|By Marketwired .||
|June 18, 2014 01:25 PM EDT||
PORTLAND, OR--(Marketwired - June 18, 2014) - Craft3 and Self-Help today announced details of an unprecedented multi-million dollar loan portfolio sale that will fuel more energy-efficient loans in Oregon. The sale of Craft3's $15.7 million Home Energy-Efficiency Loan portfolio to North Carolina's Self-Help Credit Union represents a new model for attracting capital to energy-efficiency lending. The loan sale is supporting loans for upgrades such as installation of high-efficiency furnaces, water heaters and insulation.
Since 2009, Craft3 has partnered with Clean Energy Works (CEW) to provide consumer energy-efficiency loans to Oregonians. Concurrently, the program helps build a network of contractors with increased green expertise and creates local jobs in this sector. To date, Craft3 and CEW's partnership has helped 2,460 Oregon homeowners finance $23.1 million in energy-efficiency upgrades. These homeowners have averted more than 63,000 metric tons of greenhouse gasses. Overall the program has catalyzed more than $62 million of local economic development, reduced carbon emissions, created jobs for local contractors and reduced home energy use.
A key innovation of Craft3's program is "on-bill" repayment, which allows homeowners to make loan payments through their monthly utility bill. This expands access to credit for energy-efficiency improvements by eliminating the up-front, out-of-pocket costs that often make upgrades unaffordable. The on-bill mechanism also allows Craft3 to review a homeowner's utility bill payment history as a factor in loan qualification. Using a blend of traditional and non-traditional underwriting techniques, Craft3 has approved loans to over 87 percent of homeowners who apply.
With demand for the program increasing, Craft3 needed additional capital for loans, and found a partner in Self-Help. Self-Help Credit Union, one of the nation's leading Community Development Financial Institutions (CDFI), has a well-established secondary market home mortgage program and was seeking to leverage its secondary market experience by exploring new lending areas. Self-Help was attracted by (1) the direct impact of providing liquidity for fellow CDFI Craft3, to make more loans; and (2) the broader impact of potentially helping prove the value and performance of on-bill energy-efficiency consumer loans.
"This sale reflects the successful development and excellent performance of these consumer energy-efficiency loans," said Craft3 President John Berdes. "We also hope the sale will be a model for how secondary markets can help scale up the energy-efficiency industry in the Northwest and nationwide."
"The rubber really met the road in balancing the innovations of Craft3's lending program with a deal structure that can create a model secondary market transaction for such products," said Self-Help's Director of Commercial Lending Brian Schneiderman. "Having a strong partner in Craft3 was critical to move the needle in this field of financing."
A Lawrence Berkeley National Laboratory (LBNL) policy brief released on June 11, 2014 provides an in-depth look at the loan sale, examining how the parties addressed challenges in the uncharted territory of valuing the unique aspects of these on-bill loans and how this partnership might inform future investments in residential energy efficiency loan portfolios. In its brief, "Clean Energy Financing Policy Brief: Selling an Energy Efficiency Loan Portfolio in Oregon", LBNL outlines Craft3's energy-efficiency on-bill loan program and how its success drove the need for more liquidity. LBNL then discusses how Craft3 and Self-Help solved the challenges of selling such a unique portfolio to a federally regulated depository institution.
Craft3's efforts to find a secondary market partner are supported by Bank of America, Bullitt Foundation and Laird Norton Foundation. Self-Help also has received support from Bank of America for its energy-efficiency lending.
"Craft3 developed an innovative solution to address barriers that have kept many property owners from financing important energy-efficiency upgrades that help save energy and money," said Bob Peters, President of Bank of America in Washington State. "It creates jobs in low-income communities and reduces carbon emissions as these retrofits get underway."
The LBNL Policy Brief, as well as extensive details on the loan program and the portfolio sale, can be found at:
Craft3 is a nonprofit community development financial institution with a mission to strengthen economic, ecological and family resilience in Pacific Northwest communities. They do this by providing loans to entrepreneurs, nonprofits, individuals and others who don't normally have access to financing. Craft3 then complement these financial resources with expertise, personal connections and other advocacy for their clients. Learn more at www.Craft3.org.
Self-Help Credit Union (www.self-help.org) is part of the Self-Help family of organizations headquartered in Durham, NC. Founded in 1980, Self-Help's combined affiliates have provided over $6.4 billion in financing to nearly 87,000 families, individuals and businesses underserved by traditional financial institutions. It strengthens communities by financing hundreds of homebuyers each year, as well as nonprofits, child care centers, community health facilities, public charter schools, and residential and commercial real estate projects. Through its two credit unions Self-Help serves over 100,000 families in North Carolina, California and Chicago and offers a full range of financial products and services.
SYS-CON Events announced today that Pythian, a global IT services company specializing in helping companies adopt disruptive technologies to optimize revenue-generating systems, has been named “Bronze Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2015 at the Javits Center in New York, New York. Founded in 1997, Pythian is a global IT services company that helps companies compete by adopting disruptive technologies such as cloud, Big Data, advanced analytics, and DevO...
Feb. 6, 2016 11:15 AM EST Reads: 117
SYS-CON Events announced today that Men & Mice, the leading global provider of DNS, DHCP and IP address management overlay solutions, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. The Men & Mice Suite overlay solution is already known for its powerful application in heterogeneous operating environments, enabling enterprises to scale without fuss. Building on a solid range of diverse platform support,...
