New York Energy $martSM Loan Fund Program
Commercial Loan Fund Program Update
The Commercial Loan Fund Program will remain closed until further notice. Notice of its reopening will appear on the NYSERDA website and in the New York State Contract Reporter.
Residential Loan Fund Program Announcement
Changes to the Residential Loan Fund Effective April 1, 2009
NYSERDA announces the following changes to the Residential Loan Fund:
- Interest Rate Reductions available through the Residential Loan Fund will be up to 4.0% or up to 400 basis points less than the Lender’s normal market rate.
- Interest Rate Reductions may be reduced by NYSERDA to maintain a minimum Program Rate of 3%.
- Multifamily New Construction projects are no longer eligible to participate in the Residential Loan Fund.
All applications received by NYSERDA by March 31, 2009 will have until May 1, 2009 to supply all required information to make the application complete and eligible to be considered under the now current program eligibility requirements. Only complete applications (e.g., must be signed by all parties, must include all Parts as applicable, and include all required supporting documentation) will be reviewed for eligibility.
For current terms of the Loan fund, please email resloanfund@nyserda.org.
NOTICE: The following Loan Fund terms and documents are Effective September 1, 2007 to July 31, 2009.
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Purpose of Program
The New York Energy $martSM Loan Fund program is offered for the purpose of providing an interest rate reduction off a participating lender's normal loan interest rate for a term up to 10 years on loans for certain energy-efficiency improvements and/or renewable technologies. The interest rate reduction for most of the state is up to 4.0% (400 basis points). Interest Rate Reductions may be reduced by NYSERDA to maintain a minimum Program Rate of 3%.
Residential Loan Fund Program
Residential borrowers (Existing 1-4 family homes) can qualify for reduced interest rates on loans up to $20,000 ($30,000 for Con Edison customers), used to finance certain energy-efficient improvements that have been pre-qualified by NYSERDA. Most improvements must be installed by a Building Performance Institute (BPI) - Accredited Home Performance Contractor with the exception of loans for the purchase of ENERGY STAR® Appliances. Improvements may be financed by loans obtained on a secured or unsecured basis.
The Applications for 1-4 Family Homes are in the boxes below.
Owners of existing Multifamily Buildings can qualify for reduced interest rates on loans to improve existing multifamily buildings (five or more residential units). The maximum loan amount that may be subsidized under this program for existing multifamily buildings is $5,000 per residential unit, up to $2,500,000, plus an additional maximum of $2,500,000 for projects that include advanced meters coupled with a variable electricity rate structure that encourages shifting electric load to off-peak periods for the purpose of attaining electricity peak-load reduction, for a maximum of $5,000,000. Public housing authorities that combine all of their properties into one energy efficiency improvement package may apply for up to two interest rate reductions for a maximum of $5,000,000. To qualify for the Loan Fund, all existing multifamily buildings must receive a technical analysis from a NYSERDA technical assistance program or have submitted and were approved under NYSERDA solicitation, NYSERDA's Multifamily Performance Program (MPP) or another. Please refer to the Application for more information.
See the Multifamily Buildings Application in the box below.
Lending institutions and leasing companies that desire to participate in the New York Energy $martSM Loan Fund program can obtain more detailed information and participating agreements relating to the program below.
Assisted Home performance Program lenders (formally rfq925)
Loan Fund lenders who wish to participate in NYSERDA’s Financing for Assisted Home Performance program can obtain detailed information and participation agreements relating to the program below.
Eligibility
To qualify for the New York Energy $martSM Loan Fund program, the improvements financed must be made to a facility which 1) pays the System Benefits Charge (SBC) to Central Hudson Gas & Electric Corp., New York State Electric & Gas Corporation, National Grid, Rochester Gas and Electric Corporation, or Orange and Rockland Utilities Inc.; 2) pays the SBC or the Monthly Adjustment Clause (MAC) to Consolidated Edison Company of New York, Inc.; or 3) pays the Monthly Rate Adjustment (MRA) applicable to Con Edison Gas Commercial customers. The borrower must be approved for financing through a lending institution (i,e., bank, credit union) or leasing company that participates in the program.
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