FINANCING

Market Innovation in Financing Energy-Efficiency Retrofits of Commercial Real Estate Explored in New ULI Report
Retrofitting the nation’s existing commercial building stock is moving to the forefront of efforts to reduce carbon emissions in the U.S., and is broadly acknowledged as one of the least expensive ways to mitigate climate change, according to New Tools. New Rules., a new report from the Urban Land Institute (ULI).

New Tools. New Rules. examines how real estate investors are looking at energy efficiency in existing commercial buildings, in light of depressed market conditions, tighter credit and new building regulations. The report was prepared as part of ULI’s Climate Change, Land Use and Energy (CLUE) initiative, which explores the strategic role of land use decisions in reducing energy consumption and mitigating climate change.

According to the report, the sheer size of the commercial real estate sector’s carbon footprint illustrates the potential of energy-efficiency measures to make a dramatic impact on reducing emissions.  The nation’s approximately five million commercial buildings are responsible for 18 percent of total annual energy consumption in the U.S.; moreover, only seven percent of those buildings represent half of the overall floor area of commercial buildings. The market potential for commercial retrofits is projected to total $190 billion over the next ten years.

TD Charitable Foundation Offers $1.7 Million in Grants to Support Capital Improvement Efforts
The TD Charitable Foundation, the charitable giving arm of TD Bank, America’s Most Convenient Bank announced that it awarded $1.7 million in grants to support affordable housing initiatives from Maine to Florida, through its 2010 "Housing for Everyone" grant competition. The fifth annual “Housing for Everyone” grant competition is one of the company’s most widely known signature programs.

Capital Improvements for Affordable Housing is the theme for this year’s grant competition. Preservation or improvement activities must make a qualitative difference in the lives of residents, improve the overall condition of the property, provide overall cost savings and/or improve energy efficiency. The Foundation awarded 34 grants ranging from $10,000 to $100,000.

“At TD Bank, we recognize the importance of supporting our local communities,” said Elizabeth Warn, president of the TD Charitable Foundation and senior vice president of community development for TD Bank. “Without access to affordable housing, it is difficult to sustain the well-being of the communities we serve. That is why we are proud to help preserve and improve existing homes this year."

Organizations that entered the 2010 grant competition had tax-exempt 501(c)(3) status; developed or maintained affordable housing, or provided housing-related programs and services to low- and moderate-income individuals or families; and served the communities where TD Bank does business. Applicant organizations also demonstrated fiscal responsibility and the impact they have made on affordable housing efforts in their communities.

Proposals were only accepted online, at www.TDBank.com, and were submitted by the September 3, 2010, deadline. Notification of awards were made in early November 2010.