Feb. 6, 2016 11:15 AM EST Reads: 107
The cloud promises new levels of agility and cost-savings for Big Data, data warehousing and analytics. But it’s challenging to understand all the options – from IaaS and PaaS to newer services like HaaS (Hadoop as a Service) and BDaaS (Big Data as a Service). In her session at @BigDataExpo at @ThingsExpo, Hannah Smalltree, a director at Cazena, will provide an educational overview of emerging “as-a-service” options for Big Data in the cloud. This is critical background for IT and data profes...
Feb. 6, 2016 11:00 AM EST
With an estimated 50 billion devices connected to the Internet by 2020, several industries will begin to expand their capabilities for retaining end point data at the edge to better utilize the range of data types and sheer volume of M2M data generated by the Internet of Things. In his session at @ThingsExpo, Don DeLoach, CEO and President of Infobright, will discuss the infrastructures businesses will need to implement to handle this explosion of data by providing specific use cases for filte...
Feb. 6, 2016 11:00 AM EST
Cognitive Computing is becoming the foundation for a new generation of solutions that have the potential to transform business. Unlike traditional approaches to building solutions, a cognitive computing approach allows the data to help determine the way applications are designed. This contrasts with conventional software development that begins with defining logic based on the current way a business operates. In her session at 18th Cloud Expo, Judith S. Hurwitz, President and CEO of Hurwitz & ...
Feb. 6, 2016 11:00 AM EST Reads: 147
One of the bewildering things about DevOps is integrating the massive toolchain including the dozens of new tools that seem to crop up every year. Part of DevOps is Continuous Delivery and having a complex toolchain can add additional integration and setup to your developer environment. In his session at @DevOpsSummit at 18th Cloud Expo, Miko Matsumura, Chief Marketing Officer of Gradle Inc., will discuss which tools to use in a developer stack, how to provision the toolchain to minimize onboa...
Feb. 6, 2016 11:00 AM EST
The principles behind DevOps are not new - for decades people have been automating system administration and decreasing the time to deploy apps and perform other management tasks. However, only recently did we see the tools and the will necessary to share the benefits and power of automation with a wider circle of people. In his session at DevOps Summit, Bernard Sanders, Chief Technology Officer at CloudBolt Software, explored the latest tools including Puppet, Chef, Docker, and CMPs needed to...
Feb. 6, 2016 10:00 AM EST Reads: 222
SYS-CON Events announced today that AppNeta, the leader in performance insight for business-critical web applications, will exhibit and present at SYS-CON's @DevOpsSummit at Cloud Expo New York, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. AppNeta is the only application performance monitoring (APM) company to provide solutions for all applications – applications you develop internally, business-critical SaaS applications you use and the networks that deli...
Feb. 6, 2016 09:45 AM EST Reads: 316
Fortunately, meaningful and tangible business cases for IoT are plentiful in a broad array of industries and vertical markets. These range from simple warranty cost reduction for capital intensive assets, to minimizing downtime for vital business tools, to creating feedback loops improving product design, to improving and enhancing enterprise customer experiences. All of these business cases, which will be briefly explored in this session, hinge on cost effectively extracting relevant data from ...
Feb. 6, 2016 09:00 AM EST
Advances in technology and ubiquitous connectivity have made the utilization of a dispersed workforce more common. Whether that remote team is located across the street or country, management styles/ approaches will have to be adjusted to accommodate this new dynamic. In his session at 17th Cloud Expo, Sagi Brody, Chief Technology Officer at Webair Internet Development Inc., focused on the challenges of managing remote teams, providing real-world examples that demonstrate what works and what do...
Feb. 6, 2016 08:00 AM EST Reads: 159
It's easy to assume that your app will run on a fast and reliable network. The reality for your app's users, though, is often a slow, unreliable network with spotty coverage. What happens when the network doesn't work, or when the device is in airplane mode? You get unhappy, frustrated users. An offline-first app is an app that works, without error, when there is no network connection.
Feb. 6, 2016 07:45 AM EST Reads: 119
Father business cycles and digital consumers are forcing enterprises to respond faster to customer needs and competitive demands. Successful integration of DevOps and Agile development will be key for business success in today’s digital economy. In his session at DevOps Summit, Pradeep Prabhu, Co-Founder & CEO of Cloudmunch, covered the critical practices that enterprises should consider to seamlessly integrate Agile and DevOps processes, barriers to implementing this in the enterprise, and pr...
Feb. 6, 2016 07:30 AM EST Reads: 273
In most cases, it is convenient to have some human interaction with a web (micro-)service, no matter how small it is. A traditional approach would be to create an HTTP interface, where user requests will be dispatched and HTML/CSS pages must be served. This approach is indeed very traditional for a web site, but not really convenient for a web service, which is not intended to be good looking, 24x7 up and running and UX-optimized. Instead, talking to a web service in a chat-bot mode would be muc...
Feb. 6, 2016 07:30 AM EST Reads: 148
More and more companies are looking to microservices as an architectural pattern for breaking apart applications into more manageable pieces so that agile teams can deliver new features quicker and more effectively. What this pattern has done more than anything to date is spark organizational transformations, setting the foundation for future application development. In practice, however, there are a number of considerations to make that go beyond simply “build, ship, and run,” which changes ho...
Feb. 6, 2016 07:15 AM EST Reads: 123
SYS-CON Events announced today that Interoute, owner-operator of one of Europe's largest networks and a global cloud services platform, has been named “Bronze Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2015 at the Javits Center in New York, New York. Interoute is the owner-operator of one of Europe's largest networks and a global cloud services platform which encompasses 12 data centers, 14 virtual data centers and 31 colocation centers, with connections to 195 ad...
Feb. 6, 2016 05:00 AM EST Reads: 316