LOS ANGELES, April 23, 2013 /PRNewswire/ -- AMCAL Housing, a leading affordable housing developer of more than $750 million worth of residential and mixed-use housing, announced it has entered an agreement with Skyline Innovations for the financing and development of solar hot water systems across 11 of its multifamily properties in Los Angeles and San Diego. Through these solar projects, AMCAL is able to secure a 10-year, 30 percent discount to its utility rate for solar hot water used by each building, with no capital investment.
The solar financing program provided by Skyline Innovations enables multifamily affordable housing to go solar and receive immediate, guaranteed savings without financial risk. In addition to financing and project development, Skyline will provide maintenance and monitoring of each system for 10 years.
A number of AMCAL's properties participating in Skyline's program have received industry accolades. Los Vientos, in San Diego, received awards for Best Re-Use of Land from Multifamily Executive Magazine in 2010, and Project of the Year 50+ Units from the San Diego Housing Federation. Castelar Apartments, in Los Angeles' Chinatown, was Co-winner of "Project of the Year – Affordable" by the Downtown News in 2004. Camino Al Oro, a 102-unit senior affordable housing development in Los Angeles' Lincoln Heights neighborhood, is part of the "Avenue 26 Master Plan," which has received numerous awards for innovation in workforce housing, re-use of land and mixed-income design.
"Skyline and AMCAL share a common goal of providing economic vitality and improving the quality of life in local communities. We are thrilled to be able to take advantage of Skyline's offering, as we see the economic benefits immediately without taking financial risk," said Alex Nguyen, Director of Asset Management at AMCAL. AMCAL has been serving low-income families, seniors and people with disabilities for more than 15 years.
Built by Skyline Innovations at no upfront cost to AMCAL, the 11 solar projects total 389 collectors and will provide hot water to more than 2,100 residents, reducing their use of utility-supplied fuel. The solar hot water systems are expected to offset the use of approximately 45,000 therms of energy use for water heating annually with clean, renewable energy – the equivalent of 1.34 gigawatt-hours each year. The savings generated from the systems will benefit residents through reduced utility expenses.
"Along with our specialization in market rate multifamily properties, we are starting to take a leadership role in affordable housing," said Skyline Innovations CEO Zach Axelrod. "It's great to have a solution that helps those who need it most while benefitting the environment, and being able to measure and validate to our customers exactly the impact that we've had."
In 2012, the Maryland Energy Administration named Skyline's business model and monitoring capabilities as a clean energy "Game Changer" and selected Skyline to conduct a two-year study evaluating the relative performance of three solar thermal collector technologies and system designs across market rate and affordable multifamily housing.
ABOUT SKYLINE INNOVATIONS
Skyline Innovations guarantees customers' savings by providing a fixed discount to their utility rates for water heating. This complete customer solution finances, installs, monitors and maintains clean, reliable commercial-scale solar water heating systems at no upfront cost to customers. Found in 2009, the company is headquartered in Washington, DC, with offices in Los Angeles and San Diego. For more information, visit http://www.skylineinnovations.com/ or facebook.com/skyline.innovations. Follow us on Twitter at twitter.com/@sky_innovations.
AMCAL strives to develop high-quality service and amenity-enriched housing for families and individuals at all ranges of the economic spectrum, from special needs to homeownership. It is AMCAL's mission to seize advantage of its vertically integrated companies: Development, Construction and Asset Management, to ensure that developments are created in the most economically and ecologically efficient manner. AMCAL's commitment is to continue to deliver the highest quality possible at each and every community developed.
Sandra Lee, Skyline Innovations, Inc.
Darin Hansen, AMCAL Housing, Inc.
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SOURCE Skyline Innovations