Thought Leadership

Local Law 97 – Requirements and Available Financial Incentives to Promote Compliance

March 30, 2023 Advisory

Local Law 97, which became effective on Nov. 15, 2019, was enacted to reduce greenhouse gas emissions produced by some of New York City’s largest buildings to 40% by 2030 and 80% by 2050.  Beginning on Jan. 1, 2024, certain cooperative and condominium buildings will be required to comply with specific energy conservation measures applicable to the building and will be required, in most cases, to submit an annual report to the Department of Buildings detailing their compliance with the applicable energy conservation measure for the prior year. Some buildings will have a different schedule.  Failure to comply with the applicable energy conservation measure may subject building owners to civil penalties, including fines, which can be substantial.

There are many federal, state and local tax credits, grants and green funding incentives available to help fund energy conservation measures to comply with Local Law 97, and to promote sustainability and energy efficiency overall.

Cooperatives and condominiums interested in financing clean energy installations and/or upgrades with respect to solar panels, HVAC systems, electrification and heat pumps, windows, building envelope, deep energy retrofits and fuel conversion, among other things, may be eligible for an Equipment Loan, a Green Construction Loan or a Multifamily Express Green Loan, among other products, offered by New York City Energy Efficiency Corporation (NYCEEC). NYCEEC may finance up to 90% of eligible project costs and up to 100% of such costs for affordable multifamily buildings. The NYC Accelerator PACE Program also offers financing options specifically for owners of multifamily buildings with three or more units.  Loans provided through this PACE program are repaid in installments through a charge on the building’s property tax bill. 

In addition, cooperatives and condominiums may be eligible for credits or cash rebates through such programs as the Clean Heating Fuel Credit. Certain multifamily buildings with five or more residential units and that receive gas and/or electricity service from Con Edison may be eligible for cash incentives associated with any change, addition or deletion that positively impacts the building’s overall energy consumption and/or cost.  Incentive rates under the Con Edison Multifamily Energy Efficiency Program or the NYS Affordable Multifamily Energy Efficiency Program may vary.

The programs listed in this Advisory are only a few of many.  Please consult your regular AT lawyer or one of the authors listed below, your building’s engineer or city-sponsored NYC Accelerator’s office if you have any questions on the above incentives, or would like additional information on Local Law 97.

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