There are affordable and flexible financing opportunities in New York State to help you make cost-effective energy improvements to your multifamily building:
How it works. NYSERDA offers building owners, managers, and developers the opportunity to obtain low-interest financing on energy-saving building and renovation projects through private commercial lenders.
Building owners can finance renewable energy projects to purchase and install solar, air source heat pumps, or ground source heat pumps. In addition, owners of affordable multifamily buildings can access financing for energy efficient projects installed through the Multifamily Performance Program.
NYSERDA provides lenders up to 50% of the loan principal, to a maximum of $5,000 per unit or $500,000 per project. NYSERDA charges the Wall Street Journal Prime Rate of Interest + 2%, fixed at closing, on its share of the loan with the lender charging its negotiated rate on its share.
How it works. The New York City Energy Efficiency Corporation (NYCEEC) is a financial services nonprofit organization that makes loans to building owners and various other entities for energy efficiency and clean energy projects. NYCEEC works closely with borrowers to structure loans that meet their needs and achieve cost and energy savings. Benefits to borrowers include:
- Flexible and innovative loan structures that can match construction milestones and bridge incentive payments
- Financing to cover the cost of equipment, construction and eligible soft costs such as energy audits
- Loan sizes start at $100,000
Getting started. Visit NYCEEC’s website to learn how you can finance your clean energy upgrades and start saving money. For more information contact, Erangi Dias at 646-797-4622 or by email at email@example.com.
How it works. PACE Financing is offered through Energy Improvement Corporation's (EIC) OPEN C-Pace Program. EIC is a New York State non-profit, local development corporation that operates EIC OPEN C-PACE for the benefit of its member municipalities, which include counties and cities across New York State, as well as towns in Westchester County.
Get started. Please visit us at www.eicpace.org to find out more about the program.
Affordable Housing Agency Financing
How it works. There are multiple financing programs and resources available through New York State affordable housing agencies. These programs help multifamily building owners finance upgrades to their properties and reduce operating costs.
Get started. Visit the below affordable housing agency sites to learn more about financing opportunities.
- New York City Housing Preservation & Development (HPD) Financing
- New York City Housing Development Corporation (HDC)
- New York State Homes and Community Renewal (HCR)
Additional Financing Providers
Below are links to additional providers offering financing products for multifamily buildings: