liberty Global Thomas Amdur Executive Director National Housing & Rehabilitation Association Dr. John Trefny President Emeritus Colorado School of Mines Ravi Malhotra President ICAST Advisory Board Members Joseph Montoya, Ex-Dy. Director, New Mexico Mortgage Finance Authority Paul Major, CEO, Telluride Foundation Jeff Cunningham, Partner, Rubin Brown LLP Mary Williams, Sr. Vice President, First National Bank of Denver and Santa Fe Joshua Smith, Vice President, Commercial Lending, Washington Federal Bank Janine Talerico, Executive Director, Texas Association of Local Housing Finance Agencies (TALHFA) Joe Rowan, Executive Director, Funding Partners for Housing Solutions Janine Halverson, Director, MF Lending, Wells Fargo Triple Bottom Line Foundation P a g e