Frequently Asked Questions
WHAT DO WE MEAN BY AFFORDABLE HOUSING? WHAT KIND OF HOUSING PROVIDERS ARE WE LOOKING TO WORK WITH IN THIS PROGRAM?
(30:44) We understand that there’s a wide variety of affordable housing–this is a very broad term. We’re looking to work with LMI and affordable housing providers who don’t have the same resources and time as some of the larger for-profit developers. For example, nonprofit affordable housing providers, public housing authorities, “mom and pop” building owners, LMI coops–providers passionate about or interested in exploring decarbonization solutions.
CAN COMPANIES APPLY AS A COLLABORATION?
(31:55) Yes, joint applications between companies are welcome. Applications are stronger if the main applicant is a growth-stage startup or enterprise, but we encourage innovation to create holistic solutions.
DO APPLICANTS HAVE TO BE LOCATED IN THE U.S. OR NEW YORK ALREADY? DO YOU HAVE A REQUIREMENT FOR INCORPORATION?
(32:50) We source globally. Applicants do not need to be based in the U.S. or New York, but must be incorporated somewhere globally with documentation. Many past cohort companies have been based abroad and the accelerator program was their entry into the U.S. market and New York. Applicants already based in New York who are looking to expand their presence here are of course also encouraged to apply.
WHAT CONSIDERATIONS SHOULD COMPANIES FROM ABROAD TAKE INTO ACCOUNT?
(34:49) Companies coming from abroad likely need to be more developed to meet program requirements. You have to have the capacity to dive head-first into the New York market. We’re looking for companies that have the ability to participate fully in the program and attend the in-person events, to scale a team in New York as relevant, and support deployments in New York from here or afar.
WHY ARE YOU FOCUSED ON NEW YORK STATE?
(35:06) New York is one of the markets in the U.S. that has the most support for this kind of work, thanks to path-leading state and city-level policies. New York is also an exciting ecosystem–home to a lot of forward-thinking leaders in affordable housing and real estate wanting to address this challenge. We work with multifamily LMI and affordable housing partners who are based in and have buildings in New York City or State, and the grant money that we have is tied to deployments within the state. We hope that the models and strategies tested through this program will ultimately be able to be leveraged in other geographies.
HOW MANY COMPANIES TYPICALLY MAKE IT INTO THE ACCELERATOR COHORT?
(38:11) We typically aim to bring in around 8-10 applicants per program. Our goal is to keep a tight cohort so that we can really deeply engage with all of our cohort companies to address your specific business development needs and best support you as you try to scale up in New York and hopefully beyond.
HOW DO YOU EVALUATE COMPANIES? IS COMPANY NEED A FACTOR?
(39:28) Fundamentally we’re looking to address the challenge of making building retrofits easier for multifamily LMI and affordable housing. This means that we’re looking for a lot of different solutions. Our programs are designed to accommodate companies that already have strong funding and momentum, as well as growth-stage companies that have shown they bring real value but that are earlier along the curve. We tailor our business development support to your company’s needs.
WHAT DO YOU MEAN BY RETROFIT NAVIGATION PLATFORMS?
(41:30) As part of our solution set, we are considering platforms that help building owners and managers navigate all of the decisions that need to be made throughout the building retrofit process–to go from conducting an energy audit to understanding available solutions and financial incentives all the way to construction and installation. Any kind of platform that helps make that process easier for affordable building managers.
DO APPLICANTS NEED TO HAVE A CUSTOMER PARTNER IN THE AFFORDABLE HOUSING SPACE IDENTIFIED COMING INTO THE PROGRAM?
(44:30) No. Through the program we will help you build deep relationships with affordable housing partners in New York State, among them, the Climate Friendly Homes Fund, administered by The Community Preservation Corporation. This program is designed for you to grow connections with the best providers in this space to get you to a point where you are ready to do a deployment.
HOW DOES THE GRANT FUNDING WORK?
(45:34) We offer up to $100k in grant funding per cohort company to facilitate deployments in New York State, among other benefits and support. This is not a guaranteed amount of money that everyone gets. There will be an application process during the program where you will be able to request grant funding to support deployments. Those deployments can be with housing partners that we have in the program, or if you already have an LMI or affordable housing partner identified in New York State, you can also bring that project and apply to grant funding for that. There must be a 2:1 private:grant match meaning for every $1 of grant funding requested, there must be $2 of private money.
I HAVE A PROVEN TECHNOLOGY OUTSIDE OF THE MULTIFAMILY AFFORDABLE HOUSING SECTOR THAT I THINK IS APPLICABLE, AM I ELIGIBLE TO APPLY?
(47:31) Yes, you are eligible, so long as you can outline how your solution applies to multifamily affordable housing and how it could scale within this sector. Part of the reason we are running this program is because there aren’t enough solutions that are bulls-eye targeted for the multifamily affordable housing market. We are hoping to find high-impact solutions that can transition into this space, as well as those gems already designed specifically for this sector. We understand that there are fantastic solutions out there that would be able to serve this market that just haven’t done so yet.
DO YOU EXCLUDE COMPANIES THAT HAVE A SOLUTION THAT MIGHT BE COMPETITIVE WITH A PREVIOUS COHORT COMPANY?
(51:20) We do not. We do continue to try to support the companies that have been through our programs, but if you have a solution that is a really good fit for what we are looking for in this program, you are not going to be excluded or marked down for having a solution similar to that of a company in a previous cohort.
WHAT STAGE COMPANIES ARE A GOOD FIT?
(52:26) We really are looking for solutions that have been proven in-market – that your technology has been deployed in-market, that you have a diversified customer set, and you are in a position to scale. But for earlier stage companies, there are many great accelerator programs in New York State, including Uptake Alliance, Urban Future Lab, and non-geographically Third Derivative and Elemental Impact.
WHAT IS CADENCE ONEFIVE’S ROLE?
(53:20) Cadence OneFive works with the Climate Friendly Homes Fund, administered by The Community Preservation Corporation to provide technical assistance. They are a great partner to really be able to provide insights into the pipeline of projects and the needs that those projects have, the types of buildings that are going to be most relevant, the types of solutions that are being looked for. We’re excited to have them on board.