First Niagara announced the completion of a $5 million conservation equipment financing deal for the Syracuse Housing Authority (SHA). The funding will be used to purchase energy saving appliances and materials for 13 Syracuse housing sites throughout the city and will also create opportunities for residents to become more self-sufficient and economically independent.

Improvements will include new lighting, insulation, water conservation measures, temperature controls, weather stripping, and other enhancements. Energy and water savings are expected to total $7.5 million over the 16-year contract term.

Donna Scibetta, vice president of leasing at First Niagara, noted, “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. “We are thrilled to be working on a project that will have such a positive impact in the central New York community.

“The funding from this loan will bring tremendous value to our communities,” said William Simmons, SHA’s Executive Director. “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.” Installation of the energy conservation measures began this past March and will be complete by the end of the year.

“First Niagara is thrilled to provide funding for this valuable initiative and continue to help the agency in its ongoing efforts in energy conservation and overall efficiency,” said Robert Fenner, Vice President of government banking at First Niagara. “The First Niagara team designed a financial package that helped the agency provide quality, safe and affordable housing.”

The Syracuse Housing Authority is funded by the U.S. Department of Housing and Urban Development, a federal agency that administers the cash flow of operating subsidy funds to all public housing authorities in the United States. SHA is one of 3,500 housing authorities located across the nation.