Newark Housing Authority - $49.5 Million /17 year Energy Performance Contract
The Newark Housing Authority (NHA) entered into a $49.5 Million /17 year Energy Performance Contract lease agreement to finance the purchase and installation of capital equipment that will upgrade its infrastructure and reduce energy costs. NHA, the largest public housing authority in New Jersey and the eleventh largest in the nation, manages a portfolio of 44 public housing communities with a total of over 8,000 rental units scattered throughout the City of Newark. The Housing Authority is estimated to achieve $78 Million in energy savings over a 15 year period. And, the annual utility savings are projected to cover the debt service.
"The housing authority’s $49.5 million 17 year energy performance contract project is estimated to achieve $78 million in utility savings and create 60 new jobs. We are especially appreciative of Grant Capital’s hard work and commitment to helping us finance this important project."
Keith D, Kinard, Esq.
Executive Director, Newark Housing Authority
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