The Climate Friendly Homes Fund (CFHF), administered by The Community Preservation Corporation, provides financing for existing, 5-50-unit buildings in New York State with a focus on replacing older and less energy-efficient systems with all-electric, high-performance heating, cooling, and hot water heating systems.
With $250 million in New York State funding, CPC and New York State Homes and Community Renewal aim to finance electrification retrofits in at least 10,000 units of multifamily housing that serve economically disadvantaged communities. These funds will empower small building owners to identify and execute a scope of work to improve the energy efficiency of their buildings and decrease their greenhouse gas emissions.
By catalyzing the adoption of new, energy-efficient technologies, the program will advance New York State and CPC’s commitments to supporting multifamily building owners in their transition to a green economy and delivering the benefits of climate friendly homes to residents of low- and moderate-income neighborhoods.
New York State and CPC announced the program in September 2022. CPC was selected, through a Notice of Funding Availability, to administer the CFHF.
Use of Funds
Owners of eligible buildings may apply for funds to cover the cost of eligible building upgrades including electrification of heating, cooling, and water heating systems and additional building envelope improvements. Funds may be used for approved retrofit work scope items (see below), as well as certain soft costs.
Retrofit Scope of Work items eligible for funding include:
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In order to maximize impact and the reach of the program, CPC has identified like-minded green lending institutions, CDFIs, and other community-based nonprofits to collaborate on the identification and screening of building retrofit opportunities across the State.
Lending Partners will include LISC, Enterprise Community Partners, and Inclusive Prosperity Capital. In addition, local community-based organizations from across the state will provide outreach and originations support to the program.