Portfolio Partner Profile
Rose Solar I
Founded in 1989, Jonathan Rose Companies (“Rose”) is one of the country’s leading developers and investors in sustainable, affordable, and mixed-income multi-family real estate. Over the past nearly 30 years, Rose has completed approximately $2.0 billion in development, investment, and project management work, including the development and acquisition of more than 5,000 affordable and mixed income multifamily housing units.
Featured Impact Story
Pictured above: 397 kW solar PV system installed at St. Mary's Villa, located in Newark, NJ.
Impact Story
Rose Solar
Rose Solar, the solar development subsidiary of Rose Companies Holdings LLC, is the codeveloper of the Rose Solar I LLC, along with NHT Renewable. NHT Renewable was established by the National Housing Trust in 2014 to develop and operate solar systems on top of affordable housing across the country. Since its inception, NHT RE has partnered with other housing owners to successfully design, finance, and install over 5 MW of solar power on affordable housing properties across multiple states.
Rose Solar and NHT RE have partnered to codevelop Rose Solar I LLC, a $2.9 million renewable energy financing deal that funds the installation of 0.96 megawatts of solar systems on six affordable housing projects in the Northeast US. The affordable housing projects will sign 20-year Energy Services Agreements to access low cost, discounted green power which ultimately will generate additional cash flow enabling the properties to provide additional benefits and services to residents.
Impact Story
Shore Hill Apartments
Shore Hill Apartments is a 558-unit HUD-subsidized Section 8 property in the Bay Ridge neighborhood of Brooklyn and was purchased by Jonathan Rose Companies in 2018. The community has 325 studio and 233 one-bedroom apartments, with 552 units covered by a Low-Income Housing Tax Credit program. Since the acquisition in 2018, the Jonathan Rose team received technical assistance to evaluate and design an energy retrofit and electrification plan at the complex, which resulted in a 12% reduction in electricity use, a 9% reduction in gas use, and a $126,000 decrease in annual utility savings. The comprehensive green retrofit included a rooftop solar installation funded through a combination of owner equity, Weatherization Assistance Program support, National Grid’s Direct Install program, and NYSERDA’s Multifamily Performance program. In addition, low-flow facets and showerheads, steam trap replacements, energy efficient lighting and controls, a boiler system, air sealing, and other green retrofit installations were added. In recognition of the energy and sustainability initiatives, Shore Hill Apartments is pursuing Enterprise Green Communities certification.
Shore Hill Apartments also implemented flu-shot clinics, fitness programs, and community building events through their Communities of Opportunity program. Their music and dance-related events are popular amongst residents and help to improve memory and balance, while bringing the community together.
Renewable Energy
