Syracuse Housing Authority to use financing for energy-saving appliances

SYRACUSE — The Syracuse Housing Authority (SHA) has plans to purchase energy-saving appliances and materials for 13 Syracuse housing sites throughout the city.

First Niagara Bank (NASDAQ: FNFG) is the lender in the $5 million financing deal for the conservation equipment, the Buffalo–based banking company announced in a June 3 news release. 

The Syracuse Housing Authority operates at 516 Burt St. in Syracuse.

SHA owns and manages 15 housing developments with more than 2,500 apartments, according to its website. Just over half the apartments are designated for the elderly or disabled with the remainder set aside for families.

Improvements will include new lighting, insulation, water-conservation measures, temperature controls, and weather stripping. 

First Niagara expects the energy and water savings to total $7.5 million over the 16-year contract term, the bank said.

“The funding from this loan will bring tremendous value to our communities,” William Simmons, executive director of SHA, said in the news release. “The improvements will be beneficial both economically and environmentally. We found an ideal partner with First Niagara, the team worked with us to tailor the finances to our needs.” 

CNYBJ left messages with Simmons for additional program details but didn’t get a response before press time.

First Niagara is helping SHA in its ongoing efforts in energy conservation and overall efficiency, Robert Fenner, vice president of government banking at First Niagara, said in the news release. 

“The First Niagara team designed a financial package that helped the agency provide quality, safe and affordable housing,” said Fenner.

Installation of the energy-conservation measures began this past March and will be complete by the end of the year, according to the release.

“There is a growing trend in the industry to utilize this type of financing, and it is helping agencies like SHA save money and conserve energy,” Donna Scibetta, vice president of leasing at First Niagara, said.

The U.S. Department of Housing and Urban Development (HUD) funds the Syracuse Housing Authority. HUD is a federal agency that administers the cash flow of operating subsidy funds to all public-housing authorities in the U.S. 

SHA is one of 3,500 housing authorities located across the nation.

First Niagara is a multi-state, community-oriented bank with about 390 branches, $39 billion in assets, $28 billion in deposits, and about 5,300 employees across 

New York, Pennsylvania, Connecticut, and Massachusetts. 

First Niagara Bank ranked fourth in deposit market share in the 16-county Central New York market, according to June 30, 2014, FDIC statistics, the latest available. The bank had $2.2 million in deposits, good for an 8.4 percent share of the CNY market’s total deposits.        

SYRACUSE — The Syracuse Housing Authority (SHA) has plans to purchase energy-saving appliances and materials for 13 Syracuse housing sites throughout the city.

First Niagara Bank (NASDAQ: FNFG) is the lender in the $5 million financing deal for the conservation equipment, the Buffalo–based banking company announced in a June 3 news release. 

The Syracuse Housing Authority operates at 516 Burt St. in Syracuse.

SHA owns and manages 15 housing developments with more than 2,500 apartments, according to its website. Just over half the apartments are designated for the elderly or disabled with the remainder set aside for families.

Improvements will include new lighting, insulation, water-conservation measures, temperature controls, and weather stripping. 

First Niagara expects the energy and water savings to total $7.5 million over the 16-year contract term, the bank said.

“The funding from this loan will bring tremendous value to our communities,” William Simmons, executive director of SHA, said in the news release. “The improvements will be beneficial both economically and environmentally. We found an ideal partner with First Niagara, the team worked with us to tailor the finances to our needs.” 

CNYBJ left messages with Simmons for additional program details but didn’t get a response before press time.

First Niagara is helping SHA in its ongoing efforts in energy conservation and overall efficiency, Robert Fenner, vice president of government banking at First Niagara, said in the news release. 

“The First Niagara team designed a financial package that helped the agency provide quality, safe and affordable housing,” said Fenner.

Installation of the energy-conservation measures began this past March and will be complete by the end of the year, according to the release.

“There is a growing trend in the industry to utilize this type of financing, and it is helping agencies like SHA save money and conserve energy,” Donna Scibetta, vice president of leasing at First Niagara, said.

The U.S. Department of Housing and Urban Development (HUD) funds the Syracuse Housing Authority. HUD is a federal agency that administers the cash flow of operating subsidy funds to all public-housing authorities in the U.S. 

SHA is one of 3,500 housing authorities located across the nation.

First Niagara is a multi-state, community-oriented bank with about 390 branches, $39 billion in assets, $28 billion in deposits, and about 5,300 employees across 

New York, Pennsylvania, Connecticut, and Massachusetts. 

First Niagara Bank ranked fourth in deposit market share in the 16-county Central New York market, according to June 30, 2014, FDIC statistics, the latest available. The bank had $2.2 million in deposits, good for an 8.4 percent share of the CNY market’s total deposits.