Description
The New York Green Bank is offering up to $250 million of concessionary loan capital at a fixed 1.5 % interest rate to eligible lenders that will finance efficiency‑first building decarbonization, clean‑energy, and sustainable‑infrastructure projects benefiting Disadvantaged Communities (DACs) in New York State. The program is a rolling solicitation; proposals are accepted until the $250 MM allocation is exhausted. Eligible applicants include certified CDFIs, specialty mission‑driven lenders, and for‑profit subsidiaries of such entities. Loans range from $2 million to $25 million (or 20 % of the borrower’s capitalization), with a 12‑year term, a $5 k closing fee, a $5 k annual administration fee, and a 0.5 % commitment fee on undrawn amounts after the first year. Borrowers must demonstrate a pipeline of DAC‑eligible projects, the capacity to measure bill‑savings, GHG reductions, and other impact metrics, and must report quarterly and annually to NY GB.
• Eligibility: Certified CDFIs, specialty lenders, or their for‑profit subsidiaries; must originate loans for DAC‑benefiting projects in NYS.
• Funding terms: Fixed 1.5 % interest, $2‑$25 M per loan, 12‑year maturity, quarterly interest payments, $5 k closing & admin fees.
• Project scope: Efficiency‑first retrofits, heat‑pump electrification, EV charging, energy‑storage, on‑site solar (when paired with other eligible tech).
• Impact reporting: Quarterly financial and performance reporting; annual impact metrics (bill savings, GHG reductions, affordable‑housing units).
• Roll‑out: Open until $250 MM is allocated; no fixed closing date, but a formal “Due Date” of 12/31/2027 is listed.