The New Jersey Housing and Mortgage Finance Agency (NJHMFA) is introducing new programs that will provide financing for energy efficiency upgrades in multifamily housing units and well as renewable energy installations in multifamily buildings. The funding has been made available through New Jersey's receipt of American Recovery and Reinvestment Act of 2009 (ARRA) funds. The implementation of these programs will help towards achieving the goals of the Energy Master Plan of New Jersey which calls for a 20% reduction in energy consumption and a 30% increase in renewable energy production by 2020. These programs will also serve to create jobs and providing energy efficiency benefits for both owners and tenants by lowering utility costs.
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The Multifamily Weatherization Assistance Program is for owners of multifamily property of 5 units or more in size that have an existing primary permanent mortgage with NJHMFA. This program is funded through the NJ Department of Community Affairs (DCA) grant received from the national Weatherization Assistance Program funded by the U.S. Department of Energy and will provide grants for energy efficiency upgrades to existing properties. The maximum subsidy will be $5,000 per eligible unit.
Eligible applicants must agree to extend affordability controls for an additional 15 years, have no outstanding state or federal tax liens, and meet certain fiscal requirements. All improvements must be completed within the time frame needed to meet ARRA federal and state funding deadlines. Weatherization funds may only be used for eligible energy efficiency improvements. Projects will be selected in order of their cost-effectiveness in lowering utility costs. Eligible energy efficiency measures will be identified by a qualified energy auditor, who will provide a whole-building energy audit, technical assistance, and aid in construction oversight.
Only projects unable to finance the installation cost of significant energy improvements will be considered for funding. Additionally, grants will be awarded through a transparent, competitive process. Please refer to the related document links to the right for more details and the application form.
Eligible applicants must be able to participate in the NJ Clean Energy Program ‘Pay for Performance' program, agree to extend affordability controls for an additional 15 years, have no outstanding state or federal tax liens, will begin construction within 60 days of the energy efficiency loan, and will be completed within the time frame needed to meet ARRA federal and state funding deadlines.
Energy improvements will be identified by a Pay for Performance partner, who will provide a whole-building energy audit, technical assistance, and aid in applying for financial incentives, etc. Please refer to the related document links to the right for more specific details.
Eligible applicants must agree to extend affordability controls for an additional 15 years, have no outstanding state or federal tax liens, and will begin construction within 60 days of the award of the solar loan. All improvements must be completed within the time frame needed to meet ARRA federal and state funding deadlines. Please refer to the related document links to the right for more specific details.
As part of its New Jersey Board of Public Utilities approved Energy Efficiency Economic Stimulus Initiative, Public Service Electric and Gas Company (PSE&G) is offering the Residential Multifamily Housing Program. The Program is designed to increase energy efficiency and reduce carbon emissions of residential multifamily housing developments and to provide multifamily building owners with up-front 0% financing and grant incentives to cover the cost of eligible energy efficiency installations.
PSE&G is working with the New Jersey Housing and Mortgage Finance Agency (NJHMFA) to offer the program to NJHMFA-financed housing developments for the initial stage of this program, however non-HMFA building are also eligible for program funding.
Under the Program, building owners will receive an on-site investment grade energy audit of their building(s) at no cost. All energy efficiency measures identified by the audit as having a simple payback of fifteen years or less will be eligible for installation under the Program and for Program incentives. The energy efficiency measures recommended by the audit may include lighting, HVAC, humidification, building envelope, windows, doors, motors, and other energy consuming equipment. PSE&G will provide incentives to help pay for the cost of installing the energy efficiency measures. Building owners will repay their share of the cost over a ten-year period, interest free, on their PSE&G bill.
You must have a satisfactory record of bill payment with PSE&G to qualify for program participation. Applications will be considered on a first-come, first served basis.
If you have any questions, please contact John Giattino at 973-430-7214 or John.Giattino@pseg.com.
