Thursday June 25th, 2020
9:00 am to 10:30 am

Full video for "Catalytic Capital: Predevelopment Loans for Affordable Housing", on June 25, 2020

While the COVID-19 crisis unfolds, in-person programs at the Building Energy Exchange are postponed.  Please join us for this live online program. Streaming details will be sent via Zoom to registered participants prior to the event.

Green predevelopment loans are small, short-term loans to building owners that fund pre-construction work.  Although small, these loans fund services that owners with limited capital find otherwise difficult to finance and they have an outsize impact on project outcomes:  every $1 of predevelopment lending unlocks $25 of investment in energy-saving rehabilitations.

New York City Energy Efficiency Corporation (NYCEEC) provides Green Predevelopment Loans that close an important financing gap for affordable residential building owners.  Working with both the NYC Department of Housing Preservation and Development (NYC HPD) and the asset management firm, Joint Ownership Entity NYC (JOE NYC), pre development loans are playing a critical role preserving new affordable units.

The Building Energy Exchange is proud to host this gathering of NYCEEC, HPD and JOE NYC to discuss their recent transactions to fund predevelopment work at 34 affordable multifamily buildings in upper Manhattan and the Bronx.  NYCEEC’s $500,000 green predevelopment loan will catalyze over $14 million of energy-related rehabilitation to be financed by HPD.

Due to Covid-19, while construction may be difficult to safely undertake for the foreseeable future, much of the predevelopment work (e.g., architectural, engineering) can proceed.  Predevelopment loans can fund this work to create “shovel-ready” projects that can commence when construction is safe to proceed.

This panel will discuss the impacts of predevelopment loans and opportunities that lay ahead as we continue to advance the transition from fossil fuels.

Speakers
Jay Merves, Director of Business Development, New York City Energy Efficiency Corporation
Curtis Probst, Co-CEO, New York City Energy Efficiency Corporation
Kim Darga, Associate Commissioner, NYC Department of Housing Preservation and Development
Allison van Hee, Director of Asset Management, Joint Ownership Entity NYC

Moderator
Yetsuh Frank, Managing Director, Strategy & Programs, Building Energy Exchange

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