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State creates fund for affordable housing developers to go electric

New York State Homes and Community Renewal and the New York State Energy Research and Development Authority announced $7.5 million in state funding is now available for a new Clean Energy Initiative, designed to create up to 600 energy-efficient, all-electric affordable housing units.  

The pilot initiative will allow more New York families to benefit from healthy, clean energy homes, while providing housing developers with streamlined access to technical assistance and affordable housing finance opportunities.  

Launched as part of HCR’s Summer 2021 Multifamily Finance 9% and 4% Request for Proposals, the funding will directly support clean energy projects, creating a one-stop process for developers who will no longer have to file a separate application to receive funding. As part of the collaboration, HCR and NYSERDA are working to introduce this integrated and streamlined assistance for affordable housing rehabilitation projects starting in 2022.


RuthAnne Visnauskas, Commissioner of New York State Homes and Community Renewal said, “This initiative is game-changing in terms of establishing a streamlined, direct funding source for developers who are proactively incorporating innovative solutions into their housing projects. The $7.5 million Clean Energy Initiative will create up to 600 state-of-the-art, all-electric homes in New York that will help shrink energy bills for residents and reduce the state’s carbon footprint. We look forward to seeing the success of this initiative and to our continued partnership with NYSERDA as we strive to create healthy, sustainable homes that benefit families and the environment, while also helping New York reach its climate goals.”

Doreen M. Harris, President and CEO of NYSERDA, said, “Increasing support for and access to sustainable, comfortable, and affordable homes that have a lower carbon footprint than traditional buildings is a significant goal in our effort to advance an equitable and just clean energy transition. NYSERDA is proud to partner with HCR on this new initiative that streamlines access to support and technical assistance for hundreds of housing units while creating a replicable model for helping New York’s low- and moderate-income residents benefit from our efforts to reduce emissions in the fight against climate change.” 

The Clean Energy Initiative advances the New York State Climate Leadership and Community Protection Act, which sets nation-leading, economy-wide climate and energy goals for the state, including an 85 percent reduction of greenhouse gas emissions from 1990 levels by 2050 and eventually net zero emissions in all sectors of the economy.

New York State has committed more than $6.8 billion to reduce the carbon footprint of New York’s building stock, including in HCR’s affordable housing portfolio.

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