Program will fund energy efficiency retrofittings in NYC apartment buildings

Deutsche Bank is teaming up with non-profit Community Preservation Corporation to help fund efforts to make New York City apartment buildings more energy efficient. Through CPC’s New York Building Retrofit Program, to which Deutsche Bank has committed $15 million and CPC has committed $25 million of its $150 million to $200 million target, property owners will be able to take advantage of financial incentives and consulting services for going green, with the option to retrofit their buildings as part of a refinancing of their existing mortgage debt. “Our realistic goal is to increase fuel and electrical efficiency of existing apartment buildings by 20 percent or more, reducing a prime source of greenhouse gas emissions and pollutants in our cities,” said Michael Lappin, CPC president and CEO. “We can change the urban landscape by changing the multi-family real estate financing landscape.” In the program’s first year, refinancings and retrofittings are planned for between 1,500 and 2,500 housing units. TRD