Inclusive Prosperity Capital partnered with Fleet Development to fund the installation of solar on 3 properties serving 128 units of deeply affordable housing in rural Oregon. IPC used the Catalyst term loan, with some modifications, to make the project work with the properties’ existing USDA and HUD financing. This solution solved financing challenges and set a precedent that will enable similar projects in the future. This is just another example of how mission aligned organizations partnering together can make communities stronger, greener, and more resilient.
Who is Fleet Development?
Fleet Development connects affordable housing properties with clean energy through rooftop and community solar projects that create value for residents, owners, investors, and housing agencies. Fleet’s experienced executive team has significant expertise in development, management, and consulting in the affordable housing industry.
Why is IPC involved?
IPC used structured a term debt solution for solar projects on a portfolio of USDA-RD and HUD-supported affordable housing properties in Oregon, California
and other states. Fleet had developed a model to overcome regulatory barriers that have traditionally prohibited this project type but was unable to secure an appropriate financing partner until it found IPC.
Creating Resilience & Equity
Fleet develops rooftop and community solar projects for owners of subsidized multifamily housing. Fleet’s methodology enables no-cost entry to solar projects that:
- Lower operating costs and hedge against increasing utility rates
- Reduce reliance on federal energy subsidies
- Generate investor tax benefits
Bringing Renewable Energy to Affordable Housing
Fleet Development’s experienced executive team has significant expertise in development, management, and consulting in the affordable housing industry. Fleet develops rooftop and community solar projects for owners of subsidized multifamily housing. Their approach has no upfront costs and is budget neutral.