Multifamily Building Owner Financing

The Green Jobs - Green New York (GJGNY) Multifamily Building Energy Efficiency Financing Program provides loans to owners of multifamily buildings in order to encourage the installation of equipment that will result in energy savings. Loans are available for a wide variety of cost-effective improvements. In order for energy improvements to be eligible for financing using a GJGNY Loan, building owners must first receive an energy audit from NYSERDA’s Multifamily Performance Program. Additional incentives to help pay for audits and the installation of improvements are provided through the Multifamily Performance Program, so if you haven’t participated yet, apply now!

Any multifamily building containing 5 or more apartments located anywhere in the State of New York is eligible to receive a loan and may participate in the Multifamily Performance Program.

Loans are not provided directly through NYSERDA. In order to access a loan, building owners must work with a commercial lender of their choosing. Most lenders located in New York State are eligible [PDF] to offer loans through this program. Lenders are not required to be pre-approved to participate.

The vehicle for providing a loan will be a Participation Agreement [PDF] through which NYSERDA will provide 50% of the principal, up to $5,000 per apartment up to $500,000 per project, at 0% interest, and the lender will provide the remaining portion at market rate. The loan term will be negotiated between the lender and the borrower, but shall not exceed the weighted useful life of the improvements being financed years.

How the Program works:

1. The building owner participates in the Multifamily Performance Program and receives an Energy Reduction Plan that details cost-effective energy improvements for the building.
2. The building owner decides which improvements will be financed using a GJGNY loan.
3. The Building owner requests and receives a “Pre-Approval of Eligible Energy Efficiency Measures” Form from NYSERDA.
4. The building owner uses the “Pre-Approval of Eligible Energy Efficiency Measures” Form as the basis of securing a loan from a lender.
5. The lender agrees to provide the loan to the building.
6. The lender fills out and executes a Participation Agreement with NYSERDA, which allows NYSERDA to make a payment to the lender to subsidize the loan.
7. The building and the lender close on the loan. The interest rate to the borrower is reduced due to NYSERDA’s subsidy.
8. The Lender submits the executed loan package to NYSERDA.
9. NYSERDA pays the subsidy to the Lender within two weeks.

What you need to know to access a loan:

• Program Description [PDF]
• Process Flow Chart [PDF]
• Lender's Participation Agreement [PDF]
• Pre-Approval of Eligible Energy Efficiency Measures [PDF]

For more information:

For additional information on The Green Jobs - Green New York Multifamily Building Energy Efficiency Financing Program and how your building can participate, please contact NYSERDA at (212)-971-5342. You can also email us at multifamilyprograms@nyserda.org.