LOW CARBON BUILDINGS CRITERIA UNDER THE CLIMATE BONDS STANDARD

MULTIFAMILY HOUSING BUILDINGS - NEW YORK
Eligibility requirements for buildings
Multifamily housing in New York is eligible if it meets the requirements in one of NYSERDA’s relevant programs(e.g. the New Construction - Housing (NC-Housing) Program) or one of New York State Homes andCommunity Renewal’s Clean Energy Incentive offerings.
•Tier 3 NC-Housing•

Carbon Neutral Ready + Health NC-Housing

Additionally, any building constructed after December 2022 must not use fossil fuels for heating, hot water,
cooking or on-site electricity generation other than back-up power requirements.
The efficiency threshold above combined with the removal of onsite fossil fuel combustion in the context of
New York State’s legislatively mandated requirements to achieve an emissions free grid by 2040 mean thatany building designed and built or renovated to these standards would be carbon neutral ready today, andwould automatically become carbon neutral upon the grid becoming fully emissions free.

Eligibility requirements for building upgrades
Property upgrades can be eligible through the building Upgrades Criteria of the Climate Bonds Standard.
Eligible properties must achieve emissions saving of 30% for a 5-year bond, rising to a minimum of 50%
reduction for a 30-year bond. Emissions reductions shall be demonstrated by achieving the equivalent
Projected Energy Savings Target under NYSERDA’s Multifamily Performance Program (MPP).
Additionally, the upgrade works cannot include any equipment that uses fossil fuels for heating, hot water,
cooking or on-site electricity generation.

Additional Information
These criteria for New York are subject to periodic review and may change.
NYSERDA provides robust equivalence testing for all pathways under their programs and verification ofapplications.
The New Construction – Housing (NC-Housing) Program supports the design, development, and constructionof carbon neutral buildings, reducing energy consumption and per capita carbon emissions while ensuring thebuildings are resilient. Through NC-Housing, NYSERDA offers financial incentives and technical support for thenew construction, gut rehabilitation or adaptive re-use of residential and mixed-use buildings, inclusive ofsingle-family homes, multi-unit developments, multifamily buildings, residence halls, dormitories, and

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congregate living facilities, exclusive of nursing homes. The incentive structure is intended to promoteincreased levels of performance while encouraging solutions that result in healthy environments for thebuildings’ occupants. NYSERDA intends to support replicable and integrated design solutions focused on cost
optimization and financing strategies that reward reductions in cost of construction, operational costs, andperceived risks while strengthening the capacity of clean energy professionals to deliver design andconstruction services. Use of solar photovoltaic generation and other renewable energy systems, as well asground source heat pumps and other innovative technologies, are encouraged. The Applicant is expected tohire a NYSERDA-approved Primary Energy Consultant to act as the primary technical resource for theirparticipation. NC-Housing supports New York State’s housing regulatory agencies in their efforts to secure
efficient, durable, resilient, and healthy housing.
NYS Homes and Community Renewal’s Clean Energy Initiative (“CEI”) program requires properties design orexceed the standards set in the NYSERDA NC-H program, by complying with the HCR’s Stretch Sustainability
Standards, including the requirement to design and install all-electric appliances. CEI approved projects arereviewed by technical consultants and NYSERDA to ensure compliance with these standards during thedesign and construction phase, as well as benchmarked post construction/lease up for operationalperformance.
NYSERDA’s Multifamily Performance Program (MPP) helps developers, building owners, and theirrepresentatives plan and implement energy efficiency projects within existing multifamily buildings.
Climate Bonds would like to acknowledge the technical assistance provided by New York State Homes andCommunity Renewal and New York State Energy Research and Development Authority in developing thecriteria for multifamily buildings.

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