Mayor Adams Launches New Program to Help Affordable Housing Projects Go Green, Save Green

September 26, 2024

Innovative Program Reinvests Proceeds from Carbon Offset Purchases to Help Affordable Housing Developments Afford Resiliency, Decarbonization Projects

Administration Calls on City Council to Enable J-51 Tax Incentive to Help Co-Op and Condo Owners Afford Emission Reduction Projects

NEW YORK- New York City Mayor Eric Adams today created a new fund, the GreenHOUSE Fund, to help building owners comply with Local Law 97 while directing critical resources to help rent-regulated apartment buildings and low-income co-ops afford emissions reduction projects. The law-passed by the New York City Council in 2019-sets increasingly stringent emissions limits for large buildings in New York City but allows those buildings to purchase offset certificates for 10 percent of those limits (effectively, paying for decarbonization efforts in other buildings). This fund-created through a rule set to be proposed shortly by the New York City Department of Buildings (DOB) -will take the proceeds from those offset purchases and direct them towards decarbonizing and electrifying affordable housing developments that wouldn't otherwise be able to afford them. This will also improve air quality in disadvantaged communities with disproportionately high asthma rates and will move the city and state closer to achieving their respective emissions reduction and equity goals.

Read the full Mayoral Press Release.