U.S. Department of Housing and Urban Development (HUD) announced Thursday that it will invest more than $837 million from the 2022 Inflation Reduction Act and its own commitments authority to address energy costs and housing quality in under-served communities.
Thank you for reading this post, don't forget to subscribe!Funding will be distributed through HUD’s Green and Resilient Retrofit Program (GRRP), designed to reduce greenhouse gas emissions, address climate resilience, as well as improve the energy efficiency of HUD-assisted multifamily properties located in low-income communities. and is designed for water efficiency.
HUD Secretary Marcia Fudge will announce the funding initiative during an appearance in Center Line, Michigan.
“Under President Biden’s leadership, HUD will make the necessary investments to build a more equitable and sustainable housing system and mitigate the effects of climate change and improve lives across America,” Secretary Fudge said in a statement. committed to.” “The launch of the green and resilient retrofit program today will ensure low-income individuals and families have better access to healthy, energy efficient and resilient homes.”
Last year’s Inflation Reduction Act allocated $837.5 million in grant and loan subsidy funding and $4 billion in loan commitment authorization specifically for this program.
An additional $42.5 million is also going toward a new HUD initiative coming this summer that “will leverage energy and water use data from HUD-assisted multifamily housing properties to better target opportunities to save energy and water, cut costs, and will collect and evaluate for According to HUD, reduce emissions.
“Low-income communities are often the last to gain access to cutting-edge efficiency, resilience and clean energy technologies,” said the Assistant Secretary for Housing and federal housing administration (FHA) Commissioner Julia Gordon. “The Green & Resilient Retrofit program will change this by offering communities the opportunity to lead the multifamily sector in retrofitting homes, making them safer and more sustainable for the future.”
HUD noted that building owners will be able to more easily invest in new technologies designed to increase climate resilience and pay more attention to their carbon footprints. These technologies include solar panels for electricity, heat pumps for interior climate control, roofs more resistant to heavy winds, and more.
“The program’s Implementation Notice and Notice of Funding Opportunity (NOFO) released today detailing a range of grant and loan funding options for multifamily home owners with varying levels of expertise with Green Retrofits,” HUD said.
The agency noted that the GRRP is the first HUD program to offer simultaneous investments in energy and water efficiency, greenhouse gas emissions reduction, clean energy generation and climate resilience strategies in multifunctional housing.
