Energy Efficiency - September 1, 2021
New York Launches Funding Project for Affordable Housing Electrification
New York Gov. Kathy Hochul announced Aug. 30 a $24 million pilot program that will help low- to moderate-income residents fund electrification projects in affordable housing.
The program was launched as a partnership between the New York State Energy Research and Development Authority (NYSERDA) and the New York City Department of Housing Preservation and Development (HPD). The two agencies completed a Memorandum of Understanding agreeing to provide gap funding to cover the incremental costs of electrifying existing HPD-regulated buildings and implementing other performance improvements, such as building envelope and hot water distribution to transition to efficient heat pump technology.
NYSERDA plans to disburse nearly $22 million in incentives once the program launches this fall. The pilot program is expected to support upgrades in approximately 1,200 affordable housing units.
“The climate crisis is a global problem that demands a global response, and that's why it's so important that New York State and New York City pool their resources and work together to reduce carbon emissions,” Gov. Hochul said in a statement. “This new partnership between NYSERDA and HPD will make it easier for affordable housing developments in New York City to access funding and retrofit their buildings for clean energy usage. Partnerships like this are moving us closer to achieving the State's ambitious climate goals as we continue to seek out new and innovative ways to incorporate clean energy into our daily routines and lives.”
The program will support New York’s goal to reduce emissions 85% by 2050. Applications will be accepted beginning in the fall until the end of 2024 or until funds have been exhausted.