Governor Kathy Hochul today announced $25 million in funding is now available through the Clean Energy Initiative to create more than 1,500 energy-efficient, climate-friendly affordable homes in existing multifamily buildings across the state. The initiative is part of the Governor's strategy to curb building emissions and achieve two million climate-friendly, electrified, or electrification-ready homes by 2030.
"New York's transition to a cleaner and greener future requires aggressive action to reduce pollution in the buildings sector," Governor Hochul said. "Through the Clean Energy Initiative, we are moving forward on our plan to achieve two million climate-friendly homes within the decade and ensuring that greener housing is accessible to all New Yorkers for generations to come."
The Clean Energy Initiative provides housing developers with streamlined access to efficiency and electrification grant funding, affordable housing finance opportunities, and technical assistance that will ultimately allow more New Yorkers to benefit from healthy, clean energy homes. The program, administered by New York State Homes and Community Renewal and supported by the New York State Energy Research and Development Authority, launched in 2021 with a $7.5 million pilot program to construct 600 new energy-efficient homes.
This second phase of funding expands eligibility to existing multifamily residential buildings undergoing moderate or substantial rehabilitation, in addition to continuing incentives for new construction and adaptive reuse projects. Housing developers can apply for funding through HCR's Winter 2022 Multifamily Finance 9% and 4% Request for Proposals.
In her State of the State address earlier this year, Governor Hochul announced a plan to achieve a minimum of one million electrified homes and up to one million electrification-ready homes by 2030, including more than 800,000 low- to moderate-income households receiving upgrades.
This unprecedented commitment will help meet the State's carbon reduction target set by the New York State Climate Leadership and Community Protection Act, which requires an 85 percent reduction of greenhouse gas emissions from 1990 levels by 2050 and eventually net zero emissions in all sectors of the economy.
The Clean Energy Initiative builds upon the $6.8 billion already devoted to reducing the carbon footprint of New York's building stock, including in HCR's affordable housing portfolio.
Homes and Community Renewal Commissioner RuthAnne Visnauskas said, "Governor Hochul's transformative climate agenda offers real and scalable solutions to reduce harmful building emissions. The Clean Energy Initiative is an important component of reaching this goal, offering financial resources and technical support to help housing developers build and retrofit climate-friendly affordable homes. In collaboration with NYSERDA, the program is now expanding to existing buildings so that more New Yorkers can benefit from lower energy costs and healthier homes. Together, New York is making real progress toward a greener and more sustainable future."
Doreen M. Harris, President and CEO of the New York State Energy Research and Development Authority said, "Supporting healthier, cleaner, affordable and sustainable housing is critical to realizing our vision of an equitable clean energy future, and we are pleased the Clean Energy Initiative is expanding to address emissions from existing buildings. Through scalable models like this one that make it easier and more cost-effective to decarbonize our buildings, New York continues to set the blueprint for tackling climate change and advances Governor Hochul's goal of achieving 2 million climate friendly homes by 2030."