Innovative partnerships between leading banks, energy providers and environmental groups will make more than $100 million available to help New York City multi-family residential buildings convert to natural gas or cleaner oils for heating.

The new program was unveiled at a Bronx apartment building that recently converted to cleaner heating fuel.Mayor Bloomberg announced on Wednesday that the city is leading the program by committing $5 million to help ensure the fund will be accessible to low- and moderate-income buildings.

Financial institutions, including JP Morgan Chase, Deutsche Bank, Hudson Valley Bank, Citigroup and the Community Preservation Corporation, have committed $90 million in private lending for such projects. The city's Housing Development Corporation and Department of Housing Preservation and Development will offer an additional $18 million for mixed-income residential buildings. Con Edison and National Grid will upgrade natural gas infrastructure to make it easier and less costly for buildings to make the switch.

In 2011, New York City set new regulations to ban the dirtiest heating oils - No. 4 and No. 6 - that are still used in approximately 10,000 buildings and significantly contribute to air pollution.

The heating oils used in one percent of New York City buildings create more soot pollution than all the cars and trucks in the city combined.

In addition to financing, New York City will expand its partnership with the Environmental Defense Fund to offer technical assistance and outreach to buildings that are undergoing fuel conversions. A team of trained energy professionals will assist buildings in evaluating their conversion options, coordinating with utilities to obtain natural gas access, and pursuing the use of biofuels and energy efficiency measures.