Deal Spotlight
Credit Enhancement for Fuel Conversion and Energy Efficiency in Affordable Multifamily Housing
$
0
M
Annual cost savings
0
%
Projected energy savings
0
%
Projected GHG savings
The Building: Franklin Plaza
Building type
Affordable multifamily
Building size
14 buildings
846,700 square feet
1,632 units
Year built
1960
Location
New York, NY
Project type
Energy efficiency and fuel conversion
Upgrades
HVAC and fuel conversion
NYCEEC loan product
Credit Enchancement
Term
10 years
Closing date
August 2013
The Project
Franklin Plaza had deferred maintenance for years and the building systems were outdated. The heating plant burned dirty #6 oil and was highly inefficient, being kept on throughout the summer just to produce hot water. The project converted the fuel from oil and separated the heat and hot water systems.
Total Project Cost
$3.8 M
NYCEEC Loan
$285,000
Annual Savings
$2.2 M
The Results
The project preserved affordability and improved building comfort for residents. It also substantially modernized the facility and upgraded building systems.