Friends of NYCEEC,
Over our last fiscal year, our economy has faced new challenges in the form of increased inflation, rising interest rates, and real estate market volatility. We also feel an increased sense of urgency in pursuing our mission, as some of the impacts of climate change—sea level rise, hurricanes, droughts, floods, and large-scale wildfires—cause more economic damage and harm more vulnerable populations each year. Yet when we look to the future, we find many reasons to hope, not the least of which is the transformative power of the Inflation Reduction Act. Against this backdrop, NYCEEC continues to pursue its mission to deliver financing solutions and advance markets for energy efficiency and clean energy.
Fiscal Year 2023 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 by 2025. NYCEEC continued to increase its commitment to low- to moderate-income communities in FY 2023, having now greened over 15,400 units of affordable housing to date. We structured transactions in FY 2023 to support building energy efficiency, distributed generation and storage, and high-performance buildings, including our first financing of electric vehicle charging infrastructure.
- Investing in Programs: Our activities span the Northeast and Mid-Atlantic region, for example, partnering with Montgomery County Green Bank and CDFI lender Virginia Community Capital on the largest multifamily solar project 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. NYCEEC has made 49 loans to date as part of its predevelopment program with HPD.
- Investing in NYCEEC: Over the last year, NYCEEC increased the size of its team and strengthened its relationships with key partners to position us for future growth. We have applied to the EPA—as a lead applicant and as part of coalitions—for Greenhouse Gas Reduction Fund monies, all to support more clean energy lending in the communities we serve.
NYCEEC starts Fiscal Year 2024 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 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 2024!
On behalf of the NYCEEC team,
Curtis Probst, CEO