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Preserving affordable housing and supporting energy efficiency in LMI communities
Up to $ 0 Million
Total project cost
348,323 square feet
New York City
NYCEEC loan product
Green Predevelopment Loan
The Joint Ownership Entity (JOE) is a non-profit member organization that owns and manages affordable multifamily housing properties on behalf of participating community housing organizations.
JOE is working with the NYC Department of Housing Preservation and Development (HPD) to renovate 34 buildings in upper Manhattan and the Bronx that are owned by the Ecumenical Community Development Organization (ECDO) and the Community Assisted Tenant Controlled Housing (CATCH). The renovations will significantly increase the buildings’ energy efficiency and provide more comfortable living environments, while preserving affordability for low-income renters earning up to 80% of area median income (AMI).
The JOE Predevelopment Loan, NYCEEC’s largest Green Predevelopment Loan to date, will fund Integrated Physical Needs Assessments (IPNAs) for all 34 buildings (total of 386 units). The IPNAs will identify energy and water efficiency measures to be incorporated into the rehabilitation work financed by HPD. In connection with the NYCEEC funding, JOE has agreed to pursue cost-effective energy-efficiency measures identified in the IPNAs. Remaining NYCEEC loan funds may be used to pay other eligible predevelopment costs as they arise, such as architectural or engineering design work.
As soon as the project receives construction financing from HPD, the NYCEEC Green Predevelopment Loan will be repaid from proceeds. This model allows JOE and its member organizations to undertake critical energy efficiency upgrades while preserving the buildings’ limited maintenance reserves.
Maximum total project cost
NYCEEC Green Predevelopment Loan
Affordable housing units greened
Depending on the results of the project’s IPNAs, the total project cost to renovate all 34 buildings could be up to $50,000 per unit, or $14.3 million. JOE expects the project to achieve 25% savings on energy and water expenses. By bridging the predevelopment cost of the IPNAs and related work, NYCEEC has helped preserve affordable housing units, lower energy costs, improve tenant comfort, and reduce greenhouse gas emissions in New York City.