Climate Friendly Homes Fund

Financing Electrification Retrofits for New York's Small Buildings

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.

Program Overview

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:

  • Electrical service upgrades
  • HVAC systems replacement with high-efficiency heat pumps
  • Domestic Hot Water replacement with high efficiency heat pumps
  • Additional energy conservation measures to optimize new system performance
  • Systems commissioning

 

Eligibility

  • Buildings must have 5-50 residential units, and be located in New York State.
  • Owners of regulated affordable and unregulated multifamily rental buildings in eligible locations may apply; Buildings must currently be subject to a regulatory agreement with a public agency or be located in one of the following locations:
    • Low-Moderate Income Qualified Census Tract as defined by the U.S. Department of Housing and Urban Development
    • Disadvantaged Communities as defined in the New York State Climate Leadership and Community Protection Act.

Find out if your building location is eligible: See HUD Qualified Census Tract Areas here  and view a map of NYSERDA Disadvantaged Communities Areas here.

Application Process

  • Building owners may apply for funding by submitting eligibility documentation.
  • Applications are expected to open in the first quarter of 2023.

 

Please join our email notification list below to receive program updates, including application information.

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.