Designed to improve the energy and water efficiency, enhance the financial and environmental sustainability, and extend the useful life of the country's multifamily housing stock
For multifamily property owners who have considered making energy and water-saving upgrades but who couldn't finance the upfront costs, now is the time. The New York City Multifamily Property Improvements to Reduce Energy (M-PIRE) Loan provides additional financing opportunities for property owners within NYC's five boroughs.
M-PIRE provides additional mortgage loan proceeds to make energy and water cost saving property improvements. This innovative product puts a portion of projected energy and water costs savings to work to increase loan proceeds beyond what would otherwise be available. As a result of the improvements, owners may increase their profitability by cutting energy, water and maintenance operating expenses, making the property more attractive to tenants and reducing negative impact on environment. M-PIRE also supports compliance with NYC's mandatory energy and water efficiency laws because financed improvements may include property improvements for fuel oil conversion and retro-commissioning required under Local Laws 43 and 87, respectively.