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Deal Spotlight

NYSERDA Collaboration to Support
Early-Stage Financing for Electrification in
Affordable, Supportive Housing

$ 0
0 %
Projected Energy Savings
Single-Room Occupancy (SRO) Units
Geffner House Deal Spotlight

The Building

Building Type
Supportive Housing

Project Scope
1 Building
307 SRO Units

Times Square

2.5 Years

Closing Date
October 2023

Project Type
Predevelopment, Energy
Efficiency, Electrification

Expected Upgrades
Hybrid window heat pump
installations; heat pump
water heater installation;
energy efficiency measures
(e.g., upgrading controls,
lighting, replacing stream

NYCEEC Loan Product
Green Predevelopment Loan

The Project

NYCEEC provided a low-cost Green Predevelopment Loan to a borrower affiliated with Project Renewal, Inc. (“PRI”), a nonprofit organization whose mission is to end the cycle of homelessness through a wide array of services. PRI will pursue partial electrification and energy efficiency measures at Geffner House, a 20-story building with 307 single-room occupancy (SRO) units for low-income and formerly homeless tenants. The tenants include people with serious and persistent mental illness; individuals who are recovering from drug or alcohol addiction; and people who are living with HIV/AIDS, where on-site medical, psychiatric, and social services are provided.

NYCEEC plans to utilize its existing predevelopment loan program with NYSERDA. This program allows NYCEEC to secure no- and low-interest capital from NYSERDA for predevelopment expenses to affordable housing borrowers across New York State. Additionally, the NYSERDA program allows NYCEEC to expand access to capital for energy efficiency and clean energy investments for affordable housing borrowers.

The NYCEEC predevelopment loan will fund predevelopment costs, including architectural and engineering services required to rehabilitate the building. PRI intends to secure construction financing through the New York City Department of Housing Preservation and Development’s Year 15 program, which aims to preserve the financial and physical viability and long-term affordability of Low-Income Housing Tax Credit properties.

Total Expected Project Cost

$13M (est.)

NYCEEC Green Predevelopment Loan


Regulated Affordable Units


The Results

The $500,000 Green Predevelopment Loan helped ensure that PRI had access to the capital necessary to complete critical predevelopment work. The electrification and energy efficiency measures identified are expected to drive site energy savings of up to 45% relative to existing conditions. PRI is ramping up predevelopment activities as of loan closing in October 2023.