Sustainable Development
NYC Issues Proposed Property Assessed Clean Energy (PACE) Loan Regulations
In late October 2020, the New York City Department of Finance issued proposed regulations to implement a Property Assessed Clean Energy (“PACE”) loan program in NYC to provide targeted loans with favorable terms to building owners for installation of systems designed to reduce energy use and carbon emissions. The deadline to submit comments on the…
NYC Buildings Receive Their First Energy Efficiency Grades
On October 1, 2020, buildings over 25,000 square feet in New York City received their first energy efficiency grades from the City Department of Buildings (“DOB”). Buildings must post the grade “in a conspicuous location near each public entrance to such building” by October 30, 2020. Failure to do so will result in a fine…
New York City Council Considers Amendment to Local Law 97 Affordable Housing Provisions
On May 28, 2020, New York City Councilmember Costa Constantinides, among others, introduced a bill—Int. No 1947—to significantly amend the affordable housing provisions of Local Law 97 of 2019. Local Law 97 and the technical amendments in Local Law 147 of 2019 require most new and existing buildings in New York City over 25,000 gross…
National Flood Insurance Program Temporarily Reauthorized until December 21, 2018
In recent years, the unpredictability of the National Flood Insurance Program (“NFIP”), administered by the Federal Emergency Management Agency (“FEMA”) has given rise to increasing uncertainty and frustration for coastal and waterfront markets located within Special Flood Hazard Areas. The NFIP program, which provides flood insurance for approximately 5 million residential and commercial properties, requires…
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