Green Housing Preservation Program
Community Retrofit NYC will help building owners connect with NYC Department of Housing Preservation and Development’s (HPD) new Green Housing Preservation Program (GHPP) and other affordable housing preservation resources. GHPP provides low- and no-cost financing and technical assistance services to ensure the physical and financial viability of properties, preserve affordability, and reduce building greenhouse gas emissions.
- Eligible Buildings: Small- and mid-sized buildings citywide with more than 5 units and less than 50,000 square feet in floor area. HPD has additional financing programs that can assist buildings of all sizes.
- Services Provided: Low and no cost financing for energy efficiency and water conservation improvements and moderate rehabilitation in exchange for a commitment to affordability. The GHPP also assists owners in navigating the project scoping, financing, and construction process from beginning to end.
- Size of Loan and How it Works: The amount of the loan will be based on the efficiency and repair work identified through a physical and energy assessment of the property. HPD can lend up to $50,000 per residential unit. If building owners need additional funds to complete the project, HPD can assist in identifying private sources of funding at favorable terms.
- Interest Rates and Loan Terms:
- Energy Efficiency and Water Conservation Improvements: 0% interest, forgivable loan over a 15-year term
- Moderate Rehabilitation Work: 1% interest repayable loan over a 30-year term
- Background: GHPP was designed to address rising building operating costs, a growing affordable housing crisis, and the looming risks of climate change. Many owners of small- to mid-sized buildings are being squeezed by steadily rising energy and water costs and could benefit from weatherization and other efficiencies that aid in reducing those expenses. The program was created to assist owners access the financing necessary to perform the needed improvements.
For more information, visit NYC HPD Preservation Programs.