NYSERDA Press Releases

NYSERDA Offers Low-Interest Loans To Help Rebuild Lower Manhattan

Albany – To assist with the rebuilding efforts in Lower Manhattan, the New York State Energy Research and Development Authority (NYSERDA) is offering low-interest loans for residents and businesses with properties in the Liberty Zone. Recent modifications to the New York Energy $mart^SM Loan Fund now allow borrowers located in Lower Manhattan, specifically the southern tip of Manhattan to Canal Street, to receive an interest rate reduction of up to 6.5 percent off the lender's interest rate. The loans, normally reduced by an interest rate of up to 4.5 percent, can be used for over 50 pre-qualified energy upgrades and other improvements associated with building renovations.

"Under the direction of Governor Pataki, NYSERDA is providing additional support to help with the rebuilding efforts in Lower Manhattan," said NYSERDA President William M. Flynn. "By reducing the lender's interest rate by 6.5 percent and expanding the list of eligible equipment, NYSERDA can help meet the needs of Liberty Zone businesses and residents and provide them with very low-interest loans. In addition to other incentive programs for new construction and renovations offered by NYSERDA, the Loan Fund is a practical and cost-effective option that will help offset the cost of many energy-efficiency improvements."

The maximum loan amount has been increased to $1,000,000 for eligible pre-qualified and custom improvements for non-residential properties. Up to $500,000 can be added for green building projects, including measures that are environmentally sound or use renewable energy sources. The maximum loan amount for multifamily properties (those with five or more units) remains at $5,000,000 or $5,000 per unit, whichever is less.

To date the Loan Fund has provided low-interest loans on pre-qualified measures that include high-efficiency HVAC equipment; windows, doors, and insulation; system controls; high-efficiency lighting; Energy Star® appliances; premium-efficient motors and variable speed drives; boiler and furnace replacements; renewable technologies; and health and safety measures. These measures have been expanded to address the special circumstances in the Liberty Zone and now include certain health and safety measures relating to lighting systems and indoor environmental quality; structural repairs related to implementation of energy-efficiency improvements; and duct and system cleaning.

Eligible borrowers may be commercial, industrial, not-for-profit, institutional, residential, or multifamily and must be responsible for payment of the building's utility bills. Only Con Edison customers in the Liberty Zone are eligible to receive the special loan rates that are being announced today.

Lenders participating in the Loan Fund program in the New York Metropolitan area include Amalgamated Bank of New York, Banco Popular, Bethex Federal Credit Union, Charter One Bank, Community Capital Bank, Community Preservation Corp., Flushing Savings Bank, HSBC, Independence Community Bank, The Low-Income Housing Fund, Lower East-Side People's FCU, M&T Bank, New York Business Development Corp., Signature Bank, State Employees Federal Credit Union, and Union State Bank.

###