Overview
In 2022, Governor Hochul announced a new $25 billion, five-year Housing Plan to create and preserve 100,000 affordable homes in both urban and rural communities, including 10,000 homes with support services for vulnerable populations, and electrify or weatherize an additional 50,000 homes as part of the State’s plan to electrify 1 million homes and make another 1 million electrification-ready. This represents an unprecedented commitment to curb building emissions, which contribute as much as one third of New York’s climate pollution. These efforts dovetail with New York State’s Climate Leadership and Community Protection Act (CLCPA), setting the goal to achieve zero greenhouse gas emissions by mid-century and reduce green-house gas emissions by at least 85% by 2050. As part of the plan, $250 million was allocated over 5 years to electrify 10,000 homes.
The new Climate Friendly Homes Fund ("CFHF") will provide small multifamily properties, between 5-50 units, access to funds to support electrification measures.
Program Description
The program will be deployed by the awarded Community Development Financial Institution (CDFI), The Community Preservation Corporation (CPC). HTFC issued a competitive Notice of Funding Availability in the summer of 2022, and CPC was selected to administer the program alongside their team of community and lending partners.
CPC’s partners include Community Development Financial Institutions and other community-based nonprofits that will 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.
CFHF will provide an average of $25,000 per unit for Multifamily projects between 5 and 50 units able to successfully electrify their heating systems, domestic hot water, make upgrades to their existing building envelope and ventilation systems. The funds will be available to regulated affordable housing and unregulated affordable housing. Where buildings are not subject to an existing regulatory agreement with a public agency, properties must be located in one of the following locations:
- Low-Moderate Income Qualified Census Tract as defined by the U.S. Department of Housing and Urban Development
- Disadvantaged Communities as defined in the New York State Climate Leadership and Community Protection Act.
Interested owners and development teams should engage directly with CPC for program applications, additional program details, and updates. Applications for Climate Friendly Homes Fund will be available on The Community Preservation Corporations’ website.