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Two Shades of Green

General Information and Structure

Lending Type: 

LISC New York City focuses on preserving the physical integrity, financial viability and sustainability of the affordable housing it has helped nonprofit groups to develop over the years. Part of its strategy includes incorporating green and healthy practices into these buildings. LISC NYC is committed to supporting its community development corporation (CDC) partners in NYC who are property managers and owners to find innovative and simple ways to save money and improve the sustainability of their large and aging building portfolio. Two Shades of Green (TSG) integrates green, healthy and cost-effective measures into existing affordable housing rehabilitation and property maintenance. While TSG is not a financing program, TSG services and grant dollars may be offered alongside traditional LISC financing if a grantee was also in need of debt capital to refinance/rehabilitate multifamily rental properties under their stewardship.  These properties would typically be nearing the end of their initial federal housing credit compliance period. Standard underwriting and due diligence apply.  To strengthen program delivery, LISC mobilizes a wide range of affordable housing, community health and energy stakeholders to align resources. Partners include NYC Department of Health and Mental Hygiene, NYC Department of Housing Preservation and Development, NYC Smoke-Free and our CDC partners. To advance energy and water conservation measures during the time of rehabilitation, TSG provides a comprehensive set of services to affordable housing property owners and managers including: Benchmarking to measure project performance pre- and post-retrofit; Project design assistance for energy and water retrofits; Coordination with available rebate or incentive programs; Preparation of financing packages to support retrofit work, as necessary; and Staff training and preparation of operation and maintenance plans. In prior years, the TSG program provided grant funds to help CDCs implement energy and water efficiency retrofits, as well as health-related interventions. In the current TSG program, LISC NYC works with CDCs in the city’s Year 15 program. This program provides support for energy and water efficiency retrofits, so that TSG grant dollars are now used solely to implement health-related interventions. Organizations participating in TSG continue to receive training regarding energy and water benchmarking. Participation is limited to Community Development Corporations (CDCs) in New York City which partner with LISC NYC.

Active or Closed Program?: 
Years Offered: 
2013 - Present
Eligibility Criteria: 
Community development corporations, nonprofit and for-profit affordable housing developers
Type of Financing: 
Loan Size Range: 
$50,000 - $5,000,000
Type of Improvements Covered: 
TSG seizes the opportunity to use rehabilitation to improve a building's health environment. It provides targeted technical support to help affordable owners integrate the following health measures: • Safe and green pest control, which reduces exposure to toxic pesticides, seals holes to prevent pests from entering, and, in doing so, conserves heat; • Smoke-free housing, which reduces resident exposure to secondhand tobacco smoke, reduces fire risk, and decreases the cost of preparing units for new renters; • Active design, which increases resident physical activity through low-cost modifications and add-ons to buildings and surroundings; and • Green cleaning, which reduces exposure to harmful chemicals through the use of cost-effective, safe and environmentally friendly cleaning products.

Financing Details

When is the Product Applicable?: 
Interest Rate: 
6%; Permanent Fixed at Spread over U.S. Treasuries of comparable duration
2- 27 years


Impact : 
Since 2013, the TSG program has integrated energy efficiency, water conservation, pest management, non-toxic cleaning, smoke-free policy, and active design features into 1,100 units of affordable housing.

Additional Information

Program Notes: 
Example project case study: http://www.lisc.org/media/filer_public/e1/04/e104b2b2-ccba-4a42-8b45-452980e60f84/water_conservation.pdf