Westchester Leaders Celebrate Energize NY’s Financing of Affordable Housing Energy Upgrades

Written by: Heather Flournoy on Jul 21st 2015
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46 people attended the July 20th press event with where Debbie Haglund, the Executive Director of A-HOME; Kevin Plunkett, Deputy Westchester County Executive; Warren Lucas, Supervisor of North Salem and Kathryn Hoenig, Chief Operating Officer of Energize NY spoke to a crowd that included press, local building owners, board members of the Energy Improvement Corporation and A-HOME Housing, PACEnow--the national PACE advocacy program, Healthy Home Energy Consulting, 2 Weschester County legislators and representatives from NYSERDA's multifamily programs and from First Niagara Financial Group. 

The event marked a milestone achievement in clean energy financing with the completion of the first PACE loan to finance energy improvements for affordable housing in NY State.  The financing was used to pay for energy efficiency upgrades to an inter-generational home, known as Robson House, in North Salem, NY owned and operated by A-HOME, a not-for-profit based in Pleasantville, NY 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% annually, and the home will be significantly more comfortable for residents.  Like all projects financed by Energize NY, the A-HOME project was cash flow positive on day one, with the energy savings exceeding the cost of the improvements and the financing.

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.  Utilizing QECBs further reduced the already low interest rate on the financing, making the energy upgrade work even more affordable. 

Read press release here.