Funding Multifamily Buildings in NYC: A Guide to NYC EEC and Green Banks
If you’re a multifamily building owner in New York City looking for funding resources, the NYC Energy Efficiency Corporation (NYCEEC) and the NY Green Bank are prime points of contact. These organizations offer financing programs and resources to help owners finance upgrades to their properties and reduce operating costs.
NYCEEC: Seamless Financing for Multifamily Buildings
The NYCEEC is a non-profit finance company that specializes in providing financing for energy efficiency and clean energy projects in New York City. They offer flexible financing structures that help owners of multifamily buildings implement energy-saving measures and reduce their carbon footprint. The NYCEEC has helped numerous building owners in NYC develop more units of green affordable housing and improve the energy performance of their properties.
NY Green Bank: Accelerating Clean Energy Deployment
The NY Green Bank is a $1.0 billion investment fund designed to accelerate clean energy deployment in New York State. They offer financing through the Clean Energy Financing Arrangement, which provides funding (up to $5 million) to owners of multifamily buildings for a variety of decarbonization projects. The proposals are evaluated on a rolling basis, and building owners can contact the NY Green Bank to learn more about financing opportunities.
Other Financing Programs and Resources
In addition to NYCEEC and the NY Green Bank, there are other financing programs and resources available through New York State affordable housing agencies. These programs aim to support owners and managers of multifamily buildings in financing upgrades and reducing operating costs. The New York City Housing Preservation & Development (HPD) offers financing options for multifamily building owners, and there are also incentives and technical assistance available through NYSERDA to support energy management in multifamily buildings.
Conclusion
If you’re a multifamily building owner in NYC, there are several financing options and resources available to help you fund upgrades and improve energy efficiency. The NYCEEC and the NY Green Bank are two prominent organizations that offer financing programs specifically tailored to multifamily buildings. Additionally, there are other financing programs and resources available through New York State affordable housing agencies. These programs aim to support building owners in reducing operating costs and improving the energy performance of their properties. For more information, you can visit the websites of these organizations or contact them directly.
Remember, it’s always a good idea to reach out to the specific organizations mentioned in this blog post for the most up-to-date information on their financing programs and resources.
The NYC Energy Efficiency Corporation (NYCEEC) supports multifamily buildings in several ways. As a nonprofit finance company, NYCEEC specializes in providing financing for energy efficiency and clean energy projects in buildings, including multifamily properties. They offer flexible financing structures that help building owners implement energy-saving measures and reduce their carbon footprint. NYCEEC works directly with building owners, contractors, project developers, and Energy Services Companies (ESCOs) to develop financing solutions ranging from standard loans to alternative financing options such as energy services agreements, power purchase agreements, and green mortgages.
NYCEEC has provided leadership in the multifamily market, working closely with incentive providers and utilities on some of the deepest and highest-return retrofits. They serve various markets, including commercial, multifamily, retail, healthcare, institutional, hospitality, and education. NYCEEC finances a wide range of energy efficiency and clean energy technologies, including energy efficiency, Passive House, cogeneration, demand management, renewables, and fuel conversions.
Building owners can contact NYCEEC to learn more about their financing options and how their loans can support clean energy projects. NYCEEC’s financing solutions have helped building owners save money, increase returns, and contribute to a greener energy future.
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