HCR Issues NOFA Through Climate Friendly Homes Fund

New York State Homes and Community Renewal (HCR) has announced a Notice of Funding Availability (NOFA) through the Climate Friendly Homes Fund, a $250 million initiative to create up to 10,000 energy-efficient, climate-friendly affordable homes in existing multifamily rental buildings over the next five years.

The Climate Friendly Homes Fund will make funding awards to owners of multifamily rental properties of five to 50 apartments. Buildings must be subject to an existing regulatory agreement, or the supervision of, HCR; be located in a Low-Moderate Income census block as defined by the U.S. Department of Housing and Urban Development’s (HUD) Community Development Block Grant Program; or be located in a Disadvantaged Community as defined in the State Climate Leadership and Community Protection Act (CLCPA).

The Climate Friendly Homes Fund will help eligible building owners conduct an energy audit or Integrated Physical Needs Assessment and identify and execute a scope of work to improve the energy efficiency of their building and decrease their greenhouse gas emissions through the electrification of the building’s heating and cooling systems, domestic hot water systems, ventilation systems, and improvement of the building envelope.

The Fund is part of the State’s plan to curb building emissions and achieve two million climate-friendly, electrified, or electrification-ready homes by 2030. As part of the plan, $250 million was allocated over five years to electrify 10,000 homes.

Eligible Community Development Financial Institutions (CDFIs) with experience in the underwriting, origination, and servicing of construction and permanent loans, as well as experience with energy efficiency retrofits, may apply to administer the Climate Friendly Homes Fund. The agency hopes to make a single award but is prepared to award up to three CDFIs if necessary. Joint applications are allowed and encouraged.

Eligible CDFIs interested in administering the program must submit an application via email to hcr.sustainability@hcr.ny.gov no later than 11:59 p.m. EST on Fri., June 30, 2022. The initial contract with the selected applicant will be for five years.

CDFIs may learn more about the program and how to apply here.

Contact: Annalyse Komoroske Denio, akomoroskedenio@leadingageny.org, 518-867-8866