NORTH SALEM, N.Y. -- Energize NY announced on Tuesday another milestone achievement in clean energy financing with the completion of the first PACE loan to finance energy improvements for affordable housing in New York State.
The financing was used to pay for energy efficiency upgrades to an inter-generational home known as Robson House, in North Salem, owned and operated by A-HOME, a not-for-profit based in Pleasantville, that rehabilitates, builds and manages affordable rental properties in northern Westchester for older adults, disabled individuals and single-parent families who cannot afford market rate housing.
As result of the upgrades, A-HOME and its residents will reduce their energy bills by 31 percent annually and the home will be significantly more comfortable for residents.
The A-HOME project was even more cost-effective through the use of the $4 million Qualified Energy Conservation Bonds (QECBs) pool made available by Westchester County for energy upgrades to multi-family buildings with low-income tenants and buildings owned by not-for-profits.
“The A-HOME project is the first of what we hope will be many QECB-funded energy improvement projects which will not only reduce the energy burden on low income residents, but also help not-for-profit building owners better serve their communities,” said Westchester County Executive Rob Astorino.
Robson House, which was built in the late 1800's and is named for former A-HOME board President Clark Robson, who led a capital campaign that enabled the purchase of the property, is home to senior citizens and single parent families.
“Robson House is the first of our properties to use Energize NY to finance an energy upgrade, but we are planning to upgrade our other properties, where appropriate, since these projects directly reduce our operating costs and improve our bottom line,” said Debbie Haglund, executive director of A-HOME.
Energize NY makes clean energy improvements affordable and accessible for not-for-profits and commercial building owners in NY State, by offering low-cost, long-term financing for up to the full cost of energy improvements that reduce energy consumption or generate renewable energy.
“It is very exciting to provide the first affordable housing PACE loan in NY State to A-HOME and to incorporate QECBs into our low-cost financing platform,” said Mark Thielking, executive director of Energize NY.