NYCEEC provided an interest-free Green Predevelopment Loan to Rock Property Management Companies (Rock PMC) for one of their affordable housing properties in Phoenix, New York. This property is being rehabilitated through the US Department of Agriculture (USDA)’s Multifamily Housing program and is receiving additional grant financing through NYSERDA’s RetrofitNY Gap funding program. Rock PMC has committed to retrofitting the property to Net-Zero Energy (NZE) performance in a cost-effective way.

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. This is NYCEEC’s first no- or low-interest predevelopment loan outside of the five boroughs as part of NYCEEC’s collaboration with NYSERDA.

The loan funded Rock PMC to complete the engineering services to design the heat pump system for the buildings. As a result, the property will be able to pursue deep energy efficiency and electrification measures across the 5 buildings, which will also provide safety and health benefits by moving away from using propane and natural gas. In addition, the property will receive building envelope improvements including enclosing the open-air exterior stair hall, installing triple pane windows, patio door replacements, and improved air sealing. Rock PMC anticipates installing rooftop solar in the near future.