Proposed LL97 Rules Will Create a New Fund to Unlock Electrification in Affordable Housing in New York City

NEW YORK, NY (September 26, 2024) — Today, the New York City Department of Buildings (DOB) announced a new Local Law 97 GreenHOUSE Fund to provide much-needed resources for electrification upgrades in affordable housing.

Our organizations strongly support this proposal because it will help ensure that Local Law 97 drives investment in the buildings and communities most in need of support, while creating local jobs, health and economic benefits for New York City.

As detailed in the City’s announcement, the Department of Housing Preservation and Development (HPD) will administer the GreenHOUSE Fund, leveraging its extensive expertise to achieve high-value affordable housing electrification retrofits. Similar to a program created under Boston’s building performance standard, Local Law 97 compliance payments into the Fund would deliver additional, real and verified emissions savings in New York City buildings.

With the right pricing and guardrails, this mechanism will keep more compliance dollars in New York City, while helping to address the significant challenges of financing decarbonization in the affordable housing sector and creating a framework for additional state and federal support.

Today’s announcement caps a multi-year effort to develop and advance this concept. The announcement also delivers on a key LL97 Advisory Board recommendation for the law’s implementation. Our organizations applaud this important step to strengthen LL97 and we look forward to working with DOB and HPD to ensure the law equitably meets our climate objectives.