Page 24 - The Indian EYE 092724

NORTH AMERICAN Newsline SEPTEMBER 27, 2024 | The Indian Eye 24

NYC Mayor Launches New Program To Help

Affordable Housing Projects Go Green, Save Green

Innovative Program Reinvests Proceeds from Carbon Offset Purchases to Help Affordable

Housing Developments Afford Resiliency, Decarbonization Projects

OUR BUREAU
NEW YORK, NY
ew York City Mayor Eric Ad-
ams has created a new fund,
Nthe GreenHOUSE Fund, to
help building owners comply with
Local Law 97 while directing criti-
cal 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 — creat-
ed through a rule set to be proposed
shortly by the New York City De-
partment of Buildings (DOB) — will
take the proceeds from those offset
purchases and direct them towards
decarbonizing and electrifying af- helping buildings electrify, decar- “Our administration is commit- zation Act.”
fordable housing developments that bonize, and move forward into the ted to housing that’s affordable and “The creation of the Green-
wouldn’t otherwise be able to afford future,” said Mayor Adams. “But we sustainable,” said Deputy Mayor for HOUSE Fund in our latest proposed
them. This will also improve air qual- can’t leave anyone behind — partic- Housing, Economic Development, rule provides needed support for
ity in disadvantaged communities ularly our affordable housing devel- and Workforce Maria Torres-Spring- building owners as they work towards
with disproportionately high asthma opments, which often are located in er. “The GreenHOUSE Fund is an compliance with their emissions lim-
rates and will move the city and state disadvantaged neighborhoods with innovative approach to advancing its,” said DOB Commissioner Jimmy
closer to achieving their respective high asthma rates. That’s why we’re our decarbonization goals while sup- Oddo. “By working across agencies,
emissions reduction and equity goals. launching our new GreenHOUSE porting affordable housing projects. this innovative program will help
Additionally, Mayor Adams has Fund, to make it more affordable to I want to thank our partners across reduce carbon emissions from our
called on the New York City Coun- go green and save green. We’re mak- the administration for their commit- city, while simultaneously upgrading
cil to enact the J-51 housing quality ing sure that we don’t leave anyone ment to building a greener and more building systems in our affordable
tax incentive program — passed this behind as we build a greener, cleaner affordable city.” housing stock.”
year by the New York state Legisla- city for working-class New Yorkers.” “Most building stakeholders will Under the Adams administra-
ture, with Mayor Adams’ support, “Responding to the climate crisis be able to comply in this first compli- tion, rulemaking at DOB has con-
and signed into law by New York requires all of us; participation must ance period, but for those who are tinued with an eye towards helping
Governor Kathy Hochul — and to al- be within everyone’s financial reach,” just slightly over their limits, the off- building owners reduce emissions.
low buildings to use it to cover Local said Deputy Mayor for Operations sets will provide a significant benefit Last September, Mayor Adams
Law 97 compliance costs. This cre- Meera Joshi. “With the Green- to help them avoid penalties, support launched “Getting 97 Done,” a com-
ative approach would devote signifi- HOUSE program, we are making carbon reduction in affordable hous- prehensive plan to mobilize the city’s
cant city resources to help low- and real inroads on the affordability chal- ing, and allow them to continue plan- large buildings to reduce their emis-
moderate-income multifamily build- lenge of emissions reduction man- ning for deeper reductions for 2030 sions. The plan includes four key
ings, including many moderate-in- dates — not with federal underwrit- and beyond,” said New York City elements: identifying and targeting
come co-ops and condos outside of ing or an expensive, taxpayer-funded Department of Environmental Pro- city, state, federal, and utility-based
Manhattan, afford the emissions re- program, but simply by helping one tection Commissioner and New York financing and funding for upgrades;
duction projects that they’d need to another, an idea as clever as it is sim- City Chief Climate Officer Rohit T. providing buildings with needed
implement to meet their Local Law ple. The true renewable resources in Aggarwala. “This fund is another re- technical advice, implementing key
97 targets. New York are our collaboration and source the Adams administration is enforcement mechanisms via a DOB
“Our buildings produce 70 per- innovation, and I look forward to this providing to help buildings achieve rule package; and decarbonizing cen-
cent of New York City’s emissions, scaling to make New York City the Local Law 97 mobilization under the tral systems in partnership with New
which is why we’re laser-focused on greenest big city in America.” city’s world-leading Climate Mobili- York state.

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