Program Helps Small Building Owners Improve Energy Efficiency in Low- and Moderate-Income Communities
New York State Homes and Community Renewal Commissioner RuthAnne Visnauskas and The Community Preservation Corporation today announced that applications for New York’s new $250 million Climate Friendly Homes Fund (CFHF) are now open. The program is administered by CPC and will make awards to owners of multifamily rental properties to increase energy efficiency and decrease a building's greenhouse gas emissions. The program is expected to assist 10,000 units of multifamily housing in economically disadvantaged communities by 2027.
As part of the State’s strategy to curb building emissions and establish two million climate-friendly, electrified or electrification-ready homes by 2030, the Climate Friendly Homes Fund will provide financial assistance to small building owners to offset the costs of an energy audit and physical needs assessment to identify opportunities for reducing carbon emissions. Eligible improvements include electrifying the building’s heating and cooling, and domestic hot water systems, as well as basic upgrades to improve the efficiency of the building envelope and ventilation systems.
New York State Homes and Community Renewal Commissioner RuthAnne Visnauskas said, "The $250 million Climate Friendly Homes Fund will provide much needed financial and technical assistance to New York’s small building owners to improve energy efficiency at their properties primarily located in economically disadvantaged communities. As New York moves quickly and deliberately on a path to a greener future, we must ensure that all New Yorkers can benefit from clean energy technology and that historically underserved neighborhoods are no longer bearing the burden of climate change. This significant investment will help ensure that 10,000 households can live in safe, healthy, and sustainable homes and will move us forward toward achieving the State’s nation-leading climate action targets.”
President of The Community Preservation Corporation, Sadie McKeown said, “Building the future that New Yorkers deserve requires not only creating more housing, but also improving the quality and sustainability of our existing affordable housing stock. The Climate Friendly Homes Fund is a powerful tool that will strengthen low- and middle-income communities across the state, and we look forward to partnering with Governor Hochul, Homes & Community Renewal and our lending and community partners to implement this program.”
To qualify, buildings must have between five and 50 units and must also meet at least one of the following criteria:
- The building must be subject to an existing regulatory agreement, or under the supervision of HCR.
- The building must be in a low- to moderate-income census block as defined by the U.S. Department of Housing and Urban Development’s Community Development Block Grant program OR located in a Disadvantaged Community as defined in the New York State Climate Leadership and Community Protection Act.
Applications for the Climate Friendly Homes Fund, as well as eligibility criteria and more information on the program is available on the Climate Friendly Homes Fund Program landing page. Program information is also available on HCR's website.
To maximize the program’s reach and impact, CPC is partnering with like-minded green lending institutions, Community Development Financial Institutions, and other community-based nonprofits to collaborate on the identification and screening of building retrofit opportunities across the State. Lending Partners will include Local Initiatives Support Corporation, Enterprise Community Partners, and Inclusive Prosperity Capital. In addition, local community-based organizations from across the State will provide community outreach and originations support to the program.
Baaba Halm, vice president and New York market leader at Enterprise Community Partners, said, “Housing is key to meeting the State’s climate goals. We are excited to be a part of this program, which will catalyze the transition to clean energy for thousands of small- to medium-sized buildings in low and moderate-income communities, where these upgrades will improve air quality and health outcomes.”
Valerie White, senior executive director of LISC NY, said, “We are proud to be participating in this innovative venture that will both improve and update our existing properties while ensuring a cleaner future for all New Yorkers. The Climate Friendly Homes Fund is a crucial step forward for us all, collectively - and we cannot delay action any longer. Now is the time for an effective, forward-thinking, inclusive approach to housing management in New York.”
Kerry O’Neill, CEO, Inclusive Prosperity Capital, said, “Inclusive Prosperity Capital is excited to be part of New York State’s ambitious and nation-leading initiatives to decarbonize its multifamily building stock. With amazing partners like New York State Homes and Community Renewal, Community Preservation Corporation, LISC, and Enterprise, the Climate Friendly Homes Fund is a tremendous opportunity to improve the energy efficiency of buildings, reduce their carbon footprint, and be part of a more inclusive and climate friendly building preservation strategy. Like the Climate Leadership and Community Protection Act, New York State and Governor Hochul are once again doing their part in making our planet a better place for all.”
New York State's Nation-Leading Climate Plan
New York State's nation-leading climate agenda is the most aggressive climate and clean energy initiative in the nation, calling for an orderly and just transition to clean energy that creates jobs and continues fostering a green economy as New York State recovers from the COVID-19 pandemic. Enshrined into law through the Climate Leadership and Community Protection Act, New York is on a path to achieve its mandated goal of a zero-emission electricity sector by 2040, including 70 percent renewable energy generation by 2030, and to reach economy-wide carbon neutrality. Under the Climate Act, New York will build on this progress and reduce greenhouse gas emissions by 85 percent from 1990 levels by 2050, while ensuring that at least 35 percent with a goal of 40 percent of the benefits of clean energy investments are directed to disadvantaged communities, and advance progress towards the state's 2025 energy efficiency target of reducing on-site energy consumption by 185 trillion BTUs of end-use energy savings. https://climate.ny.gov/
About The Community Preservation Corporation (CPC)
CPC is a diversified, nonprofit, multifamily finance company that was founded in 1974 to provide financial and technical resources to stabilize and revitalize underserved communities. Today, CPC uses its unique expertise in housing finance and public policy to expand access to affordable and workforce housing, advance diversity and equity within the development industry, and expand investment in the green economy and lessen the impact of climate change. Since its founding, CPC has invested over $14 billion to finance the creation and preservation of more than 225,000 units of housing. The company provides a suite of construction and permanent products including Freddie Mac, Fannie Mae and FHA mortgages, and is an equity investor with approximately 4,200 affordable units under ownership. CPC is a carbon-neutral company and has been rated AA- by S&P. Visit CPC at communityp.com, and on Facebook, Twitter and LinkedIn.