SEF Launches First Loan to Support Affordable, All-Electric Housing on Salt Lake City’s Westside
Meeting the Need for Affordable, Resilient Housing
Utah is facing a growing housing affordability crisis—especially in Salt Lake City’s Westside neighborhoods, where long-time residents are feeling the pressure of rapid development and rising costs. At the same time, households continue to bear the burden of rising energy expenses and outdated, inefficient housing stock.
SustainEnergyFinance (SEF) was founded to bridge these challenges—bringing innovative, clean energy financing to projects that deliver real community benefit. Today, we’re proud to announce SEF’s first loan, supporting a landmark affordable housing development, The Cooperative 1881 at 1881 West North Temple, that will set a new precedent for all-electric, energy-efficient multifamily housing in Utah.
The Cooperative 1881: A Flagship for Affordability and Resilience
[Site Rendering]
The Cooperative 1881, developed by 22 Communities, is an 8-story mixed-use development located along the North Temple transit corridor in Salt Lake City, Utah. The building will include 396 multifamily units, 100% affordable to households earning up to 60% of Area Median Income (AMI).
Designed for Enterprise Green Communities certification, the project will be all-electric, utilizing renewable energy sourced through the Utah Renewable Communities (URC) program to provide clean power. With 136,512 square feet of residential and small retail space, the project is designed to support both community life and economic vitality within walking distance of a UTA TRAX light rail station.
This development—further supported by the 4% Low-Income Housing Tax Credits (LIHTC) and funding from the Salt Lake City Redevelopment Agency (RDA)—is a model of what’s possible when sustainability and affordability go hand in hand.
“We are grateful for the partnership with SustainEnergyFinance and NYCEEC, whose support helped bring this affordable housing project to fruition. Their commitment to innovative, energy-efficient focused financing played a key role in creating a sustainable community that will serve families for generations to come” states Jesse Curtis, President, JCI Inc.
“We here at 22 Communities are grateful for the collaboration with SustainEnergyFinance and NYCEEC, whose support has helped us take our vision even further. Together, we’re delivering a building to the community that is affordable, all-electric, energy-efficient, and built for families of all sizes. This loan meaningfully advances our mission to create sustainable, safe, and affordable housing,” said Jake Williams, Managing Partner & Creative Director, 22 Communities.
Co-Lending: A National Collaboration for Local Impact
This project marks SEF’s first financing deployment—a milestone that underscores our mission to expand access to clean energy and affordable housing finance across Utah.
SEF is deeply honored to collaborate with the New York City Energy Efficiency Corporation (NYCEEC) as a co-lender on The Cooperative 1881. NYCEEC is a nonprofit lender to community-scale energy efficiency and clean energy projects. Their partnership not only brings expertise in energy and affordable housing lending but also demonstrates how collaboration between community lenders can accelerate progress toward shared goals.
“The Cooperative 1881 represents exactly the kind of catalytic investment SEF was built for. Collaborating with 22 Communities and NYCEEC allows us to demonstrate how smart energy lending can expand affordable housing opportunities for Utahns today and in the future,” said Shawna Cuan, CEO of SustainEnergyFinance.
“Challenges such as housing affordability, energy costs, and air quality are being faced by communities everywhere. NYCEEC is pleased to help 22 Communities develop this impactful project and to support SustainEnergyFinance in financing healthy and affordable housing in Utah,” said Curtis Probst, CEO of NYCEEC.
Community and Household Impact
The Cooperative 1881 will deliver measurable benefits across multiple dimensions:
Community Impacts
396 affordable housing units within walking distance of public transit
Job creation through local construction and ongoing building management
Activation of the North Temple corridor with new neighborhood retail and street-level engagement
Reduced emissions through an all-electric, Enterprise Green-certified building design
Household Impacts
Lower monthly energy costs from energy-efficient systems
Healthier indoor environments and improved air quality
Financial resilience for low-income households through stable rents and lower utility bills
Together, these benefits reinforce SEF’s vision for a Utah where energy efficiency, housing stability, and environmental benefits strengthen one another.
Market Transformation and Additionality
SEF’s participation in this project represents true catalytic capital—support that makes the all-electric design and renewable energy commitments financially viable within a 100% affordable housing framework.
By co-lending alongside NYCEEC and partnering with 22 Communities, SEF is helping to expand the clean energy financing market in Utah and create a replicable model for future developments statewide. This project demonstrates how targeted, mission-aligned capital can accelerate a just transition in housing—one that benefits residents, neighborhoods, and the broader market.
A Shared Vision for Utah’s Future
The Cooperative 1881is more than just a building—it’s a commitment to smart growth and innovation in Salt Lake City’s Westside. As SEF’s inaugural loan, it sets the tone for the organization’s long-term mission: to finance affordability and resilient energy in a way that centers people, strengthens communities, and builds a lasting future for Utahns.
About SustainEnergyFinance
SustainEnergyFinance (SEF) is a nonprofit green bank headquartered in Utah, dedicated to creating equitable access to clean energy and resilient housing finance. SEF works with public, private, and philanthropic partners to catalyze projects that deliver measurable environmental and social impact.
Learn more about our work and upcoming projects at sustainenergyfinance.org
Projected energy savings based on source savings. All information is from sources deemed reliable. No representation is made and we do not guarantee the accuracy of any information provided. No assurances can be given that the future results indicated, whether expressed or implied, will be achieved.