Building Owner
$200,000
7.00% – 8.00%
Up to 90% of project costs (up to 100% for affordable multifamily)
Construction Financing (if needed)
Permanent Financing
Multiple Draws during Draw Period
Bridge to Incentives
Multifamily Housing
Commercial & Industrial
Institutional
Electrification
Energy Conservation Measures (HVAC, Controls, etc.)
Distributed Energy Generation (Solar PV, BESS,
Geothermal)
Domestic Hot Water
Building Enclosure
Other technologies evaluated on a case-by-case basis
NYCEEC provided financing for the installation of a 24.5 kW solar array and roof replacement with insulation improvements at a 48-unit market-rate condo building in Clinton Hill, Brooklyn. The solar array will meet 100% of energy demand from the building’s common spaces.
Building (via property tax mechanism)
$500,000
7.50% – 8.50%
Up to 100% of project costs (or as permitted under local PACE law)
Permanent Financing
Construction Financing (depending on jurisdiction)
Multifamily Housing
Commercial & Industrial
Institutional
Deep Energy Retrofits
High-Performance New Construction
Distributed Energy Generation (Solar PV, BESS, etc.)
Battery Storage
Other technologies evaluated on a case-by-case basis
NYCEEC provided a Commercial Property Assessed Clean Energy (C-PACE) Loan to finance the installation of rooftop and ground-mount solar installations at a family-owned pizza restaurant outside of Providence, Rhode Island. The project will be installed at Angelo’s Palace Pizza on a 2.3-acre commercial property and is anticipated to provide nearly 300 kW DC power.
NYCEEC is a PACE lender in CT
SPE owned by developer
$400,000
7.50% – 8.50%
Up to 80% of project costs
Construction Financing (if needed)
Permanent Financing
Multiple Draws during Draw Period
Bridge to Incentives
Multifamily Housing
Commercial & Industrial
Institutional
Energy Conservation Measures (HVAC, Controls, etc.)
Distributed Energy Generation (Solar PV, BESS, etc.)
Domestic Hot Water
Other technologies evaluated on a case-by-case basis
Ecosave provided a turnkey solution with an energy services agreement (ESA) that guaranteed project performance. The project included upgrades such as LED lighting, replacement of fan coil units, building automation system upgrades, electric and steam submeters, air handling units, variable frequency drives on pumps and fans.
SPE owned by developer
$400,000
7.50% – 8.50%
Up to 80% of project costs (20% Developer equity)
Construction Financing (if needed)
Permanent Financing
Multiple Draws during Draw Period
Bridge to Incentives
Multifamily Housing
Commercial & Industrial
Institutional
Energy Conservation Measures (HVAC, Controls, etc.)
Distributed Energy Generation (Solar PV, BESS, etc.)
Domestic Hot Water
Other technologies evaluated on a case-by-case basis
Sunlight General Capital, a solar developer and investor, owns and operates solar PV projects across three sites owned by houses of worship in Washington, DC. Each of the three sites is in or serves low-to-moderate income (LMI) communities.
NYCEEC provided $300,000 in financing to support the installation of a 95 kW rooftop solar photovoltaic installation, a 180 kWh lithium-ion battery storage system and 2 DC fast charge Level 3 units in Westchester County, New York. The solar array will be installed on the building, while the other two components will be installed in the adjacent parking lot.
Building Owner or Project Developer
n/a
7.00% – 8.00%
100%
Multiple Draws during Draw Period
Loan Extensions available
Multifamily Housing
Supportive Housing
High-Performance Buildings (New Construction and Retrofits)
Distributed Energy Generation (Solar PV, BESS, etc.)
Battery Storage & Development
Other technologies evaluated on a case-by-case basis
NYCEEC provided interest-free Green Predevelopment Loan funding to St. Francis Friends of the Poor, Inc. (STFFP), a New York-based 501(c)(3) nonprofit that provides affordable and permanent supportive housing for chronically homeless individuals with serious mental illness.
The redevelopment of the Greenpoint Hospital campus, in East Williamsburg, Brooklyn, will include apartments for extremely low-income and very low-income residents and seniors, a new 200-bed homeless shelter, a community facility, and a network of new open spaces to connect the campus to the surrounding neighborhood.
Project Developer
$400,000
7.00 – 8.00%
Up to 80% of acquisition costs
Revolving structures available
Multifamily Housing
Commercial & Industrial
Institutional
High-Performance Buildings (New Construction and Retrofits)
Distributed Energy Generation (Solar PV, BESS, etc.)
Battery Storage & Development
Other technologies evaluated on a case-by-case basis
NYCEEC provided timely early-stage funding to enable land acquisition for the development of a 3.5-story, 73 affordable housing unit building in Ossining, New York. The units will house seniors making at most 60% of the area median income (AMI).
NYCEEC provided timely early-stage funding to enable land acquisition for the development of a 16 story, 160-unit affordable multifamily housing property in Yonkers, New York. The building will house families making at most 80% of the area median income (AMI) and will also include three commercial tenant spaces.
Incentive Recipients
$400,000
7.50% – 8.50%
Up to 80% of incentive amount
Revolving structures available
Multifamily Housing
Commercial & Industrial
Institutional
Energy Conservation Measures (HVAC, Controls, etc.)
Distributed Energy Generation (Solar PV, BESS, etc.)
Battery Storage
Investment Tax Credits (ITC)
Other technologies evaluated on a case-by-case basis
NYCEEC provided funding to bridge the gap between the costs of completed energy efficiency measures in seven multifamily buildings and the associated incentives through the ConEd Multifamily Energy Efficiency Program incentive program.
NYCEEC provided an $8 million bridge loan converting to a $5.8 million permanent loan to finance two ground-mounted solar PV installations with a combined capacity of 13.66MW DC. 100% of the energy generated by the project will be subscribed to low- to moderate-income residents in the National Grid service territory.
Cooperatives and Condominium Associations
$200,000
7.00% – 8.00%
Up to 90% of eligible project costs
Standardized Loan Documentation
Streamlined Closing Process
No Energy Audit Required
Multifamily Housing
Supportive Housing
Solar PV (and associated roof upgrades)
Energy Conservation Measures (HVAC, Controls, etc.)
Electrification (partial or total)
Battery Storage
Building Envelope Upgrades
Local Law 97 Compliance Measures
Other technologies evaluated on a case-by-case basis
NYCEEC provided a $236,000 construction-to-term Multifamily Express Green (MEG) loan to Residencia Esperanza, a 25-unit affordable residential cooperative building in the Hamilton Heights neighborhood of Upper Manhattan. The project scope includes the installation of an 82.215 kW DC Solar PV roof-mounted system, a related roof replacement, and the installation of electric heat pumps for domestic hot water production.
NYCEEC provided an $800,000 construction-to-term Multifamily Express Green (MEG) loan to Southridge Cooperative Section I, Inc., a 360-unit residential cooperative in the Jackson Heights neighborhood of Queens. The project includes the installation of a 384.34 kW DC Solar PV roof-mounted system across six buildings.
“Affordable multifamily” is defined as condos, co-ops and rental buildings with demonstrable benefit to affordable tenants.
All projects financed by NYCEEC must provide an expected net annual reduction in greenhouse gas emissions.
NYCEEC, in its sole discretion, may, at any time and without prior notice, stop offering a given loan product, amend or waive compliance with any terms, or reject any or all proposals for funding. All loans are subject to credit approval.
