Attention non-profit and affordable housing property owners in Westchester! Time is running out to apply for The Westchester Project, a low cost financing program to make clean energy upgrades to your building. Financing can be used to retrofit windows, heating systems, insulation, solar and more. Energy efficiency improvements will lower your utility bills and operating costs, reduce maintenance work, and create a more comfortable space for you and your tenants. Read on to learn how to apply.
If your Westchester building meets affordable housing guidelines or is owned by a not for profit corporation, you may qualify for reduced cost financing under Energize NY Finance: The Westchester Project.
Westchester County has teamed up with Energize NY to provide low cost financing that helps lower energy costs for properties that need it most: multifamily affordable housing and not-for-profit owned buildings. The county is utilizing its federally allocated Qualified Energy Conservation Bond (QECB) authority and aligning with Energize NY’s goal to promote energy efficiency and renewable energy projects. This partnership presents an opportunity for property owners in Westchester County to significantly lower their energy costs and reduce energy waste in their buildings. QECB, (Qualified Energy Conservation Bonds) capital can be accessed for commercially owned affordable housing buildings, and non-profit properties. The energy burden for low income households is 29%, compared to 3% for middle to higher income households. 83% of rental units in Westchester were built before 1980 and 59% use oil or electric heat when natural gas is available as a lower cost.
QECBs can provide the low cost capital that affordable housing properties need, to undertake an electric-to-gas or oil-to-gas conversion, to better seal and insulate the building envelope, to upgrade mechanical systems to higher efficiency technology, and to install renewable energy systems such as solar power. These upgrades contribute to lowering the energy burden for tenants and property owners. Not-for-profits can benefit from these same measures, and put otherwise wasted energy dollars to better use in the communities they serve.
QECBs were created by federal legislation in 2007 as bonding authority that was given to the states, and from states to cities and counties, based on population. QECBs may be used to fund specific qualified energy efficiency and renewable energy projects. In Westchester the county government has allocated a minimum of $4,000,000 in QECB lending authority for use through the Energy Improvement Corporation (EIC). The legislation which has provided for this allocation has been prioritized for energy efficiency and renewable energy projects on buildings designated as affordable housing or those owned by non-profit entities.
How do I access capital for my building improvement? We’re glad you asked.
Click to see the current EIC members.
If your property is located in a member municipality, then proceed to Pre-application. If not, we recommend you contact Joe DelSindaco at Energize, as well as send a letter to your municipality indicating your interest. Here is a link to a Sample letter.