The clock is ticking for owners of multifamily portfolios to comply with NYC and State emissions and energy efficiency goals. Significant fines for non-compliance take effect in about 18 months.
“Affordable housing owners and developers in particular face unique challenges in finding effective strategies to meet mandated City and State environmental sustainability goals across their portfolios,” said Esther Toporovsky, President, Housing Partnership Sustainability Solutions (HPSS), a unit of the non-profit NYC Housing Partnership. “These looming deadlines facing owners of market rate and affordable multifamily buildings are now converging with rising energy costs. Bringing buildings into compliance with Local Law 97 and State regulations can mitigate these cost increases and also avoid noncompliance fines.”
HP Sustainability Solutions helps landlords and developers meet New York’s ambitious energy efficiency and greenhouse gas mitigation goals. Recommending solar and energy alternatives, sizing and pricing is one of those services.
“We perceive that many multifamily owners are dragging their feet in planning and implementing the steps necessary to comply with these environmental regulations, and the costs and consequences of delay can be very high,” said Toporovsky. “In addition to Local Law 97 they also must comply New York State’s Climate Leadership and Community Protection Act (CLCPA), which enforces emissions fines. They have to determine the best approach in terms of both their capital costs, operating expenses, particularly energy, and potential noncompliance fines.”
HP Sustainability Solutions is an expansion of the Housing Partnership’s traditional role facilitating the creation of affordable housing in New York. Toporovsky and her group advise multifamily building owners on determining the best alternative energy approaches that can also create new revenue sources. HP Sustainability Solutions can recommend deal structures that provide significant benefits to affordable housing owners and residents and takes a portfolio-wide approach to aggregate multiple projects to produce meaningful returns.
“Landlords and developers face challenges in finding effective strategies to meet mandated environmental sustainability goals across their portfolios. We offer solutions specifically tailored to this market,” she said.