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Early-Stage Financing for Efficiency and Electrification in Supportive Housing
Affordable Housing Units
Occupancy (SRO) –
73,315 Square Feet
255 SRO Units
Manhattan, New York
NYCEEC loan product
Predevelopment, Energy Efficiency, Electrification
LED lighting upgrade,
electrification of hot water heating (heat pumps), low-flow fixtures, energy efficient windows, full electrification (1 building) using VRF, roof replacement
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. STFFP provides a range of valuable services, from low-barrier housing to on-site medical care, subsidized meals, art programs, and more.
The zero-interest Green Predevelopment Loan is offered through NYCEEC’s partnership with NYSERDA to provide no- and low-interest capital for predevelopment expenses to small affordable housing projects across New York State.
The loan funded STFFP to obtain integrated physical needs assessments (IPNA) and architectural and engineering services to rehabilitate their 3 residential buildings. As a result, the organization will be able to pursue deep energy efficiency and electrification measures across the 3 buildings, including LED lighting upgrades, energy efficient window installation, electrification of hot water heating using heat pumps, and weatherproofing measures. In addition, the organization will pursue full electrification of 1 building, where the oil heating boiler would be removed and replaced with a VRF system.
Total expected project cost
$18M + (est.)
NYCEEC Green Predevelopment Loan
Affordable SRO Units
The $90,000 Green Predevelopment Loan helped ensure that STFFP had access to the capital necessary to complete critical predevelopment work. STFFP is working with HPD to finalize designs and commence construction.