The Community Preservation Corporation (CPC), a mission-driven non-profit multifamily finance company today announced a $12,035,000 grant from New York State Homes and Community Renewal’s Climate Friendly Homes Fund (CFHF) to Municipal Housing Authority for the City of Yonkers (MHACY) to support the full electrification of Palisade Towers, a 415-unit affordable housing development at 1-8 Schroeder Street in Yonkers. Originally constructed in 1954, the building is currently operating on temporary boilers following the failure of its original heating system.
Located in a NYSERDA-designated Disadvantaged Community and a HUD Qualified Census Tract, 1-8 Schroeder Street serves low-income residents and is a prime candidate for energy-efficient upgrades. The CFHF funding is part of a renovation project at the development that will make critical improvements, including the installation of window heat pumps and heat pump hot water heaters, ensuring residents benefit from cleaner, safer, and more reliable heating, cooling, and hot water systems.
With the addition of 1-8 Schroeder Street, the CFHF has now provided funding to electrify more than 1,000 units of affordable housing across New York State—marking a major milestone in the fund’s mission to decarbonize multifamily buildings across the state.
Enterprise Community Partners originated the project, which also received support from the Landlord Tenant Assistance Program (LTAP). LTAP, administered by Westchester County, provides financial assistance to landlords and public housing authorities to maintain safe and habitable housing for tenants.
“This project is a powerful example of how targeted investment can deliver real climate and housing equity outcomes,” said Atalia Howe, SVP, Head of Sustainability and Market Building, CPC. “By replacing outdated fossil fuel systems with modern electric alternatives, we’re not only improving the quality of life for residents but also helping New York meet its climate goals. We’re proud to work alongside Enterprise Community Partners, HCR, and Westchester County’s LTAP program to bring this vision to life.”
“Without the support of CPC, New York State, Westchester County, The City of Yonkers and Senate Majority Leader Senator Stewart Cousins, this herculean effort would never have been possible to accomplish,” said Wilson Kimball, President and CEO, MHACY. It’s one thing to have a vision but without a great team nothing will get done.”
CFHF is a $250 million initiative launched by HCR to help multifamily building owners across New York State transition to high-performance, all-electric heating, cooling, and hot water systems. The fund targets buildings with 5-150 units in economically disadvantaged communities, aiming to retrofit at least 10,000 units to reduce greenhouse gas emissions and improve energy efficiency
