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.

The building will be designed to be all-electric and is expected to pursue Enterprise Green Communities certification. It will incorporate energy savings measures that exceed local stretch code requirements, including installation of highly efficient heat pumps, high levels of continuous insulation, and lighting controls. As the project progresses, the developer will work with the ConEd Clean Heat Program to utilize heat pump incentives and with NYSERDA’s New Construction Housing Program to access support designated for low-carbon or carbon neutral buildings.

The $3,920,000 NYCEEC loan provides financing at an important moment for the project, enabling the developer to move ahead with steps necessary to access permanent funding for the total proposed budget of roughly $98,000,000. NYCEEC sold a participation in its loan to a mission-aligned, not-for-profit lender to support expansion of the green lending ecosystem and to recycle capital for other high impact projects.