New York Commits $7 Million to Energy Efficiency for Affordable Housing

March 02, 2005

The New York Energy Research and Development Authority (NYSERDA) announced an innovative program with New York City on March 2 to improve the energy efficiency of 5,000 apartments that are undergoing rehabilitation under the city's affordable housing program. Under this approach, NYSERDA's New York Energy $mart will provide $7 million to real estate developers and property owners participating in the city's rehabilitation of affordable housing to cover the incremental cost the energy efficiency improvements.

According to New York Mayor Michael R. Bloomberg, this city-state collaboration for energy efficiency in affordable housing is unique. City planners estimate the energy improvements will reduce apartment owners' annual operating expenses by as much as $1,000 per apartment and reduce tenants' annual utility expenses by as much as $200. The city pegs preliminary savings estimates at $6 million per year. NYSERDA Chairman Judge Vincent Delorio said, "This first-of-its agreement reinforces the Empire State's status as a national leader in forward-looking energy policy and affirms New York City's leadership in energy conservation in the affordable housing arena."

For more information, see New York City's March 2 press release.