New Program Offers $1B for Green Retrofits
- Oct 02, 2009
A new program could provide a sizable jolt to the already-popular practice of retrofitting existing commercial properties to increase environmental sustainability. The Community Preservation Corp., a non-profit affordable housing lender, has unveiled a new public-private partnership that aims to provide $1 billion in funding for energy efficient upgrades and green retrofits to multifamily properties.
The program will provide the funding in the form of construction and mortgage loans to multifamily owners. In addition to the CPC, other participants in the initiative include: Freddie Mac, which will provide $500 million in funding; the New York State and New York City public employees pension funds, which will contribute $300 million; and private lenders such as HSBC, Deutsche Bank and Morgan Stanley, which will fund the remainder. The State of New York Mortgage Agency will provide mortgage insurance.
“Our realistic goal is to increase fuel and electrical efficiency of existing apartment buildings by 20 percent or more,” noted CPC president & CEO Michael Lappin. “We anticipate retrofits for up to 15,000 apartments over the next few years.”