Sirota Law Firm, PC

Sirota Law Firm - NY Green Bank Services

We evaluate your project for NY Green Bank (NYGB) eligibility, package the application, and oversee the government portal review process—end-to-end. Think of us as a turnkey solution for NYGB knowledge and process gaps so funding delays, application readiness, checklist demands, and diligence crunches don’t slow your deal.

• What is the urgency for CRE Property Owners in NYC / NYS?

NYC's Local Law 97 (LL97) now requires most large buildings over 25,000 sq. ft to cut their carbon emissions by 40% by 2030 and 80% by 2050, with penalties for non-compliance beginning in 2024. Currently, annual penalties of $268 per metric ton CO₂e over the limit, which will tightening again in 2030. In addition, New York State’s Climate Leadership & Community Protection Act (CLCPA) requires economy-wide greenhouse gas (GHG) reduction cuts of 40% by 2030 and ≥85% by 2050. Financing and compliance timelines are converging. We make them work together for you—so aligning with NY Green Bank funding now helps you meet both.

• What is NY Green Bank?

NYGB is a New York State specialized public investment fund built to bridge financing gaps and mobilize private capital for clean energy decarbonization and renewable infrastructure projects across New York State. It offers flexible, market-based financing to accelerate projects that reduce GHG emissions and expand the clean-energy market. NYGB financing is available to developers, property owners, service providers, and investors working on clean energy and renewable infrastructure in New York State. NY Green Bank operates with a mission-driven approach that is a form of both Environmental, Social, and Governance (ESG) investing and Socially Responsible Investing (SRI). NYGB is a division of the New York State Energy Research and Development Authority (NYSERDA).

"Decarbonization" projects incorporate clean energy solutions to reduce a building's greenhouse gas emissions through energy efficiency upgrades and transitioning from fossil fuels to clean energy sources. Common projects include installing high-efficiency insulation, windows, and LED lighting switching to electric appliances like heat pumps and induction stoves and integrating renewable energy systems such as solar panels. Another key component is reducing embodied carbon in new construction through the use of low-carbon materials like recycled/reused, mass timber and carbon-free steel building materials.

"Renewable Infrastructure" projects incorporate physical and/or technology systems to the generate, transmit, and/or store of energy from clean, naturally replenishing sources, including but not limited to wind, water, and solar. Beyond power generation, it also includes upgrading electricity grids, building charging stations for electric vehicles (EVs), and implementing energy storage solutions.

• How do clients obtain NYGB financing?

This isn’t a casual pitch. NYGB financing follows a carefully calculated rolling online evaluation scoring committee review process. Clients must pass through specific eligibility stages which gauge the suitability of their executive team, business plan, project timeline, clean energy solutions, financing gap narrative, KPIs/M&V, and, ultimately, the viability of the capital stack. Our firm works with our client's subject-matter experts (SME) to develop and package the required responses into a persuasive narrative that introduces the project's executive team, clean energy measures, technology service providers, business plan, capital structure, market-transformation rationale, outcomes/M&V narratives with labeled exhibits. Further, we actively manage and monitor the NYGB portal workflow to ensure NYGB's scoring committee receives complete compliant materials and compelling targeted responses to all ongoing project review inquires.

In addition to other eligibility items, we work closely with your subject matter specialists to properly document and tell the story of how the clean-energy measures in your project are contributing to a project financing gap and we show how your project’s clean-energy measures KPIs align with NYGB’s mission and portfolio goals.

• How does Sirota Law Firm fit into your team?

Discovery → Eligibility & Packaging → Portal & Diligence: We don’t replace your experts, we orchestrate them. We focus on assisting clients to evaluate CRE projects for NYGB suitability and readiness to obtain NYGB financing. Our law firm smooths out your internal and external workflow process by coordinating with your existing attorneys (construction, lending, and real estate), investment bankers, engineers, energy modelers, owner’s reps, and CPAs to efficiently and effectively pool the relevant information and data required by NYGB and to put it to work for you.

Our firm is your subject matter specialist to fill-in the knowledge and experience gaps of your projects to prepare for and navigate the complex NYGB application process. We help clients to avoid getting bogged down or delayed by the NYGB’s application, evaluation, and due diligence process. Our mission is to galvanize the critical information and data supplied by your key project team partners into a compliant and persuasive submission and to manage the NYGB submission portal interactions for you. We keep your project momentum moving forward through efficient, effective, and timely communication with all parties and provide key clarifications, updates, and due diligence responses to NYGB in real-time.

• What should you to expect on NYGB funding sizing?

NYGB typically participates in a portion, but not all of the capital stack. NYGB portfolio mobilization ratios to date in 2025 show NYGB may cover up to 20% of total project costs. NYGB carefully considers the balance of existing project funding sourced via committed private lenders, tax equity/incentives, and owner equity in making its decisions. NYGB reviews each project on a case-by-case basis to identify eligible financing gaps and to determine its mission appropriate participation in the proposed capital stack. NYGB commitments typically range from $10MM – $50MM per project, but greater participation may be available for a select projects (e.g., $100MM). There are also exceptions below $10M. (e.g., $2.5MM pre-construction development bridge loan) In addition, NYGB indirectly funds community-focused projects via its Community Decarbonization Fund (CDF) community-based lenders with loans starting at around $2MM with a cap at the lesser of $25MM or 20% of the eligible lender’s capitalization.

• Which NYGB application path applies to you?

RFP 1 – Clean Energy Financing Arrangements: The primary path to work directly with NYGB on building decarbonization and clean-energy CRE project financing. (submitted via NYGB online portal)

RFP 18 – High Performance Affordable Housing: A special lane for financing affordable multifamily new construction and high-performance retrofits that include eligible decarbonization and clean-energy benefits. (submitted via NYGB online portal)

RFP 23 – Community Decarbonization Fund: A wholesale facility for mission-driven lenders (CDFIs, credit unions, specialty lenders). Sponsors access these funds through participating lenders, not by submitting directly to NYGB. (not submitted via NYGB online portal.)

In addition to the clean-energy CRE financing services above, Sirota Law Firm assists clients to identify and obtain traditional commercial real estate project financing, including acquisition and construction loans, bridge financing, senior and mezzanine debt, and preferred or joint venture equity. (*see below for a sample loan types)

• Contact us now to arrange a consultation to evaluate your NYGB financing options and opportunities.