Bronx Officials Have Come up with a Program to Increase EE and Keep Rents Affordable.

Bronx Officials Have Come up with a Program to Increase EE and Keep Rents Affordable.

Posted: Monday, April 27, 2015 6:10 am | Updated: 10:00 am, Mon Apr 27, 2015.

Associated Press |

NEW YORK (AP) — Bronx officials have come up with a program to increase energy efficiency and keep rents affordable.

The New York Times reports  that Borough President Ruben Diaz Jr. and housing officials have teamed up to create a program that would provide the upfront costs for energy improvements in apartment buildings.

In return, the owners would agree to use the energy savings to keep rents affordable and pay back the program through leasing fees for the equipment.

Diaz says the Bronx program is slated to begin this year with $2.5 million. The money would come from the borough’s capital budget and private investors.

It would be open to buildings with more than 50 units. Diaz expects the voluntary program to pay for energy retrofits in three to five buildings.

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