The New York City Energy Efficiency Corporation (NYCEEC) completed 56 projects focused on clean energy and energy efficiency in residential affordable housing units. The projects were partially financed by a $5 million program-related investment from MacArthur. NYCEEC is a nonprofit lender financing clean energy projects in the Northeast and Mid-Atlantic, and the MacArthur loan demonstrates the benefits of catalytic capital, which is more flexible and accepts more risk or concessionary returns than a conventional investment.
MacArthur’s investment in NYCEEC had a 15-year term and one percent interest rate. The favorable terms enabled NYCEEC to make long-term and low-interest-rate loans to borrowers, primarily in low- to moderate-income communities, for clean energy improvements.
