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NY City and State Partner on Renewable Energy Pilot for Affordable Housing
New York State Energy Research and Development Authority (NYSERDA) and the New York City Department of Housing Preservation and Development (HPD) will partner on a $24-million pilot program to fund electrification activities in affordable housing. In addition, the pilot will create a streamlined funding process, by which affordable housing owners can access NYSERDA incentives without additional administrative work.
The city and state agencies are collaborating to demonstrate that electrification upgrades of New York’s regulated, multifamily affordable housing can be effectively incorporated when building owners seek financing for clean and renewable energy for their buildings.
The pilot will provide gap funding to cover the incremental costs of electrifying existing HPD-regulated buildings and implementing other performance improvements such as building envelope and hot water distribution, which reduce energy consumption and improve health and safety outcomes for residents. Such work will include transitioning from fossil-fuel based heating and cooling to heat pump technology.
Rendering courtesy of Douglaston Development.
- ◦Financing
