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Predevelopment Lending Program

 

Low-cost loans to cover your IPNA — so you can invest your capital where you need it most. 

To make energy efficiency improvements easy and affordable for multifamily property owners and small commercial building owners across New York State, NYSERDA is helping to expand access to financing options for clean energy upgrades and solutions. These solutions can help multifamily property owners and managers of new construction or retrofits lower their energy costs, increase resilience, enhance tenant health and comfort, and improve the environment for all New Yorkers.

How It Works

Project Spotlight

Read how St. Francis Friends of the Poor accessed capital, through the Predevelopment Loan, necessary to complete critical predevelopment work to pursue deep energy efficiency and electrification upgrades.
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The Predevelopment Lending program offers low- and no-interest loans for affordable multifamily buildings or small commercial properties, to cover the cost of an Integrated Physical Needs Assessment (IPNA). In addition to the loan, property owners and managers will also receive five hours of free technical assistance that can be used to establish or refine your capital improvement and building operations plans through engineering, legal, or financial consultation.

  • Loan Amount: Up to $500,000
  • Interest: 0% interest and no fees
  • Terms: 30 months; initial 18 months of no payments due, repayment of outstanding balance due over final 12 months
  • Covered Costs: IPNA Reports; Energy Audits; Feasibility Studies and Cost-Savings Analysis for various green measures; Engineering and Architectural services; Scopes of work that project at least 25% savings in energy costs (including solar photovoltaic; battery storage; electrification; window, door, and envelope replacement; and more)

Loans between $150,000 and $500,000 are in participation with New York City Energy Efficiency (NYCEEC), with NYSERDA providing up to $500,000, not to exceed 25% of the project cost.

Benefits 

Ease the financial burden of remaining compliant in your business’s regulatory environment, while simultaneously giving you a sense of which upgrades to prioritize for your properties.

  • Lower your upfront costs to cover your assessment — whether you are seeking financing from a federal or state housing agency, or looking for a standardized, holistic tool to assess your building.Access free technical assistance for engineering, legal, or financial consultation to help you establish or refine your capital improvement and building operations plans.
  • Get insight into your building's systems, equipment, and envelope to identify opportunities for energy savings to lower your operating expenses and support your bottom line.
  • Show your tenants that you are helping them achieve healthier homes and lower energy bills by taking the necessary steps to weatherize your building, upgrade its systems and equipment, and address potential safety concerns.

Who Can Apply

This program is ideal for owners and managers of affordable multifamily properties, both regulated and non-regulated, as well as small commercial building owners with properties under 25,000 sq. ft.

We especially encourage property owners in disadvantaged communities to apply to this program, to ensure equitable access to clean energy solutions across New York State.

Getting Started & Contact

To apply to the program and for questions about participation, please contact NYCEEC at [email protected], or call 646-797-4630.  For additional information and helpful resources from NYSERDA, contact [email protected].