The City of New York has instituted laws to achieve carbon neutrality for NYC by 2050. Local Law 97 puts a carbon cap on buildings over 25,000 SF and a financial penalty for those that don’t comply. If you’re an affordable housing owner, we have all the upfront information you’ll need and the resources to help you navigate compliance for your building.
What constitutes affordable housing?
The city defines affordable housing as more than 35% of units in a building being rent controlled. There are some exceptions and alternate definitions, and those can be found in the FAQ for affordable housing compliance.
Upcoming Deadline and Penalties
The carbon emission caps are based on the size and type of property. The first compliance period begins in 2024 and lasts till 2029. If you exceed the cap the penalty will be $268/ton over allowed threshold. The table below includes a breakdown of the carbon emission caps according to building type. It is important to note that in each period the thresholds become more stringent.
Path to Compliance
The City of New York has identified the following Prescriptive Energy Conservation Measures (ECMs) as a pathway to compliance for affordable housing (if one of the two specified requirements are met). In order to comply, these ECMs must be completed by December 31st, 2024.
We understand that the path to compliance can be overwhelming and at times costly. AEA can identify the pain points in your building, and help you address the ECMs to be in compliance while providing you with the best resources to finance your building’s upgrades. If you have any questions regarding LL97 affordable housing compliance, contact Asit Patel at LL97info@aeacleanenergy.org.
Tania Hidalgo | February 27th, 2023