New York Gov. Kathy Hochul and New York City Mayor Eric Adams announced the launch of Future Housing Initiative, a partnership investing $15 million for creating 3,000 energy-efficient and all-electric affordable homes in New York City.
Formally titled the New Construction Future Housing Initiative, this endeavor aims to streamline the delivery of development financing and grants to affordable housing projects currently in the New York City Department of Housing Preservation and Development’s new construction pipeline. The funding is budgeted for the incremental costs of implementing high-performance, all-electric Future Homes standards – including the electrification of hot water and heating systems and construction designed to offer energy savings and improved air quality for future residents.
The Future Housing Initiative will offer building owners and developers up to $10,000 per unit and up to $1.5 million per project to fund the construction of high-performance, all-electric multifamily buildings that will achieve “Passive House” certification. Development teams will also receive technical assistance support to facilitate the necessary design work. The program will support up to 30 projects that encompass approximately 3,000 dwelling units.
“With the Future Housing Initiative, we’re taking a major step forward in our commitment to ensure a more sustainable, affordable, and equitable future for New Yorkers,” Hochul said. “I’m proud to partner with Mayor Adams on this critical effort, which will help us reach our nation-leading climate goals, improve access to affordable housing in our communities, and build a healthier, greener New York for all.”
“Since day one, our administration’s north star has been connecting New Yorkers to safe, high-quality, affordable homes,” said Adams. “This new partnership will do all of that and give us the tools to do it even more quickly. In New York, we are tackling the climate crisis head-on, and I want to thank Gov. Hochul for working with us to deliver the greener, cleaner, more prosperous future New Yorkers deserve.”
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Respectfully I must say that the entirely electric home will become very costly to the homeowner. Electricity rates as well as carrier rates are rising rapidly and without subsidies provided by the providers, this will be a non-starter.