Amalgamated Financial Corp. Commits Additional $85 Million to Finance R-PACE Assessments
May 15 2024 - 4:15PM
Amalgamated Financial Corp. (“Amalgamated” or the “Company”)
(Nasdaq: AMAL) announced that the Company has extended its
commitment to invest in Residential Property Assessed Clean Energy
(“R-PACE”) assessments through its ongoing partnership with Home
Run Finance (“HRF”). Amalgamated’s commitment provides an
additional $85 million of capital to fund R-PACE assessments
originated by HRF.
Priscilla Sims Brown, President and Chief
Executive Officer, commented, “We are pleased to extend our
commitment to invest in R-PACE financial solutions. As concerns
about environmental sustainability and access to affordable home
improvement financing continue to mount, we are proud to expand our
partnership with Home Run Finance and lead by example within the
R-PACE industry.”
PACE financing is a form of voluntary tax
assessment that property owners can use to finance 100% of eligible
energy efficiency, renewable energy, and resiliency improvements.
PACE provides homeowners with long term, fixed-rate financing that
is repaid along with the property’s real estate taxes. To date,
Amalgamated has funded over 21,000 assessments originated by HRF,
all of which are senior to the residential mortgages attached to
the homes. The book value of all PACE assessments, including
Commercial and Residential, surpassed $1.1 billion as of March 31,
2024, with Residential borrowers' homes spread across the
California, Florida, and Missouri markets with an average
assessment size of $23,000 and a loan to value of 9.1%.
About Amalgamated Financial
Corp.
Amalgamated Financial Corp. is a Delaware public
benefit corporation and a bank holding company engaged in
commercial banking and financial services through its wholly-owned
subsidiary, Amalgamated Bank. Amalgamated Bank is a New York-based
full-service commercial bank and a chartered trust company with a
combined network of five branches across New York City, Washington
D.C., and San Francisco, and a commercial office in Boston.
Amalgamated Bank was formed in 1923 as Amalgamated Bank of New York
by the Amalgamated Clothing Workers of America, one of the
country’s oldest labor unions. Amalgamated Bank provides commercial
banking and trust services nationally and offers a full range of
products and services to both commercial and retail customers.
Amalgamated Bank is a proud member of the Global Alliance for
Banking on Values and is a certified B Corporation®. As of March
31, 2024, our total assets were $8.1 billion, total net loans were
$4.4 billion, and total deposits were $7.3 billion. Additionally,
as of March 31, 2024, our trust business held $35.0 billion in
assets under custody and $13.9 billion in assets under
management.
Investor Contact:Jamie
LillisSolebury Strategic
Communicationsshareholderrelations@amalgamatedbank.com
800-895-4172
Source: Amalgamated Financial Corp.
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