NY A01635

Establishes a hospital and multiple dwelling energy loan fund administered by the New York state urban development corporation with assistance from the state energy research and development authority to provide zero or low interest loans and loan interest rate reductions for energy efficiency projects.

Requires hospitals and multiple dwellings to obtain an energy audit through the authority's program to become eligible for loans, with eligible improvements including pre-qualified measures, custom measures, process improvements, and renewable energy technologies.

Mandates that hospitals and multiple dwellings in economically distressed areas receive at least 60 percent of total loan dollars distributed annually from the fund.

Authorizes interest rate reductions of up to 400 basis points (4 percent) for the lesser of 10 years or the life of the loan through participating lenders including banks, credit unions, and community development financial institutions.

Limits individual loans to $100,000 and requires the corporation and authority to submit annual reports to the legislature detailing assisted facilities, improvements implemented, and energy cost savings achieved.