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National Clean Investment Fund (NCIF)

Under the $14 billion National Clean Investment Fund, the three selected applicants will establish national clean financing institutions that deliver accessible, affordable financing for clean technology projects nationwide, partnering with private-sector investors, developers, community organizations, and others to deploy projects, mobilize private capital at scale, and enable millions of Americans to benefit from the program through energy bill savings, cleaner air, job creation, and more.

All three selected applicants surpassed the program requirement of dedicating a minimum of 40% of capital to low-income and disadvantaged communities.


  • Awardee application: Coalition for Green Capital NCIF Application Details

    Awardee website: Connect with Coalition for Green Capital

    Coalition Members/Named Subrecipients: Michigan Saves, Inc.; California Infrastructure Bank; City First Enterprises, Inc.; Colorado Clean Energy Fund; Connecticut Green Bank; Community Development Venture Capital Alliance; DC Green Finance Authority; Efficiency Maine Trust; Elemental Excelerator, Inc.; Illinois Finance Authority/Climate Bank; Minnesota Climate Innovation Finance Authority; Montgomery County Green Bank Corporation; New Jersey Economic Development Authority; New York City Energy Efficiency Corporation; New York Green Bank; Ohio Air Quality Development Authority; Solar and Energy Loan Fund; State Environmental Improvement and Energy Resources Authority - Missouri.

    Description: Coalition for Green Capital (CGC) has nearly 15 years of experience helping establish 20 state, local, and nonprofit green banks and working with dozens more that have collectively already catalyzed $20 billion of public and private investment into qualified projects—and that have a pipeline of $30 billion of demand for green bank capital that could be coupled with more than twice that in private investment. Building on this experience, CGC will create a new, national green bank that will not only invest directly in qualified projects but also deliver critical resources to the expanding network of state and local green banks as well as other community lenders across the country. With its $5 billion award, CGC and its partners will make investments in qualified projects through loans and loan guarantees - while reserving a small percentage of capital for equity investments to meet market needs - and mobilize significant amounts of private capital to ensure that communities across the country can draw on proven financial products, including loans, loan guarantees, credit enhancements, and equity investments. While the program will focus on qualified projects in the commercial market segment across many sectors of the economy, it will also provide capital to consumers, small businesses, nonprofits, and affordable housing developers. At least 50% of its investments will be in low-income and disadvantaged communities. To ensure that projects deliver benefits for communities, CGC will implement a community benefits agreement, utilize an Equitable Investment Framework to govern investment decisions, and establish a national project labor agreement with a labor union representing millions of workers.

    Program will focus on public-private investing and will leverage the existing and growing national network of green banks as a key distribution channel for investment.

    Michigan Saves, the nation’s first non-profit green bank, is a CGC partner and subrecipient. 

    Coalition for Green Capital will invest at least 50% of their investments in low-income and disadvantaged communities.

  • Awardee application: Climate United Fund NCIF Application Details

    Awardee website: Connect with Climate United Fund

    Coalition members/named subrecipients: CPC Green Housing Decarbonization Fund LLC; Self-Help Climate Capital LLC  

    Description: Climate United Fund (CUF) is a wholly controlled subsidiary of Calvert Impact, Inc., a national nonprofit investment firm that has joined together with Community Preservation Corporation and Self-Help Ventures Fund, two U.S. Treasury-certified Community Development Financial Institutions (CDFIs). These three national nonprofits have successfully raised, invested, and managed nearly $30 billion of private and institutional capital with a focus on economic opportunity and environmental sustainability in low-income and disadvantaged communities. With its nearly $7 billion award, CUF and its partners will originate, aggregate, and securitize a suite of standardized financial products for qualified projects like energy efficiency home retrofits, electrification upgrades, and solar installations; make direct investments into community lenders and other partners to drive private investment into qualified projects; and develop customized financing solutions to make critical decarbonization projects a reality. CUF and its partners will deploy these financial products to decarbonize many sectors of the economy, addressing barriers to capital access for decarbonization projects across six market segments: consumers, multi-family housing, community infrastructure, small businesses and small farms, schools and minority-serving institutions, and community solar. At least 60% of its investments will be in low-income and disadvantaged communities; 20% in rural communities; and 10% in Tribal communities. In preparation to deliver financing across the country, the program has already built a diverse pipeline of projects and partnerships that span all 50 states, the District of Columbia, and Puerto Rico as well as many Tribal Lands—with hundreds of local, regional, and national partners. These partners include four of the selected applicants under the CCIA, enabling community lenders to first build capacity through the CCIA and then access larger sources of capital and serve as deployment partners through CUF for qualified projects in harder-to-reach communities. This mobilization will ensure capital flows into these projects and communities for years to come. 

    • Program will focus on harder-to-reach market segments including:
      • Small businesses
      • Small farms
      • Community facilities
      • Schools

    Climate United Fund plans to invest at least 60% of its investments into low-income and disadvantaged communities including:

    • 20% in rural communities
    • 10% in tribal communities
  • Awardee application: Power Forward Communities, Inc. NCIF Application Details

    Awardee website: Connect with Power Forward Communities

    Coalition Members/Named Subrecipients: Enterprise Green Accelerator, Inc.; Rewiring America Community Investment Fund; LISC Green LLC; Habitat for Humanity International, Inc.; United Way Worldwide 

    Description: Power Forward Communities (PFC) is a nonprofit coalition formed by five of the country’s most trusted housing, climate, and community investment groups that is dedicated to decarbonizing and transforming American housing to save homeowners and renters money, reinvest in communities, and tackle the climate crisis. Together, PFC will build and lead a national financing program to provide customized and affordable capital solutions for single-family and multi-family housing owners and developers, driving down costs and creating stronger, more affordable, more resilient homes. PFC is organized by Enterprise Community Partners and Local Initiatives Support Corporation, two of the largest U.S. Treasury-certified CDFIs that have together deployed capital across all 50 states, the District of Columbia, Puerto Rico, and the U.S. Virgin Islands since 1979; United Way, a national nonprofit that is deeply embedded in communities across the country; Habitat for Humanity, one of the largest nonprofit builders of affordable single-family homes in the country; and Rewiring America, a leading electrification nonprofit focused on electrifying homes, businesses, and communities. Together, these five organizations have already deployed over $100 billion in community-based initiatives and investments. With its $2 billion award, PFC will collectively harness these five organizations—including their decades of experience and nationwide reach—to deploy a unique combination of financing, market-building, and community engagement strategies from big cities to small towns to rural and Tribal regions and everywhere in between. These efforts are expected to save families money on their utility bills as well as improve the health, safety, and comfort of their homes. In addition to providing financing and know-how, PFC’s work will create jobs, preserve and produce new affordable rental homes, and increase the supply of and demand for clean technologies—transforming the zero-emissions housing marketplace and bringing down costs. 

    PFC will focus on decarbonizing housing for homeowners and renters by investing in community-based initiatives and investments to build a national financing program providing customized and affordable solutions for single-family and multi-family housing owners and developers.

    Power Forward Communities intends to invest at least 75% of its investments into low-income and disadvantaged communities.

Part of the Greenhouse Gas Reduction Fund

The Inflation Reduction Act authorized the EPA to create and implement the Greenhouse Gas Reduction Fund , a historic $27 billion investment to combat the climate crisis by mobilizing financing and private capital for greenhouse gas- and air pollution-reducing projects in communities across the country.