Deal Spotlight
Energy Efficiency Supporting Black Veterans for Social Justice
$
0
Maximun NYCEEC Loan
$
0
Total Project Cost Appr.
0
Affordable Housing Units
The Building
Building type
Affordable Multifamily
Building size
47 units
55,228 square feet
Expected
Construction
2024
Location
Brooklyn, NY
Term
2 years
Project type
Predevelopment,
Energy Efficiency
Expected Major
Upgrades
Energy efficient window
replacements, weatherstripping,
energy efficient boiler replacement (heat and hot water), in-unit and common area LED lighting replacements.
NYCEEC loan product
Green Predevelopment Loan
Closing date
September 2021
The Project
NYCEEC provided interest-free Green Predevelopment Loan funding to Black Veterans for Social Justice (BVSJ), a Brooklyn-based non-profit serving veterans, their families, and members of the community. BVSJ’s Housing Department has developed an extensive portfolio of diverse housing opportunities for veterans and marginalized New Yorkers. The loans from NYCEEC helped BVSJ obtain integrated physical need assessments (IPNA), architectural services, and required predevelopment work related to four 100% affordable multifamily apartment buildings in Brooklyn. As a result of the proposed project, the buildings are projected to save 25% or more on energy costs.
These loans are the first using NYCEEC’s new partnership with NYSERDA to provide no- and low-interest capital for predevelopment expenses to affordable housing projects across New York State. The program is expected to remove barriers to obtaining IPNAs, energy audits, and other design and planning work necessary to make buildings energy efficient.
Total Expected Project Cost
Up to $2,350,000
NYCEEC Green Predevelopment Loan
Up to $120,000
Affordable Housing Units
47
The Results
BVSJ is working with the New York City Department of Housing Preservation & Development (HPD) to perform the IPNAs to determine the rehabilitation needs, including energy and water efficiency improvements, of the four subject buildings. Rehabilitation and construction on the buildings is expected to begin in 2022. The $120,000 in Green Predevelopment Loan funding will help ensure that incremental design and planning costs necessary for energy efficiency work can be completed quickly, providing a healthier and more comfortable environment for all 47 tenant families.