N.Y. GMU Law § 119-GG — New York Code / Act GMU / Article 5-L / Section 119-GG
Sustainable energy loan program
Status: in_force

§ 119-gg. Sustainable energy loan program. 1. The legislative body of\nany municipal corporation may, by local law, establish a sustainable\nenergy loan program using federal grant assistance or federal credit\nsupport or monies from the state of New York or any state authority as\ndefined by section two of the public authorities law available for this\npurpose.\n  2. Such program may make loans to the owners of real property located\nwithin the municipal corporation to finance the installation of\nrenewable energy systems and energy efficiency improvements, related\nenergy audits and renewable energy system feasibility studies, and the\nverification of the installation of such systems and improvements. No\nmunicipal corporation shall make such a loan to an owner of property\nthat has received a loan from another municipal corporation pursuant to\nthis article.\n  3. Each such local law establishing the sustainable energy loan\nprogram shall provide for the criteria for making such loans and the\nterms and conditions for repayment of such loans. The sustainable energy\nloan program shall use such lists of cost effective energy efficiency\nimprovements for different building types as are approved by the\nauthority.\n  4. The municipal corporation shall verify and report on the\ninstallation and performance of renewable energy systems and energy\nefficiency improvements financed by the loan program in such form and\nmanner as the authority may establish.\n  5. Every loan made under the sustainable energy loan program shall be\nrepaid over a term not to exceed the weighted average of the useful life\nof such systems and improvements as determined by the municipal\ncorporation. The municipal corporation shall set a fixed rate of\ninterest for the repayment of the principal amount of each loan at the\ntime the loan is made.\n  6. a. For loans made to an owner of real property that is a commercial\nentity, not-for-profit organization, or entity other than an individual,\nthe municipal corporation shall have the authority to impose\nrequirements on the maximum amount that may be borrowed through such\nloan, which may consider factors including but not limited to the\nproperty value, projected savings, project cost, and existing\nindebtedness secured by such property.\n  b. For loans made to an owner of real property who is an individual,\nthe principal amount of each such loan, excluding interest, shall not\nexceed the lesser of ten percent of the appraised real property value or\nthe actual cost of installing the renewable energy system and energy\nefficiency improvements, including the costs of necessary equipment,\nmaterials, and labor, the costs of each related energy audit and\nrenewable energy system feasibility study, and the cost of verification\nof such renewable energy system and energy efficiency improvements.\n  7. No such loan shall be made for energy efficiency improvements\nunless determined to be appropriate through an energy audit, and no such\nloan shall be made for a renewable energy system unless determined to be\nfeasible through a renewable energy system feasibility study.\n  8. The loan made under the sustainable energy loan program shall\nconstitute a lien upon the real property benefitted by such loan.\n  9. The municipal corporation may require the loan made under the\nsustainable energy loan program to be repaid by the property owner\nthrough a charge on the real property benefitted by such loan. Such\ncharge shall be on the real property and shall be levied and collected\nat the same time and in the same manner as municipal taxes, provided\nthat such charge shall be separately listed on the tax bill, and\nprovided further that in the event such charge should not be paid in a\ntimely manner, no other municipal corporation shall be required to\ncredit or otherwise guarantee the amount of such unpaid charge to the\nmunicipal corporation which authorized the loan, notwithstanding any\nprovision of law to the contrary.\n