You can make your home more comfortable, save money and help protect the environment with the NHS NYSERDA loan program. NHS is a participating lender with New York State Energy Research and Development Authority (NYSERDA), which provides interest rate subsidies for approved energy efficiency home improvement projects. The NYSERDA subsidy means an interest rate reduction of 4-6.5% on your home improvement loan from NHS. In addition to the interest rate subsidy, NYSERDA also provides grants to qualified low and moderated income homeowners to cover up to 50% (Maximum of $5,000 household or $10,000 for 2-4 family homes) of the costs of approve energy saving improvements. Click here for income limits.

 

Step 1: Comprehensive Home Assessment

The first step of the NHS NYSERDA loan program is the Comprehensive Home Assessment conducted by a BPI Accredited contractor. You will learn exactly where you are losing costly energy and how to fix the problem. The BPI contractor will:

• Perform an assessment of your home;
• Make recommendations for energy improvements
• Provide a cost estimate to do the improvements

To find a BPI Accredited contractor and learn more about the Comprehensive Home Assessment, click here to visit the NYSERDA website.

Step 2: Gather Documents

Once your Comprehensive Home Assessment has been completed and you have determined which improvements you need to finance, gather the following documents that you will need to complete your loan application.

• Proof of Ownership
• Proof of Income
• Proof of Homeowner’s Insurance (declaration page)
• Real Estate Tax Statement  (unless included in the mortgage)
• Non-refundable Application Fee $100.00
• Most recent Utility Receipts (Water & sewer, electricity, gas, telephone)
• Comprehensive Home Assessment report

Step 3: Make an Appointment

Request an appointment to make your application with one of the locations below.

NHS of Bedford Stuyvesant
NHS of East Flatbush
NHS of the North Bronx
NHS of the Northern Queens
NHS of the South Bronx
NHS of the Staten Island

At your appointment the Loan Officer will determine your eligibility for the loan and coordinate your next steps. Some projects may require our Construction Services Department to conduct site inspections, prepare a scope of work, schedule payments to the contractor and issue certificate of completion.

Step 4: The Loan Process

If your Loan Officer determines that you qualify for the loan, instruct your contractor to submit directly to your NHS Loan Officer their license, Liability Insurance and Workers Comp Insurance. Upon approval of your loan by NHS, your Loan Officer will submit the subsidy and grant request (if applicable) to NYSERDA for approval. Upon receipt of the NYSERDA approval, your loan officer will notify you of the closing. At the closing you will agree to the repayment terms of the loan and authorize NHS to pay your contractor on your behalf from the loan proceeds. When your contractor has completed the work, NHS will perform a final inspection. Once the NHS Construction Services department indicates that the work is complete and the borrower signs off on the payment, the contractor is paid 90% of the project costs. 30 days later the contractor will receive the remaining 10%.

Step 5: Verification of Work

Upon completion of the project, you must verify to NYSERDA that the eligible improvements were made.