CPC administering grant from NY State’s Climate Friendly Homes Fund
More than 3,900 units in Pipeline Eligible for More than $97 Million in Grant Funding
Middletown, NY, (October 7, 2024) — The Community Preservation Corporation (CPC), a mission-driven non-profit multifamily finance company awarded $2.7 million in grant funding for the electrification of Horizons at Wawayanda, a 107-unit, 6 building project in the Town of Wallkill, Middletown, New York. CPC is administering the award to developers Kenneth and Lawrence Regan from the $250 million Climate Friendly Homes Fund (CFHF), designed to finance the electrification of existing multifamily properties.
“Our work at Horizons of Wawayanda is a testament to our shared commitment to foster sustainable and resilient communities,” said Sadie McKeown, President of The Community Preservation Corporation. “Through our partnership with the State of New York, the Climate Friendly Homes Fund we are working to make the transition to clean energy more attainable and equitable for low- and moderate-income communities across New York. This project exemplifies how targeted investment can transform existing housing into modern, energy-efficient homes that provide a host of benefits for building owners, tenants, and their communities.”
HCR Commissioner RuthAnne Visnauskas said, “HCR is excited to be partnering with CPC on the innovative Climate Friendly Homes Fund. Horizons at Wawayanda will fully electrify more than 100 existing apartments, providing residents with clean energy while advancing Governor Hochul’s ambitious climate goals. The CFHF program offers a tremendous opportunity to ensure our small multifamily properties across the State, both regulated and unregulated, have access to funds to support electrification and I look forward to seeing more properties across New York benefit from its work.”
CPC is providing the funding for Horizons at Wawayanda to support the electrification of both space-heating and cooling and domestic hot water production for all 107 units across 6 buildings at the garden-style LIHTC development in Hudson Valley. The project will utilize $25,000 per unit, the maximum per unit in grant funding allowed under the CFHF program, to complete a full-electrification scope of work which includes additional energy efficiency measures.
“We are thankful to join both HCR and CPC in New York State’s electrification efforts. The Climate Friendly Homes Fund will make a difference for the residents of these buildings, with efficient new equipment bringing real monthly savings to our residents while helping reduce carbon emissions at the same time. The State’s investment is really a win-win situation for our residents and the environment,” said Kenneth Regan, a principal in Horizons at Wawayanda LLC.
CFHF grant funds will cover the installation of Mitsubishi M-series split heat pump systems to provide heating and cooling to the units alongside the decommissioning and removal of the existing gas-fired heating system. To provide hot water heating, all existing gas-fired hot water heaters in the units will be replaced with Rheem integrated tank heat pump hot water heaters. All associated electrical wiring and service upgrades with be funded by CFHF.
As part New York State’s strategy to curb building emissions and establish two million climate-friendly, electrified or electrification-ready homes by 2030, the CFHF is providing 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. It then funds improvements, which can 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.
The Fund is administered by CPC and makes awards to owners of multifamily rental properties to increase energy efficiency and decrease a building’s greenhouse gas emissions. The CFHF program has an active pipeline of 94 applications that would fund a total of more than 3,900 units of multifamily housing that would be eligible for a total of $97.55 million in CFHF grant funding. The program is expected to assist 10,000 units of multifamily housing in economically disadvantaged communities by 2027. Applications are being accepted on a rolling basis until the program’s $250 million funding allocation is depleted.
About The Community Preservation Corporation (CPC)
CPC is a 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 $15 billion to finance the creation and preservation of more than 230,000 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 4,500 affordable units under ownership. CPC is a carbon-neutral company and maintains AA- S&P rating. Visit CPC at communityp.com, and on Facebook, Twitter and LinkedIn.