Funding improves financial sustainability, comfort levels of affordable housing communities
BRAINTREE, MA, ISSUED MARCH 4, 2024… Peabody Properties, an affiliate of the Peabody Companies, a group of award-winning property management and real estate firms, has reached a milestone of $35 million in funding through the Massachusetts LEAN Multifamily Program. LEAN is the statewide network of local Community Action Agencies that provide energy efficiency and other energy services at no cost to income eligible clients. The LEAN Program is tailored to deliver complete, cost-effective gas and electric efficiency measures for affordable housing across Massachusetts.
Working in collaboration with ACTION Inc. (www.actioninc.org) and ABCD Action Energy Services (www.bostonabcd.org), numerous Peabody Properties’ communities have received funding for projects in a variety of areas, including lighting (valued at $11,821,283), refrigeration (valued at $684,971), boiler (valued at $13,440,961), thermostats (valued at $475,353), AMPS/tenant upgrades (valued at $114,367), water upgrades (valued at $369,526), and weatherization (valued at $6,120,140).
Several Peabody Properties communities have also received heating and electrical upgrades over the course of the past several years, with consequential cost savings, increased energy efficiency, and added comfort to residents. Presidential Courts in Stoughton, Massachusetts, a community of 104 apartment homes spread out in 17 buildings, received heating upgrades in its 44 mechanical rooms in the fall of 2020. Funding was received from the Low Income Multi Family program, administered by ABCD and Action, Inc. Together these groups financed the heating and electrical needs necessary to proceed with the project, with post project data indicating at least 20% savings per mechanical room throughout the property.
Additionally of particular note are Stony Brook Village in Westford, which underwent a second heat pump project thanks to $493,000 in funding, and Powder Mill Village in Westfield, which saw reduced heating costs from $400,000 to $70,000 plus reduced electricity usage. The Winnisimmet community in Chelsea received $440,000 in mechanical funding, and saw the replacement of older boilers with combination heating units expected to produce significant savings. Park Gardens in Methuen received $260,000 in EMBUE remote monitoring thermostats, which has decreased service heat calls by close to 90%. The Congregational Retirement Homes community in Melrose also received $1.17 million in new mechanical upgrades.
A boiler project at Braintree Village has effected a savings of $120,000 per year for the past nine years, making it at the time Peabody Properties’ first $1 million project. (Now, Peabody Properties has four $1 million project properties – including Blue Elm United Estates in Dorchester, Congregational Retirement Homes in Melrose, and Roxse Homes in Boston.)
Throughout the fall and winter of 2023, Peabody Properties also realized an additional $1.3 million in mechanical upgrades throughout several other communities, including updated boilers at Bedford Towers/Townhouse and Ingraham School, and new high efficiency combination units at Kensington Court.
Several other small weatherization and lighting projects took place through the year that have added up to make a big impact, both financially and aesthetically.
“To say that the LEAN Multifamily Program is a valuable no-cost resource is an understatement,” said Mark Dubos, director of facilities, energy management and sustainability with the Peabody Companies. “In partnership with outstanding teams, like those at ACTION, Inc. and ABCD Action Energy Services, we have realized remarkable savings while ensuring that our valued residents receive the highest level of comfort no matter the season.”
About The Peabody Companies
Headquartered at 536 Granite Street, Braintree, Massachusetts, The Peabody Companies and its affiliates – Peabody Properties, Peabody Resident Services, Peabody Supportive Housing, Peabody Real Estate, and Peabody Miami – represent a legacy of excellence in the real estate sector. Founded in 1976 and led by Karen Fish-Will and Melissa Fish-Crane, this full-service, award-winning real estate firm is an Accredited Management Organization (AMO) that oversees more than 14,650 housing units across New England, with additional properties in New Jersey and Florida.
Peabody Properties, a cornerstone of the group, specializes in property management, demonstrating a remarkable blend of quality service and expertise. Peabody Resident Services, a unique arm of the company, underscores a deep commitment to enhancing resident experiences by focusing exclusively on developing supportive services and programs for affordable housing communities.
As a Women Business Enterprise (WBE), certified by the Massachusetts State Office of Minority and Women Business Assistance (SOMWBA), The Peabody Companies has been recognized for its dedication to diversity and inclusion. This commitment is further evidenced by their ranking on the 2023 National Affordable Housing Management Association (NAHMA) Affordable 100 List and their repeated recognition as a Top Place to Work by The Boston Globe in 2017, 2018, 2019, and 2023.
Discover more about The Peabody Companies’ impactful real estate journey and community-driven initiatives at http://www.wearepeabody.com Connect with us on LinkedIn, Facebook, Instagram, and YouTube to stay updated on our latest projects and achievements.
