NYC's new construction guidelines have been released for the city's C-PACE program

New York City's long-awaited new construction guidelines have finally been released, which include some exciting improvements to the city's previously stalled program. As the nation's largest commercial real estate market with an aggressive climate policy (Local Law 97), I anticipate that these new guidelines will open the door to thousands of NYC buildings that need energy retrofits and previously didn't qualify under the city's restrictive program.

Here are some highlights from the new guidelines:

- Reduced Savings-to-Investment (SIR) ratio requirements across the program

- No limit on term

- The C-PACE loan can't exceed 30% of the total construction costs. The total project cost doesn't include the cost of acquiring the property or land

- The project must be defined as a "Low Carbon Building", which is a building designed to emit no more than 25 kg of CO₂ per million BTU

- All devices installed must meet the above carbon emission requirement unless they are not connected to the gas or fuel oil system of the building, are for a manufacturing or commercial kitchen use, or are used to provide emergency/standby power

Reach out to our NYC originators to learn if your project qualifies:

- Robbie Pinkas | robbie@paceloangroup.com

- Loren Biller | loren@paceloangroup.com