As the impacts of climate change grow rapidly, particularly in our most vulnerable communities, local governments must take advantage of historic federal funding for local environmental justice efforts. That’s why the Local Progress Impact Lab is releasing a series of case studies showcasing localities nationwide that are leveraging federal funding in transformative and inspiring ways. Up first – Saint Paul, MN!
The City of Saint Paul is breaking ground on a historic project to redevelop a former golf course on the city’s East Side into a large-scale, mixed-use development with 1,000 living wage jobs and 1,000 affordable housing units. The entire development – called “The Heights” – is striving to be net zero thanks to federal funding from the Inflation Reduction Act (IRA). Federal funding will help pay for a geothermal energy system – owned and operated by a community energy nonprofit – to heat and cool the development, and on-site solar to power it. Check out our new case study to dig into the details!
Two key funding sources available to localities nationwide will be utilized to pay for this large-scale clean energy project:
💚 A $4.7 million loan from the Minnesota state green bank to get the project started
💰 Reimbursement for about 50% of the project in the form of Direct Pay tax credits
The green bank loan will help bridge the gap until the Direct Pay reimbursement comes in, and the remaining costs are expected to be recouped through future consumer payments.
So why are we telling you all this? Because this kind of funding is on the table for localities nationwide to pursue clean energy projects that advance racial, economic, and climate justice! Feeling inspired? Check out the case study to learn more, and reach out to us to get started!
Photo credit: Image received from the Saint Paul Port Authority Vision for The Heights
