Deal Spotlight
Predevelopment Loans for Partial Electrificationin Supportive Housing in Upper Manhattan
$
NYCEEC Loan Size
%
Projected Average Energy Savings
$
0
Projected Total Annual Savings
The Project
Building Type
Affordable Supportive
Housing
Number of Buildings
6
Building Size
131,785 Square Feet (aggregate)
Number of Affordable Units
281
Year Built
1907 (average)
Location
Manhattan, New York
Project Type
Existing Building Retrofits
Upgrades/Technology
Partial Electrification (HVAC & Domestic Hot Water Electrification) & Energy Efficiency
NYCEEC Loan Product
Predevelopment Loan
Loan Term
3 years (approximate)
Funding Date
March 2025
“NYCEEC predevelopment funding will provide SCHDC with the critical early-stage capital needed to advance the Columba Kavanagh House rehabilitation project. These funds will support essential predevelopment activities, including architectural and engineering design, environmental reviews, and financial structuring, ensuring the project remains on track for financing approvals and construction commencement. By enabling us to address key feasibility and design milestones, NYCEEC’s investment will accelerate our efforts to transform Columba Kavanagh House into high-quality, energy-efficient, and deeply affordable supportive housing for vulnerable New Yorkers.” (Borrower Representative).
NYCEEC provided five low-cost Predevelopment Loans totaling $750,000, each $150,000, to five separate borrowers affiliated with Sisters of Charity Housing Development Corporation (SCHDC). SCHDC is a non-profit organization that operates and develops permanent affordable homes for the elderly, the formerly homeless, and housing-insecure families. The six buildings will have a total of 281 affordable units upon completion of the substantial rehabilitation. At one of the buildings, 90 of the existing single-room occupancy units (SROs) will be converted to 55 studio apartments to better support the formerly homeless population, which will reduce vacancies and support the property’s long-term financial stability.
SCHDC plans to pursue several electrification and energy efficiency measures at the properties in order to comply with NYC Local Law 97 carbon emissions limits. These measures include the electrification of the HVAC and domestic hot water systems, the replacement of the old boiler with a more efficient one, the installation of energy management systems, the installation of solar PV where feasible, and additional efficiency upgrades.
Under NYCEEC’s existing Predevelopment Loan Program with NYSERDA, the no- and low-interest capital will be used to fund the architectural and engineering services necessary for the rehabilitation of the buildings. SCHDC expects to secure construction financing through the New York Homes and Community Renewal’s (HCR) State Housing Finance Agency Supportive Housing Preservation Program (SHPP).
NYCEEC Predevelopment Loans
$750,000
Construction Costs
$35,400,000
Additional Sources
$18,950,000
Total Project Cost (Est.)
$55,100,000