NEW YORK—The Federal Reserve Bank of New York will release "Sustainable Affordable Housing: Strategies for Financing an Inclusive Energy Transition" on Wednesday, October 19, 2022 at 10 AM EDT.
The white paper is the culmination of a series of roundtables the New York Fed held in partnership with the New York State Energy Research and Development Authority and the Community Preservation Corporation. The discussions aimed to help housing developers and lenders understand climate adaptation risks to their collateral portfolios and to identify public and private public financing options for decarbonizing New York's affordable housing.
New York State and New York City have legislated ambitious climate goals. Under both city and state laws, building owners who fail to meet emissions and energy efficiency goals face substantial financial penalties. Meeting these goals will require investments in decarbonizing existing buildings, which directly account for 33 percent of greenhouse gas emissions statewide and about 60 percent in the state's cities.