See on Scoop.it – Green Building Operations – Systems & Controls, Maintenance & Commissioning
The Malden Housing Authority will spend more than $11 million to make its public housing units more energy efficient, work officials believe will pay for itself.
>The 250-unit complex has a central power plant with utilities distributed to each building through pipes installed in the 1950s. The pipes are in poor condition, Finn said, which results in uneven distribution of heat and water pressure. “Those pipes are a problem; they are aging in place,” he said.
The new system will feature one energy-efficient boiler for every two units in the 58 Housing Authority buildings on Newman Road, Finn said. The old pipes will remain and could be used by the authority or the city as underground electricity conduits, he said. The work on Newman Road is expected to cost $4.3 million.
The Housing Authority received the 20-year $11.27 million bond through MassDevelopment , an entity created by the Legislature in 1998 to act as a finance and development authority.
“We’re pleased to support the Malden Housing Authority with this low-cost financing to improve homes for low-income families, reduce the cost of utilities for the authority’s developments, and to support the Commonwealth’s goal of improving energy technologies and efficiencies, resulting in reduced cost,” MassDevelopment chief executive Marty Jones said in a prepared statement.
For the bond financing agreement, the authority will pay a fixed interest rate of 4.12 percent to East Boston Savings Bank, which is loaning the funds. But the bank was only able to do that by entering into an interest-rate swap agreement with another institution, PNC Bank.
The move allowed East Boston Savings Bank to offer a fixed-rate loan, which the Housing Authority needed in order to comply with federal housing standards, said Joseph Leary, vice president of East Boston Savings Bank.<
See on www.bostonglobe.com
Too bad they could not get this info correct. It is Malden Housing Authority. NOT BOSTON as stated in the headlines and it is Newland Street in Malden where all the pipes are NOT Newman road.
Too bad… but if you bothered to read it rather than nitpicking, you would see that it is clarified further in the text. Is not Malden a suburb of Boston? So the headline is not incorrect…
This is published world wide, people have heard about Boston, not a little burb of Malden, and who cares… road vs street… Jesus…Do you have anything positive to contribute?
Malden housing authority and boston housing authority are two totally different places. I am not nitpicking. It’s just we worked so hard to accomplish thus task and it appears that Boston the Biggest Authority gets all the glory. I do understand you mentioned Boston because of the proximity and local. I do that myself all the time. Not nitpicking enjoyed the whole story.,