Based in New York and managed by John Salib, Castellan Real Estate Partners invests in undervalued real estate properties and renovates them to increase their value and efficiency. With a priority of improving energy efficiency in portfolio buildings, Castellan Real Estate Partners has been awarded $1.7 million in grants from the New York State Weatherization Assistance Program (WAP).
WAP provides financial assistance to families with low incomes to help with home improvements to reduce their heating and cooling costs. The program has assisted many people from underserved areas, particularly the elderly and people with disabilities, reduce their energy consumption and realize energy savings of more than 20 percent.
Only households with eligible incomes (below 60 percent of the state median income) can apply for weatherization assistance. For multifamily building owners to qualify, 50 percent of a building’s tenants must meet this income requirement. A typical weatherization process starts with an assessment of the individual’s home or apartment to check energy efficiency. From the results gathered, mitigating measures are then recommended. They include: sealing cracks to reduce air infiltration, insulating hot water tanks and pipes, insulating walls and attics, repairing or replacing heating systems, repairing or replacing doors and windows, installing energy efficient lighting, and correcting ventilation problems.
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