of U.S. Department of Housing and Urban Development (HUD) on Thursday committed more than $837 million in funding from the Controlled Inflation Act of 2022 and its own pledge authority to address energy costs and housing quality in underserved communities. announced an investment.
The funds will be distributed through HUD’s Green Resilient Retrofit Program (GRRP). The program aims to address greenhouse gas emissions reduction, resilience to climate change, and energy and water efficiency of HUD-supported multifamily housing in low-income neighborhoods.
HUD Secretary Marcia Fudge will announce the funding efforts during an appearance in Centerline, Michigan.
“Under President Biden’s leadership, HUD is committed to making the investments needed to build a more equitable and sustainable housing system, mitigate the impact of climate change, and improve lives across the nation,” Fudge said. I am doing my best,” he said. statement. “Today’s launch of the Green Resilient Retrofit Program will help ensure that low-income individuals and families have better access to healthy, energy efficient and resilient housing.”
Last year’s Control of Inflation Act specifically allocated $837.5 million in subsidies and loan grants and $4 billion in loan commitment powers for this program.
An additional $42.5 million will also go into a new HUD initiative scheduled for the summer that will “save energy and water, reduce costs and reduce emissions,” HUD said. .
“Low-income communities are often the last to get access to cutting-edge efficiency, resilience and clean energy technologies,” said the assistant secretary of housing. Federal Housing Administration (FHA) Commissioner Julia Gordon. “The Green and Resilient Retrofit Program is changing this by giving communities the opportunity to lead the multifamily sector in retrofitting homes to make them safer and more sustainable into the future. increase.”
HUD noted that it will make it easier for building owners to invest in new technologies designed to make them more resilient to climate change and pay more attention to their carbon footprint. These technologies include solar panels for power, heat pumps for indoor climate control, and roofs that are more resistant to high winds.
“The Program Implementation Notice and Notice of Funding Opportunity (NOFO) announced today details a wide range of grant and loan financing options for multifamily owners with varying levels of expertise in green renovations. said HUD.
The agency noted that GRRP is the first HUD program to offer simultaneous investments in energy and water efficiency, greenhouse gas emission reduction, clean energy generation and climate change resilience strategies in multifamily housing.