Community Capital makes first energy smart loan in city.Community Capital Bank has made the first state-sponsored, low interest Energy Smart Loan in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. , Charles F. Koehler, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of the bank, announced recently. The loan was used to install energy-efficient windows at a co-op in Jackson Heights, Queens Jackson Heights is a neighborhood in north-western portion of the borough of Queens in New York City, USA. The neighborhood is part of Queens Community Board 3.[1] . New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Energy Smart Loans, which are offered by the New York State Energy Research and Development Authority The New York State Energy Research and Development Authority (NYSERDA) is a public benefit corporation that was created by the New York State Legislature in 1975. The purpose of the NYSERDA is to provide funding for the research of energy development. (NYSERDA NYSERDA New York State Energy Research and Development Authority ) through the state's banks, provide interest rate reductions of 4.5% for commercial/industrial, retail, agricultural, and nonprofit and residential entities seeking financing for cost-saving, energy-efficient measures and renewable technologies. Mr. Koehler, assemblyman Ivan C. Lafayette, councilwoman Helen M. Marshall, various bank and co-op representatives, and other officials participated in the ribbon-cutting ceremony at the co-op to celebrate the installation of the energy-efficient windows. "Since the windows were installed, shareholders have reported that their apartments are warmer and during high winds there aren't any drafts," said Mary Vavruska, president of the board of the Brulene Co-operative Apartments. "There is also less noise from the airplanes, so from an environmental standpoint we're better off, too." Ms. Vavruska said the New York Energy Smart Loan program enabled the co-op to borrow nearly $250,000 for the windows at 5% interest. She said it's too early to tell how much the co-op will save in energy costs this winter because of the new windows, but she expects the savings to be considerable because the co-op installed energy rated glass in every window in the 96-unit building. Because the program cuts the cost of financing and reduces energy charges, it allows participants to save money twice. With Community Capital Bank, loans of up to $500,000 may receive interest reductions for a maximum of five years. The program funds only energy-related improvements and metropolitan area borrowers must be an electric distribution customer of Consolidated Edison This article is about the utility company in New York. For ComEd in Illinois, see Commonwealth Edison. Consolidated Edison, Inc. NYSE: ED is one of the largest investor-owned energy companies in the United States. . |
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