Catalytic Capital: Predevelopment Loans for Affordable Housing
Thursday, Jun 25, 2020
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.
This panel will discuss the impacts of predevelopment loans and opportunities that lay ahead as we continue to advance the transition from fossil fuels.
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.
Sponsor: The Building Energy Exchange
Speakers: Jay Merves, Director of Business Development - NYC Energy Efficiency Corporation;
Curtis Probst, Co-CEO - NYC 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
Date, Thursday, June 25, 9 - 10:30 am