Going Green, Saving Green

In fiscal year '09, the Community Preservation Corp. financed over $25M in green rehab projects for NYC's older housing stock, covering 1,249 apartment units. Now its pipeline is triple that, VP Dick Conley tells us. The non-profit financier—formed 36 years ago by David Rockefeller in response to the capital flight from NYC's multifamily market—is now helping owners save up to 20% on their energy cost bottom line, decrease carbon footprints, and improve product for tenants by financing non-intrusive green renovations, such as replacing or retrofitting boilers, installing aerators and energy-efficient lighting, using Energy Star appliances, and increasing air and fire sealing. CPC's goal is to retrofit up to 20k apartments in occupied multifamily buildings over the next few years.
Above, CPC's Andrew Giglio collects water flow from a faucet at 1033 Avenue St. John in the Bronx, and discovered 3.5 gallons of water was flowing per minute—the ideal is 1.5 to 2 gallons. (An aerator on the faucet fixed it.) The 173-unit, four-building package received $6.8M from CPC, $6.6M from the NYC Department of Housing Preservation and Development, a $537k weatherization grant, and $60k from NYSERDA. Most recently, CPC closed on five green loans, including $6.8M for 650 and 660 Southern Blvd. in the Bronx (along with $6.8M from HPD); $2.2M for 12 -16 Arden St., Manhattan (along with a $2.9M from HPD); and $1.2M for 155 W. 188th St., Manhattan (along with $2.3M from HPD). Over the next few years, CPC will be monitoring and demonstrating savings to build into its underwriting, Dick says.

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