NY Green Bank, a division of the New York State Energy Research and Development Authority (NYSERDA), has announced a new financing pathway for projects to help electrify multi-family affordable housing.
The expanded investment approach will focus on projects that prioritise energy efficiency and electrification in housing found within disadvantaged communities across New York State.
NY Green Bank is seeking proposals from property owners and developers, energy service companies and equipment manufacturers, capital providers and other market participants for construction or retrofit financing of multi-family affordable housing buildings.
It has made a commitment to deploy $150 million (£129m) in affordable housing projects by 2025.
The commitment supports the state’s goal to deliver 35%, with a goal of 40%, of the benefits of clean energy investments to disadvantaged communities as outlined in the Climate Leadership and Community Protection Act.
Andrew Kessler, Acting President, NY Green Bank said: “NY Green Bank recognises that high-performance multi-family affordable housing is one of the critical areas in which clean energy and sustainable infrastructure investment is needed to provide tangible benefits to the state’s historically underserved communities.
“We are excited to grow our portfolio of clean energy investments to support high-efficiency, electric solutions in this space, while providing the financing support needed for a thriving green economy that benefits all New Yorkers.”