Energy loans available to developers

Real estate developers and owners may be eligible for subsidized loans for energy efficiency projects and renewable technologies, thanks to the New York Energy $mart Loan Fund. A network of participating lenders-including banks, credit unions, and community development financial institutions-offer this low-cost loan. This energy incentive represents a win-win for the developer: you get financial assistance to control increasing energy costs, and you do your part in creating a cleaner environment. The program also applies to certain green building improvements that may be part of your project. The New York Energy $mart Loan Fund program provides an interest rate reduction off a participating lender's normal loan interest rate for a term up to 10 years on loans for certain energy-efficiency improvements and/or renewable technologies. The interest rate reduction for most of the state is up to 4.0%; ConEdison customers may receive an interest rate reduction up to 6.5%. To qualify for the program, the building's electricity must be provided by Central Hudson Gas & Electric Corp., NYS Electric & Gas Corp., National Grid, Rochester Gas & Electric Corp., Orange and Rockland., or Con Edison. The maximum loan amount that may be subsidized for commercial properties is $1 million plus an additional maximum of $500,000 for buildings registered for LEED-NC. A list of participating lenders is available at www.nyserda.org or by contacting David Meade, project manager with Anchin's Economic Development Services Team. Rob Gilman, CPA is partner at Anchin, Block & Anchin LLP, New York, N.Y.