5 Things Oregon Developers Need To Know About NGBS
The National Green Building Standard (NGBS) is a widely recognized certification program that establishes the benchmark for sustainable construction practices and energy efficiency in the residential building industry. Whether you're involved in new construction, rehabilitation, retrofit, market-rate, low-income, single family or multifamily projects, NGBS certification offers invaluable benefits for creating sustainable, high performance buildings.
1. Financing and Incentives for NGBS Certified Projects
Developers of NGBS certified projects have access to various financing options and incentives to support their sustainable developments. These include tax incentives such as the Federal 45L tax credit for energy efficient buildings. Preferred financing programs from Fannie Mae and Freddie Mac offer competitive rates tailored to NGBS certified projects. The Department of Housing and Urban Development provides a Mortgage Insurance Premium (MIP) reduction, resulting in long term cost savings. Additionally, NGBS guidelines align with the Oregon incentive programs administered by the Energy Trust of Oregon. By certifying with NGBS, developers can enhance the financial viability of their NGBS certified projects while demonstrating a third party commitment to sustainability.
2. NGBS certification Unlocks LIHTC funding in Oregon
The majority of low income housing projects in the United States, including those in Oregon, rely on LIHTC (Low Income Housing Tax Credit) and various other capital sources for funding. Until recently, NGBS certification was not an accepted certification pathway for funding in Oregon. However, thanks to a Core Development Manual variance approval from OHCS (Oregon Housing and Community Services), developers can now pursue NGBS certification for LIHTC requirements. This variance approval is a game changer for Community Development organizations in Oregon, offering new possibilities for sustainable and green building practices.
3. NGBS Benefits for Developers
Obtaining NGBS certification brings numerous advantages to Oregon multifamily developers. An NGBS certification can attract and secure more investment dollars from meeting ESG requirements. NGBS helps reduce operating costs by integrating energy and water saving features, improving marketability by appealing to environmentally conscious renters, providing access to state and federal energy incentive programs, and enhances resident satisfaction and retention. With NGBS certification, you can elevate your multifamily project in Oregon, gaining a competitive edge in the market while contributing to a more sustainable future for both your residents and the environment.
4. Meeting Regional Green Building Standards in Portland
NGBS aligns with the green building initiatives and codes established in Portland, such as the Portland Clean Energy Fund (PCEF), Portland Housing Bond, local green building policies, and the city's environmental goals. By adhering to NGBS criteria, you can confidently incorporate sustainable features into your development while contributing to initiatives like energy efficiency, renewable energy adoption, and reducing carbon emissions. This ensures your project is in line with Portland's commitment to creating a sustainable and eco-conscious community.
5. Affordable Housing and NGBS Certification
NGBS certification is particularly beneficial for developers of low income housing projects in Portland. There are currently 24,903 new and remodeled single family certified NGBS homes, and over 393,955 certified multi family units. Incorporating NGBS certification into your low income housing project in Portland not only boosts energy efficiency and reduces utility costs but also creates healthier living environments, improving the overall quality of life for residents in need.
To learn more about NGBS certification and how it can benefit your green housing projects in Oregon, reach out to the Northwest Energy Collaborative. Their experienced team can provide guidance on the NGBS certification process and help you maximize its potential for your sustainable developments.
Phone: (503) 567-5551
Email: Info@NWEnergyCollaborative.com
Website: NWEnergyCollaborative.com
