CPC administering grant funding from NY State’s Climate Friendly Homes Fund
Cohoes, NY, (July 14, 2025) — The Community Preservation Corporation (CPC), a mission-driven non-profit multifamily finance company, awarded $2.08 million in grant funding to electrify Lion Heart Residences, a 72-unit apartment located at 100-400 Lion Heart Residences in Cohoes, New York, and owned and operated by Regan Development Corporation. CPC is administering the award through New York State Homes and Community Renewal’s (HCR) Climate Friendly Homes Fund (CFHF), a program that provides grant funding to finance the electrification of existing multifamily properties.
The project’s scope of work includes electric space-heating, hot water heating, and cooling, as well as ventilation updates, for all 72 units. The boilers in each residential building will be replaced with centralized air to water heat pumps (AWHP) to provide hot water to newly installed air-handlers and hot water coils in each unit, providing space heating to the residents.
These new AWHP units will also provide central cooling to the apartments. Affordable Housing Conservancy (AHC), a weatherization organization with many years of experience constructing and rehabbing energy-efficient homes, is completing the upgrades.
“At CPC, we are proud to be at the forefront of the effort to helping to make New York’s housing stock more energy efficient and affordable, while preserving the quality and livability of its communities,” said Sadie McKeown, President, The Community Preservation Corporation. “Through our partnership with the State on the Climate Friendly Homes Fund, we are helping owners like Regan Development make smart, forward-looking investments that increase energy efficiency, lower costs, and improve resident comfort. Projects like Lion Heart Residences show how targeted, mission-driven funding can advance the State’s goals while strengthening the long-term sustainability of our housing infrastructure. My thanks to NYS Homes and Community Renewal, Regan Development, and AHC for their partnership.”
“Under the leadership of Governor Hochul, New York is committed to creating sustainable, energy-efficient housing that reduces greenhouse gas emissions while improving affordability and comfort for residents, including with the electrification of 50,000 homes across the State,” said New York State Housing Commissioner RuthAnne Visnauskas. “Through the Climate Friendly Homes Fund, administered by CPC, we are proud to provide support for the electrification of Lion Heart Residences in Cohoes. This project exemplifies how strategic investments can transform multifamily properties into climate-friendly homes, advancing the State’s goal of two million electrified or electrification-ready homes by 2030. Thank you to CPC, Regan Development, and AHC for their partnership in making this vision a reality.”
“Lion Heart Residences and Regan Development are thankful for HCR’s and CPC’s joint efforts to help make this development more energy-efficient, allowing us to couple affordable rental opportunities for our residents with efficient, environmentally friendly systems to help combat climate change,” said Ken Regan, Vice President of Regan Development Corporation. “The State’s forward-thinking program helps our community, and our State, become more sustainable.”
“We are proud to partner with Regan Development and the Community Preservation Corporation through the Climate Friendly Homes Fund to bring these electrification measures to Lion Heart Residences,” said Alicia DeMarco, Weatherization Director for AHC. “Energy efficiency is a key factor in creating homes that are healthy, safe, and affordable for the residents in our community.”
CFHF grant funds will be paired with weatherization assistance funds to complete additional energy efficiency measures, ensuring optimal performance of the equipment installed to complete a full electrification of space-heating and hot water production for the tenants and significant greenhouse gas reduction at this site.
As part of 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, 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 delivered $14.97 million to fund 567 units of housing, continuing to close projects in its active pipeline.
Originally developed by Regan Development Corporation in 2014 with both construction and permanent financing from CPC, Lion Heart Residences is a 72-unit development integrated with 26 acres of passive parkland with quality one-, two- and three-bedroom residences and an upscale park-like setting. Regan Development Corporation forged a partnership with Living Resources, Inc., which provides tenant-based services for special needs clients who are seeking to lead an independent life in a supportive housing setting at Lion Heart. Residents have access to walking trails and direct access to the Mohawk-Hudson paved bike path, as well as shared amenities such as a basketball court and computer center.
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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.