Multifamily Financing Programs
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 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, multifamily building owners can access financing for energy efficient projects installed through the Small Commercial Financing Program.
NYSERDA provides up to $50,000 per project charging 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.
Predevelopment Lending Program
How it works. The Predevelopment Lending program offers low- and no-interest loans up to $150,000 for affordable multifamily buildings to cover the cost of an Integrated Physical Needs Assessment (IPNA). This program is ideal for owners and managers of affordable multifamily properties, both regulated and non-regulated.
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 protected].
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)
NY Green Bank- Clean Energy Financing Arrangements (RFP 1)
How it works. The NY Green Bank is a +$1.0 billion investment fund designed to accelerate clean energy deployment in NYS. The Clean Energy Financing Arrangement offers financing (up to $5 million) to owners of multifamily buildings for a variety of decarbonization projects to obtain high levels of energy performance in New York State. Proposals are evaluated on a rolling basis.
NY Green Bank – Financing Arrangements for High Performance Affordable Housing (RFP 18)
How it works. The NY Green Bank is a +$1.0 billion investment fund designed to accelerate clean energy deployment in NYS. This RFP offers financing ($2 million and up) to property owners and developers, energy service companies, equipment manufacturers, capital providers, and other market participants that submit proposals to NY Green Bank for investments in the construction of or retrofits of multifamily affordable housing in New York State to high levels of energy performance. Proposals are evaluated on a rolling basis.
Get started. Read more about Financing Arrangements for High Performance Affordable Housing or contact us at [email protected].
Additional Financing Providers
Below are links to additional providers offering financing products for multifamily buildings: