HCR and CPC Partner on $250 Million Climate Friendly Homes Fund to Help Increase Building Electrification and Reduce Carbon Emissions

New York State Homes and Community Renewal and the Community Preservation Corporation, a leading New York-based nonprofit housing and community revitalization finance company, are partnering on the State’s new $250 million Climate Friendly Homes Fund.

The initiative, which was announced as part of Governor Hochul’s strategy to curb building emissions and establish two million climate-friendly, electrified, or electrification-ready homes by 2030, will make awards to owners of multifamily rental properties to carry out an energy audit or Integrated Physical Needs Assessment. Developments containing between five and 50 apartments will be eligible and funding will help identify and pay for improvements that increase energy efficiency and decrease a building’s greenhouse gas emissions. These improvements include the electrification of the building’s heating and cooling systems, domestic hot water systems, ventilation systems, and upgrades to the building envelope.

In order to maximize the impact and the reach of the program, CPC is partnering with like-minded green lending institutions, Community Development Financial Institutions, and other community-based nonprofits to collaborate on the identification and screening of building retrofit opportunities across the State. Lending Partners will include Local Initiatives Support Corporation (LISC), Enterprise Community Partners, and Inclusive Prosperity Capital. In addition, local community-based organizations from across the state will provide outreach and originations support to the program.

Eligibility criteria and more information on the Climate Friendly Homes Fund is available on HCR’s website as well as the CPC website, where owners can sign up to receive information on funding eligibility requirements, the application process and additional program updates.

New York State Homes and Community Renewal Commissioner RuthAnne Visnauskas said, “Our goal is twofold: to lessen our reliance on fossil fuels in residential buildings and to drive investment that eliminates environmental inequity in economically disadvantaged neighborhoods across the state. All New Yorkers deserve the opportunity to live in safe, healthy, well-maintained, climate-controlled housing free of harmful toxins. We are thrilled to have CPC’s extensively experienced team administering this critical program on behalf of New Yorkers.”

The Community Preservation Corporation CEO Rafael E. Cestero said, “I commend Governor Hochul and Commissioner Visnauskas on launching this innovative plan to electrify our housing stock. The CFHF will set the bar nationally for how government partners with private industry to decarbonize our existing housing stock, while addressing the unique financial and technical needs of small, affordable properties. CPC is proud to have been chosen to administer this program, and we look forward to working with our partners as we move forward.”

The Community Preservation Corporation President Sadie McKeown said, “I applaud the State for making an historic investment in the decarbonization of our housing stock, and for its commitment to the long-term health and resiliency of our communities. The program’s focus on delivering resources to small buildings in disadvantaged communities is essential if we are to ensure a just and equitable transition to electrification. My thanks to Governor Hochul, Commissioner Visnauskas, and to our lending and community partners for their commitment to a greener, and more sustainable New York.”