STRATCO Thought Leadership Series

Empowering Sustainable Living, The Climate Friendly Homes Fund Initiative
In a transformative move toward a greener future, The Community Preservation Corporation (CPC) has launched the Climate Friendly Homes Fund (CFHF), allocating an impressive $250 million for electrification retrofits in 5-50-unit buildings throughout New York State. This initiative, in partnership with New York State Homes and Community Renewal, aims to revitalize over 10,000 units within economically disadvantaged communities, fostering energy efficiency and reducing emissions.

Key highlights:

  • May be used with other incentives.
  • Estimated funding is 18-22k per unit.
  • Funds are committed as a 0% interest forgivable loan.
  • Funding can be used for soft costs.

Funding may not be used for:

  • Solar PV or other on-site renewables.
  • Health and Safety or deferred maintenance item.
  • Energy efficiency measures outside the designated scope.
  • Cannot be combined with mortgage funding to fund additional updates.

Building a Sustainable Tomorrow: Eligibility Criteria

To ensure the program's impact is directed toward those who need it most, eligibility criteria have been meticulously crafted. Owners of 5–50-unit residential units in New York State can apply, provided their buildings are in eligible locations. Eligibility extends to regulated affordable and unregulated multifamily rental buildings subject to a regulatory agreement with a public agency or situated in Low-Moderate Income Qualified Census Tracts or Disadvantaged Communities, as defined by the U.S. Department of Housing and Urban Development and the New York State Climate Leadership and Community Protection Act.
Navigating the Electrification Process

Once a property meets the screening criteria, the consulting engineer submits a proposed electrification scope of work to a Community Development Financial Institution (CDFI) for review and approval. This scope of work includes a range of measures, such as conducting energy audits, property condition assessments, and eligible improvements like installing high-efficiency all-electric cold climate heat pumps or geothermal heat pumps.

Eligible Use of Funds: A Closer Look

The eligible use of funds covers a comprehensive array of building upgrades, emphasizing electrification of heating, cooling, and water heating systems, alongside additional building envelope improvements. Approved retrofit work scope items include electrical service upgrades, HVAC systems replacement with high-efficiency heat pumps, domestic hot water replacement with high-efficiency heat pumps, and additional energy conservation measures to optimize new system performance.

A Vision for Sustainability: Moving Forward

The CFHF initiative is not just a financial injection into building upgrades; it's a visionary step toward sustainable living. By encouraging small building owners to embrace electrification retrofits, CPC is empowering communities to play an active role in reducing their carbon footprint. At STRATCO, we are committed to helping developers of all sizes reduce their carbon footprint. To find out what rebates and incentives you may be entitled to, contact the below or reply to this email to schedule a free of cost consultation with a member of our dedicated and experienced team.

STRATCO is a third-party specialist that navigates New York State incentive programs. STRATCO specializes in creating unique business plans for its clients to solve underserved needs in the marketplace. STRATCO serves the entire value chain with in-depth services to obtain the government incentives available for projects. To learn more about how the new incentives may impact on your development, please contact the below for a free of charge consultation.

Caoimhe Banahan

929 353 2768

cb@stratcoproperty.com
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