This funding agreement is with the the Solar and Energy Loan Fund (SELF), a community-based lending organization that focuses on financing energy efficiency and renewable energy improvements, with an emphasis on underserved populations. SELF is a 501(c)(3) and certified Community Development Financial Institution, requiring a significant portion of their loans to be issued in  low to moderate income census tracts. SELF was created in 2010 and closed over 250 loans totaling more than $2.5 million. Homeowner loan defaults working with SELF are well under 1%.  Through this agreement, SELF intends to issue a minimum $3 million in residential efficiency loans by 2018 in Orlando.

Beyond issuing loans, SELF provides credit counseling, energy education, energy audits, contractor screening and will support construction related jobs in the community.  In other communities where they operate, SELF has provided loans to homeowners that faced emergency air conditioner replacements, but lacked the financial means to pay for it.  As of today, the City has few options to where they can direct people that face this challenging situation. 

For these reasons, SELF provides a vital public service that is not addressed by the private or non-profit sectors.

The funding agreement is using non-general fund revenues.  The Green Works Orlando program has negotiated a series of energey efficiency tax deduction sales.  The revenues from those sales were designated for the use of community energy programs. 

The agreement will provide the first year of operating funds ($100,000) in order for SELF to scale-up within Orlando. Funds will be used by SELF to fund first year operational costs, including staffing, community education, marketing, office space, etc.  By Year 2, SELF should have generated sufficient loans and/or other grant proceeds to maintain self-sufficiency within the City.