NYCEEC Finances Long Island City's First Passive House Multifamily Rental Building

NEW YORK, June 3, 2015 /PRNewswire/ -- The New York City Energy Efficiency Corporation (NYCEEC), a leading provider of clean energy financing solutions, today announced that it has financed a Passive House gut renovation of a multifamily rental building.  This will be the first Passive House rental building in Long Island City.

Only a handful of buildings in the NYC area are built to Passive House standards.  Passive House is a voluntary standard that typically reduces energy use on heating and cooling by 90%, compared to current code-compliant buildings.  Last year NYCEEC financed Manhattan's first Passive House condominium.

"By financing and making these projects a reality, we hope to help make Passive House a household name among New Yorkers," said Fred Lee, Director of Business Development at NYCEEC.  "Passive House and NYCEEC share the common objective of building a cleaner future, as we continue to push advanced building standards forward."

"As a building owner, I'm very excited that we are able to embark upon this project with NYCEEC's loan.  NYCEEC saved us time and money due to NYCEEC's partial funding of closing costs and zero points," said Dan Winters.  "I believe what we're doing is the right thing for many buildings and their tenants." The project is expected to be completed in 2016.

The benefits of the Passive House standard extend far beyond its high energy savings.  Passive Houses are healthier due to generous, controlled ventilation. They are more comfortable and quieter because of tight air sealing and insulation. And they are more resilient since they are able to maintain temperatures longer during outages and extreme weather.

"What makes this project unique is that the Passive House standard has been successfully applied to an existing small multifamily rental building," said Ken Levenson, President of the New York Passive House organization.  "There are thousands more of these buildings in NYC, and this will prove that any building can adopt Passive House principles to save significant money and improve resident comfort."

About NYCEEC
NYCEEC is a non-profit financial services firm that develops financing solutions for clean energy projects that save energy or reduce greenhouse gases. NYCEEC's custom-tailored solutions solve financing gaps for building owners and clean energy project developers.

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