CPC administering grant funding from NY State’s Climate Friendly Homes Fund
More than 6,600 units in active pipeline eligible for more than $166.7 million in CFHF funding
West Henrietta, NY, (December 19, 2024) — The Community Preservation Corporation (CPC), a mission-driven non-profit multifamily finance company awarded $567,000 in grant funding for the electrification of Red Maple Apartments, a 21-unit independent living community located at 55 Linhome Drive in the Rochester community of West Henrietta, New York. CPC is administering the award through the $250 million Climate Friendly Homes Fund (CFHF), designed to finance the electrification of existing multifamily properties.
“The Climate Friendly Homes Fund is a powerful tool that will strengthen low- and middle-income communities across the state by improving the quality and sustainability of our housing,” said Sadie McKeown, President of The Community Preservation Corporation. “We are proud to partner with the State and HCR to deliver this funding that will make thousands of homes more energy efficient and resilient and provide a host of benefits for both the owners and tenants. My thanks to PathStone and to Commissioner Visnauskas and her team at HCR for their partnership.”
New York State Homes and Community Renewal Commissioner RuthAnne Visnauskas said, “HCR is excited to see more than half- a-million dollars from the State’s Climate Friendly Homes fund applied to replace the current gas-fired systems at the 21-unit Red Maple Apartments with high-efficiency all-electric heat pumps. The new equipment will provide heat in the colder months and cooling capabilities in the summer, enhancing indoor comfort for the residents, while reducing onsite carbon emissions. This innovative program is part of Governor Kathy Hochul’s commitment to make the State a cleaner, greener place to live by curbing building emissions, and creating two million climate-friendly, electrified or electrification-ready homes by 2030.”
“PathStone Corporation is pleased to partner with the Community Preservation Corporation to help preserve our Red Maple housing development. The Climate Friendly Homes Fund will allow us to install state-of-the-art and all-electric heating, ventilation, and cooling systems. These upgrades will help significantly improve the quality of life for our senior residents,” said Jason Sackett, Senior Vice President of Real Estate Development, PathStone Corporation.
CPC is providing the funding for Red Maple Apartments to support the conversion from natural gas conventional boilers for heat and domestic hot water to new cold climate, electrified heat pumps and an all-electric heat pump water system across all 21 units. The project will utilize $27,000 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.
CFHF grant funds will cover the installation of LG mini-split heat pumps and central VRF system to provide heating and cooling to the units and common areas 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 an LG Hydro Kit. All associated electrical wiring and service upgrades with be funded by CFHF as well as complementary energy conservation measures related to envelope performance.
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 delivered more than $7.7 million to fund 305 units of housing, and has an active pipeline of 168 applications that would fund a total of more than 6,610 units of multifamily housing that would be eligible for a total of $166.7 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.
Originally developed by PathStone, the Red Maple Apartments is an affordable housing community located at Located at 55 Linhome Drive in West Henrietta, New York that offers one bedroom apartment homes to adults with a range of disabilities. Residents have access to amenities like supportive services, free shuttles to the grocery store, handicapped accessible laundry facilities and secured building access. All apartment homes are equipped with emergency pull cord systems, grab bars in the bathroom, a walk-in shower and intercom system.
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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.