Valley+National+Bank (NASDAQ:VLY) today announced a new partnership with The+Community+Preservation+Corporation (CPC) to fund up to $100 million in permanent loans that meet various environmental, social and governance (ESG) such as building practices and reduced emissions. CPC and Valley are working to intentionally address the impacts of climate change through the mortgage process by incentivizing developers to go further with a lower rate and higher leverage.
On August 9, 2022, Valley closed its first ESG-related loan through its new partnership with CPC. The $1.9 million loan was made to 1 Solstice Lane LLC in Geneva, New York through CPC’s Sustainable Mortgage Program. 1 Solstice Lane is a 12-unit apartment complex that was completed last January. He has received several enduring incentives from the NYSERDA and NYSEG programs. The property has several electric vehicle charging stations, uses highly efficient heat pump systems for heating, cooling and hot water, and has a rooftop solar panel sized to cover all electricity used by the building, making this project Net Zero Energy. The increased comfort and reduced utility costs associated with these features have contributed to the successful rental of the facility.
“As one of the nation’s leading regional banks with more than 90 years of service, we understand the critical role we play in creating a sustainable future in the communities we serve,” remarked Christopher J Coiley, Valley Bank Commercial Manager. Mortgage group. “In CPC, we have found the ideal partner to help us keep this promise. As we move forward, we will continue to work with aspiring and innovative entrepreneurs who positively impact the local community and help us create a more sustainable future for all.
“Decarbonizing the built environment through financing sustainable and affordable housing is a core part of CPC’s mission as a nonprofit housing finance company. As an institution that shares our commitment to ESG principles, Valley was a perfect fit for this partnership,” said Sadie McKeown, President of The Community Preservation Corporation. “With such widespread influence over the economy and the state of our housing stock, the lending industry has a tremendous opportunity to take the lead in advancing practices and policies that improve financial and physical quality and sustainability of the buildings and communities in which we live. and the work.”
“From a developer perspective, it’s exciting to work with lending and origination partners who understand the financial benefits of sustainable design and construction,” said Ryan Wallace, partner at Solar Village Company, developer of 1 Solstice Lane.
Valley is committed to building a responsible and sustainable future for the communities it serves. Over the past few years, the Bank has devoted significant resources to making ESG a strategic priority. In early 2020, the Bank created an ESG Council to bring together leaders from across the organization to guide its ESG efforts. Since then, Valley has made significant progress in its ESG initiatives. You can learn more about Valley Bank’s cultural, social and environmental initiatives by reading its ESG+ report.
A certified carbon neutral company, CPC is committed to funding, advising on best practices, and promoting solutions and policies to decarbonize the built environment and increase investment in the green economy. Since launching its sustainability platform, the company has financed more than 11,000 sustainable, high-performance multi-family units, including approximately 1,540 units in the last fiscal year. As part of its commitment to advocacy and knowledge sharing, CPC has created a variety of publicly available resources, including comprehensive guides to financing high-performance buildings, and hosts regular webinars and other public forums to support and promote energy efficiency and decarbonization in the multifamily sector.
About the Valley
As the main subsidiary of Valley National Bancorp, Valley National Bank is a regional bank with approximately $54 billion in assets. Valley is committed to empowering people and businesses to succeed. Valley operates many convenient locations in New Jersey, New York, Florida, and Alabama, and is committed to providing the most convenient service, the latest innovations, and an experienced, knowledgeable team dedicated to meeting customer needs. Helping communities grow and prosper is at the heart of Valley’s corporate citizenship philosophy. To learn more about Valley, visit www.valley.com or call our Customer Service Center at 800-522-4100.
About the Community Preservation Corporation (CPC)
CPC is a non-profit, multi-family financial corporation that was founded in 1974 to provide financial resources to stabilize and revitalize underserved communities. Today, CPC uses its unique housing finance and public policy expertise to expand access to affordable housing and reduce housing production costs, advance diversity and equity within the development industry and impact the effects of climate change in our communities through sustainable habitat funding. Since its inception, CPC has invested over $14 billion to fund the creation and preservation of over 225,000 homes through its lending and investment platforms. CPC is a carbon neutral company and has been rated AA- by S&P. Visit CPC at communityp.com, and on Facebook, Twitter, and LinkedIn.
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