Description
The New York State Energy Research and Development Authority (NYSERDA) is seeking applications from entities for Loan Loss Reserve/Credit Enhancement support for financing products that support clean energy improvements in residential, small commercial, not-for-profit, and multifamily buildings in New York State Communities. The Loan Loss Reserve will provide reimbursement for defined losses on individual transactions. The program aims to increase adoption of Qualified Energy Efficiency Improvements and Renewable Energy Systems in Eligible Properties. Key aspects of the program include:
• Eligible Properties: residential (1-4 unit) dwellings, small commercial (100 employees or less), not-for-profit, and multifamily (5+ unit) buildings
• Eligible Financing Agreements: loans, leases, energy services agreements, and energy savings performance agreements
• Loan Loss Reserve Award Amount: up to $1,000,000 for residential, small commercial, and multifamily sectors, and up to $500,000 for not-for-profit sector
• Clean Transportation Sector Support: portfolio residual value reserves for electric vehicles, including school buses, medium and heavy-duty trucks
The program requires applicants to submit a complete application, including information on the proposed financial products, geographic area, and underwriting criteria. NYSERDA will review applications and notify qualified applicants of their acceptance into the program.