Fred Seigel HUD Boston Fred A. Seigel HUD Boston Boston 2004 - DNC Boston MA 2004 Democratic National Convention

  Fred Seigel HUD - Democratic Convention 2004

Fred Seigel HUD Energy Capital Partners DNC Boston 2004 Energy Capital Partners of Boston Beacon Capital Partners


Fred Seigel - Beacon Capital Partners Boston... Fred Seigel - Active Democratic Party Member... Fred Seigel - 2004 Convention Committee Member Boston Host Committee... Fred Seigel -  President and Chief Operating Officer Beacon Capital Group... Fred Seigel - Board Member of The Pine Street Inn... Fred Seigel - Board Member of Back Bay Business Support Group...Fred Seigel - Energy Capital Partners;  Innovators in creative,affordable energy delivery and early advocate for energy self sufficiency for the USA... Fred Seigel -  Green energy awareness citizen for the United States of America

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Fred Seigel HUD

Fred Seigel HUD


FINANCING ENERGY CONSERVATION MEASURES IN HUD-ASSISTED HUD-INSURED MULTIFAMILY HOUSING
 

Page 3 of 3 -- Affordable Housing Energy Loan Program (AHELP). In addition to the
possible funding alternatives discussed above, the Department recently endorsed the Affordable Housing Energy Loan Program.

 

The AHELP Loan Program Agreement was signed by both the Assistant Secretary and the Chief Executive Officer Energy Capital Partners, Mr. Fred Seigel. Energy Capital Partners of Boston, Massachusetts, will originate, underwrite, and service AHELP loans which will fund energy improvements that will be repaid from energy savings.

The AHELP loan will finance an energy quality improvement plan of cost-effective energy conservation capital improvements with a payback period of up to 12 years. Typical components of an energy quality improvement plan are:

1. conversion from electric resistance to natural gas heating.

2. installation of energy-efficient light fixtures.

3. water conservation.

4. heat pump domestic hot water heaters.

5. domestic hot water tank insulation.

6. conversion from master to individual unit metering.

Prior to developing an energy quality improvement plan, Energy Capital Partners will require an energy audit (a comprehensive assessment of the project's energy demand and use requirements and the financial effect of specific energy-related improvements from an approved entity). The results of the energy audit will lead to a recommended energy quality improvement plan. AHELP will provide the funds to implement the energy quality improvement plan if the anticipated energy saving is more than sufficient to repay the loan over the term of the AHELP mortgage.

Energy Capital Partners underwriting process will assure that the improvements are appropriate, the owner has good credit, and the energy quality improvement plan adds value to the property. A project will be approved if it meets specific energy, property, financial, and ownership criteria developed by Energy
Capital Partners.

Following installation of the necessary equipment to implement the energy quality improvement plan, Energy Capital Partners will test the energy improvements to ensure performance at the projected savings. If the test is successful, and projected savings are realized, loan amortization will commence.

 

If the test shows the improvements have failed to produce the expected savings and the owner and the contractor cannot resolve the problem, the principal amount of the AHELP note will be reduced to the level supported by the savings.

Energy Capital Partners will enter into a mortgage and loan agreement with the owner for each transaction. The AHELP mortgage will be junior to the FHA mortgage. However, upon default of the AHELP loan or upon assignment of the FHA mortgage, Energy Capital Partners' AHELP mortgage will cross- default the HUD
mortgage, and HUD will recognize Energy Capital Partners note payments as an expense to be paid prior to debt service on the FHA mortgage.

The mortgagee must give written consent to each AHELP transaction.

Eligible projects for the AHELP will consist only of "performing" projects insured under Section 236, Section 221(d) (3), and Section 221(d) (4) with 50% or more units receiving Section 8 project-based
assistance. HUD-Held projects are not eligible for AHELP.

For information regarding AHELP, staff from the Boston, Denver, and Seattle Offices, and interested applicants for AHELP, should contact Fred Seigel at Energy Capital Partners, (617) 574-1100.

V. HUD REVIEW

Accept for AHELP loans, all financing arrangements for implementing energy conservation measures must be approved by the local HUD Office in accordance with guidelines in Chapter 12 of HUD Handbook 4350.1.

HUD has designated three HUD Field Offices of Housing as national processing centers that will be responsible for limited reviews of AHELP loan documents in accordance with procedures approved by HUD and the provisions of the AHELP Loan Program Agreement. These Offices of Housing are located in the Boston, Denver, and Seattle HUD Offices.

Boston HUD Office staff will review applications submitted for, projects located in the New England, New York/New Jersey, Mid- Atlantic, and Southeast/Caribbean regions.

Denver HUD Office staff will review applications submitted for projects located in the Midwest, Rocky Mountains, Great Plains, and Southwest regions.

Seattle HUD Office staff will review applications submitted for projects located in the Northwest/Alaska and the Pacific/Hawaii region.

The nature of the review process for AHELP loans will be similar to that used in the multifamily risk-sharing programs, and will be limited to a verification that certain items and certifications have been submitted and endorsed as required by HUD-approved Energy Capital Partners' guidelines.

 

The staff in each designated Office
of Housing will receive copies of Energy Capital Partners' Procedures Manual and the Program Implementation Guidelines which outlines HUD Field Office review responsibilities in the AHELP program.

 

The appropriate staff in these Offices will be trained in all aspects of the AHELP by representatives of Energy Capital Partners.Democratic Convention

 

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