NYCEEC provided a bridge loan converting to a permanent loan to
finance rooftop solar installations at two affordable multifamily housing sites in Washington, D.C. The projects are jointly owned by Sunlight General Capital, an investor and solar developer, and National Housing Trust, a nonprofit focused on affordable housing.
NYCEEC provided a $1.325 million construction-to-term loan to UGE
International, a developer, owner and operator of commercial solar and battery storage projects. Located in Staten Island, the 543kW rooftop community solar project is expected to reach completion by summer
of 2024.
NYCEEC provided a low-cost Green Predevelopment Loan to finance
early-stage costs for the construction of three planned all-electric
buildings in the Bronx. The new buildings will provide 71 regulated
affordable units to low-income residents and an additional unit for thesuperintendent.
THE PROJECT
NYCEEC participated in a $4,500,000 loan led by Montgomery County Green Bank (MCGB) to finance the construction of building electrification measures and a 400-kW battery storage system at an affordable multifamily building in Maryland.
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.
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NYCEEC provided $300,000 in financing to support the installation of a 95 kW rooftop solar photovoltaic installation, a 180 kWh lithium-ion battery storage system and 2 DC fast charge Level 3 units in Westchester County, New York. The solar array will be installed on the building, while the other two components will be installed in the adjacent parking lot.
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NYCEEC provided a low-cost Green Predevelopment Loan to borrowers affiliated with Cypress Hills Local Development Corporation (CHLDC), which provides a wide array of services to the community. CHLDC will pursue significant energy efficiency measures across 13 buildings, serving residents generally at 50-60% of Area Median Income, across the Cypress Hills and East New York neighborhoods of Brooklyn.
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NYCEEC provided a $120,000 construction-to-term loan for
implementation of electrification measures at a residential cooperative building in Park Slope, Brooklyn. The project scope includes updating the building’s electrical system, decommissioning of the gas system, and converting from natural gas to all-electric heat pumps for space heating and water heating. These measures should significantly reduce the building’s greenhouse gas emissions over the life of the project.
NYCEEC provided a $700,000 loan to Dextall, an innovative company that produces unitized prefabricated exterior wall systems with the goal of accelerating decarbonization by creating affordable and efficient solutions for retrofitting buildings.
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NYCEEC provided timely early-stage funding to enable land
acquisition for the development of a 16 story, 160-unit affordable
multifamily housing property in Yonkers, New York. The building will
house families making at most 80% of the area median income (AMI)
and will also include three commercial tenant spaces.