Friends of NYCEEC,

Following NYCEEC’s Fiscal Year 2024 ending in June, the team at NYCEEC is reflecting on a momentous year for the green lending industry.  In April of 2024, the US Environmental Protection Agency (EPA) announced $27 billion in funding to support an equitable transition to a clean energy economy through the Greenhouse Gas Reduction Fund (GGRF). We thank EPA for its leadership and look forward to supporting the deployment of GGRF funds in Fiscal Year 2025. While frameworks for implementing GGRF are being developed, NYCEEC continues to work across the Mid-Atlantic and Northeast region to pursue its mission: to deliver financing solutions and advance markets for energy efficiency and clean energy in communities.

Fiscal Year 2024 highlights include:

• Investing in Impact: Through direct financing, partnering with capital providers, supporting other green lenders, and administering clean energy financing programs, NYCEEC made steady progress in reaching its goal to mobilize $1 billion of capital. NYCEEC continued to increase its commitment to low- to moderate-income (LMI) communities in FY 2024. Since inception, 84% of our projects have been located in or supported LMI communities, and 60% of our estimated total capital mobilized has targeted affordable multifamily buildings. NYCEEC has supported greening over 16,900 units of affordable housing to date. We structured transactions in FY 2024 to support building energy efficiency and electrification, high-performance buildings, electric vehicle charging infrastructure, and distributed generation and storage including transactions to support community solar for the benefit of LMI communities.
• Investing in Programs: Our activities span the Northeast and Mid-Atlantic region, for example, partnering with Montgomery County Green Bank on a major electrification project and first privately-owned resilience hub in an affordable multifamily housing complex in Montgomery County, Maryland. NYCEEC continues to administer New York City’s C-PACE program that supports the objectives of the Climate Mobilization Act. In addition, we continue to work with NYSERDA and HPD to expand NYCEEC’s pre-development lending in disadvantaged communities and have made 53 loans to date as part of the HPD pre-development loan program. In 2024, we were recognized by the Department of Energy’s Better Buildings Challenge as a Climate Finance Innovator Award winner for our predevelopment loan program.
• Investing in NYCEEC: Over the last fiscal year, NYCEEC increased the size of its team and strengthened its relationships with key partners to position ourselves to increase our impact on behalf of the communities we serve.  We became members of Opportunity Finance Network, the leading national network of CDFIs and mission-driven community lenders. We joined forces with Wells Fargo and Elemental Excelerator to launch a new debt financing program to catalyze climate technology projects with significant community benefits.  We worked with our partners at the UNH Carsey School of Public Policy to produce a new Practitioners’ Guide to Community Lending for a Just and Equitable Energy Transition. This new report acts as a resource to community lenders looking to start or expand a green lending practice.

NYCEEC starts Fiscal Year 2025 with a strong pipeline of transactions and a renewed sense of opportunity. We truly appreciate the assistance of all of our partners and supporters. With your support, we continue to work towards a future where energy efficiency and clean energy financing for communities achieves scale and becomes accessible to all.

Thank you for your continued support of our work and your help in enabling us to meet our important goals. We look forward to continuing our work with you in Fiscal Year 2025!

On behalf of the NYCEEC team,