New York City Mayor Eric Adams recently announced the creation of the GreenHOUSE Fund, which will aim to assist rent-regulated apartment buildings and low-income co-ops in their efforts to decarbonize. If approved, the fund will work to improve air quality in disadvantaged communities with high asthma rates while simultaneously moving the city and state closer to achieving emissions reduction and equity goals.
Under the proposed DOB rule, offset certificates would be available for purchase at $268 per ton of carbon emissions, with the proceeds earmarked for efficiency improvements at affordable housing developments across the city. The fund will be managed through the Resilient & Equitable Decarbonization Initiative, a joint program by the New York City Department of Housing Preservation and Development and the New York State Energy Research and Development Authority.
Mayor Adams has also called on the New York City Council to enact the J-51 housing quality tax incentive program, which would help low- and moderate-income multifamily buildings afford the necessary emissions reduction projects to meet Local Law 97 targets.
The Adams administration has been proactive in encouraging building owners reduce emissions, launching the “Getting 97 Done” plan last September and providing technical assistance through the NYC Accelerator program. The GreenHOUSE Fund has garnered support from various stakeholders including state legislators, industry associations, and environmental organizations, who cited its potential to address both the city’s housing affordability and climate change challenges.
“The more support we give to building owners, the more likely that Local Law 97 is going to be successful in reducing greenhouse gas emissions, creating a more sustainable city and improving air quality for all New Yorkers,” said New York state senator Kevin Parker. “I applaud the Adams administration for continuing their smart approach to implementing this important climate law.”
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