CFHF pipeline includes funding committed to an additional 2,295 units, for a program total of 4,700+ energy efficient units
New York, NY (June 22, 2026) — The Community Preservation Corporation (CPC) and New York State Homes and Community Renewal (HCR) today announced that the Climate Friendly Homes Fund (CFHF) has surpassed a major milestone, supporting energy efficiency and electrification upgrades in more than 2,414 affordable multifamily homes across New York State. With funds committed to an additional 2,295 units in the funding pipeline, the CFHF program has grown to 4,709 total units.
The Climate Friendly Homes Fund is a $250 million initiative launched by HCR to help multifamily building owners transition to high‑performance, all‑electric heating, cooling, and hot water systems. The program focuses on buildings with 5 to 150 units located in economically disadvantaged communities and aims to retrofit homes statewide to reduce greenhouse gas emissions while improving building performance and resident comfort.
CPC administers a portion of the CFHF, working with building owners to identify feasible scopes of work and access the capital needed to complete comprehensive energy upgrades. The program has enabled small and midsize owners—many of whom face barriers to financing and technical capacity—to participate in New York State’s clean energy transition while preserving housing affordability. To date, CPC has awarded $62.04 million to 41 multifamily housing properties across New York State.
“At a time when decarbonizing buildings is essential to meeting New York’s climate goals, the Climate Friendly Homes Fund is delivering real results for communities that are often left out of the clean energy economy,” said Atalia Howe, SVP, Head of Sustainability and Market Building at CPC. “Reaching 2,000 units demonstrates the strong demand for this program and the impact it can have in reducing emissions, strengthening buildings, and supporting long‑term housing stability.”
Projects financed through CFHF span the state and include a wide range of multifamily properties. Funded upgrades have included installation of electric heat pump systems for space heating and cooling, electric domestic hot water systems, and other energy efficiency improvements designed to lower operating costs and improve indoor environmental quality.
Projects contributing to the 2,400-unit CFHF milestone include:
- East 152nd Street-Courtlandt Avenue (684 units, The Bronx) – CFHF’s largest award to date by both unit count and funding, providing approximately $15 million to support HVAC and domestic hot water electrification as part of a comprehensive rehabilitation under New York City Housing Authority’s Permanent Affordability Commitment Together program. The project demonstrates CFHF’s ability to support large‑scale public housing decarbonization efforts.
- 133‑27 Sanford Avenue (35 units, Queens) – A cooperative building using CFHF financing to complete electrification upgrades to comply with New York City’s Local Law 97 building emissions standards, highlighting the fund’s role in helping smaller owners navigate and meet evolving climate regulations.
- 508 University Avenue (5 units, Ithaca) – An upstate multifamily property installing CFHF funded cold climate heat pumps designed to perform efficiently in both extreme cold and rising summer heat.
- 1001 Lodi Street (12 units, Syracuse) – A smaller scale project that paired CFHF financing with Weatherization Assistance Program funds through the upstate PEACE program and received technical assistance from EnergySmart CNY, a New York State Research and Development Authority Regional Clean Energy Hub. The project is notable for maximizing public resources to support both sustainability and affordability.
Several CFHF-financed projects were originated in partnership with Enterprise Community Partners, demonstrating cross-sector collaboration in advancing multifamily electrification. Such projects include:
- Palisade Towers (Yonkers) – A CFHF‑financed electrification project originated by Enterprise Community Partners that provides funding for the installation of window heat pumps and heat pump hot water heaters. – A CFHF‑financed electrification project originated by Enterprise Community Partners that builds on prior Climate Friendly Homes Fund investments.
- 250-252 East 117th St. (50 units, Manhattan) – CFHF financing supported installation of an electric domestic hot water system at this 50‑unit affordable housing building.
- 850 Bryant Ave Cluster (77 units, The Bronx) – CFHF provided partial financing for a three‑building, 77‑unit electrification project, supporting air‑to‑water heat pumps for space heating and cooling, heat pump water heaters, and related electrical and weatherization upgrades as the buildings transition away from natural gas, a potent contributor to climate change.
The CFHF application portal is currently closed to new applications, reflecting strong interest from building owners statewide. CPC and HCR continue to collaborate on supporting funded projects and advancing strategies to scale energy efficiency in affordable multifamily housing.
About the Climate Friendly Homes Fund
The Climate Friendly Homes Fund is a $250 million program administered by HCR to help multifamily building owners transition to all‑electric, energy‑efficient systems. The fund targets buildings with 5 to 150 units in economically disadvantaged communities and seeks to retrofit at least 10,000 homes across New York State.
About The Community Preservation Corporation
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.