2004

RELEASE: IMMEDIATE, June 11, 2004
CONTACT: Ryan Moore, NYSERDA
(518) 862-1090, ext. 3267

NYSERDA Provides More Than $5.2 Million For Energy Efficiency Improvements at Nation's Largest Cooperative Housing Complex

The New York State Energy Research and Development Authority (NYSERDA) announced today that Riverbay Corporation's Co-Op City received more than $5.2 million for energy efficiency improvements from the State's New York Energy $martSM Assisted Multifamily Program. This is the largest grant of its kind that the State has awarded under this program. A $19 million dollar project, Co-Op City is expected to save more than $3.5 million a year and will save more than $33 million over the life of the improvements.

"Affordable housing is important to all New Yorkers, so it's important that the energy costs also remain affordable. Co-Op City will save millions of dollars each year as a result of these energy improvements," said NYSERDA President Peter R. Smith. "This project is an example of how energy efficiency is the key to keeping costs low and also providing a better living environment for the residents."

Co-Op City will install water conservation measures, lighting upgrades, elevator motor replacement and various health and safety measures. The first year of energy savings are expected to exceed 32,000,000 kWh or enough electricity to power more than 6,600 apartments for a year. Co-Op City will also investigate the feasibility and cost-effectiveness of powering the facilities with a cogeneration system.

"This is a great start to our goal of reaching energy efficiency and eventually self-sufficiency," said Riverbay President Al Shapiro. "There are so many people to thank who made this grant possible, but most of all, we in Co-op City are extremely grateful to NYSERDA."

"I am very excited that we're able to get monies needed to provide our community with energy-saving lighting that will be used in our hallways and in our buildings," said Riverbay's First Vice President Iris Herskowitz-Baez. "This lighting will save us a lot of money and a lot of energy and it will help us get on the road to self-sufficiency. I join with our shareholders in expressing our collective gratitude to everyone who made this possible for us."

The nation's largest cooperative housing complex and one of the largest in the world, Co-Op City consists of more than 15,300 units in 35 buildings and houses more than 50,000 residents. The complex includes a shopping center, churches, private police force, garages, community center, and elementary school. Co-Op City is a New York State Mitchell-Lama housing cooperative, tenant-owned and operated under the Riverbay Corporation.

"I think this is fantastic," said Assemblyman Stephen Kaufman. "It is another gigantic step in rebuilding Co-op City. With this large grant, we will be able to save much money in the future and be able to concentrate on the rebuilding of our community."

"This is a great quality of life victory for all of Co-op City. Besides saving over $3.5 million a year, it will help push Co-op City into new and better ways of energy efficiency and conservation," said Congressman Joseph Crowley. "With the high price of energy we all face today, it is a relief that the high cost burden will be partially relieved by this grant. I commend NYSERDA for their efforts on behalf of Co-op City, and hope that the success of this grant will serve as the beginning of more grants in Co-op City and in neighborhoods throughout the Bronx."

The New York Energy $martSM Assisted Multifamily Program provides a range of incentives to publicly assisted multifamily residential properties in New York State for energy efficiency improvements and capital projects. To reduce the energy burden for tenants, the goal of this program is to improve the energy efficiency and energy management of these buildings.

Since its launch in 2000, the program has assisted 130 affordable housing complexes in 41 counties around New York State. NYSERDA has committed approximately $33.4 million to date for this effort. Statewide, NYSERDA funds under this initiative have leveraged commitments of an additional $121.6 million from other sources, for a total of more than $155 million in new investments in energy efficiency.

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