Deal Spotlight
Green Construction Loan for Passive House Upgrades in Queens Multifamily Building
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Projected energy savings
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Projected GHG savings
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Vehicles removed off the road
The Building: 9th Street
Building type
Multifamily
Building size
1 building
4,775 square feet
4 units
Year built
1941
Location
New York, NY
Project type
Passive House
NYCEEC loan product
Green construction
Term
1.75 years
Closing date
April 2015
The Project
NYCEEC provided a $685,000 mortgage loan with multiple draws and capitalized interest. The loan was structured to match Passive House construction and certification milestones, thus, helping the owner/project developer manage project expenses. In addition, NYCEEC’s engineers provided technical guidance throughout the construction and Passive House certification process to optimize energy savings.
Total Project Cost
$860,000
NYCEEC Loan
$685,000
Annual Savings
$6,222
The Results
Compared to current building code, the Passive House standard results in roughly 90% lower heating and cooling energy use and up to 45% lower energy use. The benefits of the Passive House standard extend far beyond its high energy savings. Passive Houses are healthier and more resilient because of controlled ventilation, tight air sealing and extensive insulation. As more buildings are brought to this standard, consumer expectations and developer incentives and feasibility will rise, creating a broader market for highly efficient buildings.