The State of New York under Governor Kathy Hochul has recently made $25 million in funding available for healthy, energy efficient housing developments through its Clean Energy Initiative. Originally launched in 2021 with a $7.5 million pilot program to construct 600 new healthy, energy-efficient homes, this second phase of funding is currently targeting 1,500 new homes with a focus on transforming existing multifamily housing buildings. Special incentives have also been included for new construction and adaptive reuse projects.
“New York’s transition to a cleaner and greener future requires aggressive action to reduce pollution in the buildings sector,” Governor Hochul said. “Through the Clean Energy Initiative, we are moving forward on our plan to achieve two million climate-friendly homes within the decade and ensuring that greener housing is accessible to all New Yorkers for generations to come.”
Initiative Provides Access to Electrification Funding, Affordable Financing and Technical Assistance
Administered by New York State Homes and Community Renewal and supported by the New York State Energy Research and Development Authority, the Clean Energy Initiative provides developers streamlined access to efficiency and electrification grant funding, affordable financing opportunities and technical assistance to aid in the construction of the state’s targeted 1,500 homes during this phase.
Developers can apply for funding through HCR’s Winter 2022 Multifamily Finance 9% and 4% Request for proposals.
This second phase of available funding comes as a part of New York’s overarching pledge to achieve a minimum of one million electrified homes and up to one million electrification-ready homes by 2030. The initiative also plans to target 800,000 low to moderate incomes homes to deliver upgrades to. The Clean Energy Initiative builds upon the $6.8 billion already devoted to reducing the carbon footprint of New York’s building stock.
“Governor Hochul’s transformative climate agenda offers real and scalable solutions to reduce harmful building emissions,” says Homes and Community Renewal Commissioner RuthAnne Visnauskas. “The Clean Energy Initiative is an important component of reaching this goal, offering financial resources and technical support to help housing developers build and retrofit climate-friendly affordable homes.
“In collaboration with NYSERDA, the program is now expanding to existing buildings so that more New Yorkers can benefit from lower energy costs and healthier homes. Together, New York is making real progress toward a greener and more sustainable future.”