HUD Makes More Than $1B Available in Housing Investments

The U.S. Department of Housing and Urban Development (HUD) today announced the final round of its Green and Resilient Retrofit Program, marking the successful delivery of more than $1.43 billion from President Joe Biden’s historic Inflation Reduction Act. With today’s awards, HUD has executed 12 funding rounds under the program in just over one year’s time, awarding grants and loans to housing providers in 42 states, the District of Columbia, and Puerto Rico, to make homes greener, healthier, and safer.

Today’s final round of awards will deliver approximately $30 million in awards to 45 properties across 23 states under its Green and Resilient Retrofit Program (GRRP) to support energy efficiency and protect residents and affordable housing from natural hazards in more than 4,700 homes. These grants and loans will increase energy and water efficiency, reduce polluting emissions, generate renewable energy, reduce housing operating and utility costs, promote the use of green building materials, and improve the quality of life for residents by making their homes more resilient to natural hazards at a time when both extreme weather conditions and property insurance costs are on the rise.

“Thanks to not only the leadership of our President and our Vice President, but the incredible work of the HUD team, we have now delivered more than $1.4 billion to the American people in record time,” said HUD Agency Head Adrianne Todman. “These investments from the Inflation Reduction Act are going to help preserve and modernize affordable homes for countless people over many years to come.”

“Far too many Americans struggle to stay warm in the winter and cool in the summer,” said John Podesta, Senior Advisor to the President for International Climate Policy. “The Green and Resilient Retrofit Program is boosting the quality of life for tens of thousands of low-income families, seniors, and Americans with disabilities by making their homes safer and more comfortable. Congratulations to HUD and the Honorable Adrianne Todman for getting all the funds under this impactful program awarded so they can make a real difference in the lives of Americans across our nation.”

“In the race to secure lower energy bills and homes that are better equipped to handle extreme weather, another key investment from the Biden-Harris Administration just crossed the implementation finish line. This is a win for working families – and for the environment,” said White House National Climate Advisor Ali Zaidi. “From installing heat pumps and improving home water efficiency to constructing more climate-resilient buildings, President Biden and Vice President Harris’s historic investment agenda has invested more than $1 billion toward helping fortify more than 30,000 homes in neighborhoods in every corner of the country.”

President Biden’s Inflation Reduction Act—the largest climate investment in history—established the GRRP in 2022 to fund energy efficiency and climate resiliency improvements for multifamily properties participating in HUD’s project-based rental assistance programs and serving very low-income families, seniors, and persons with disabilities. The investments announced today will advance environmental justice in line with President Biden’s Justice40 Initiative, which sets a goal that 40 percent of the overall benefits of certain federal investments flow to disadvantaged communities that are marginalized by underinvestment and overburdened by pollution.

“Through the GRRP program, we’ve put more than a billion dollars into the homes of those who are usually overlooked when it comes to climate-related investment,” said Assistant Secretary for Housing Julia Gordon. “With this program, we’re making a meaningful difference in the lives of more than 30,000 low-income individuals and families while supporting efforts to combat climate change.”

The awardees include 34 properties that participate in the HUD Section 8 project-based rental assistance program for low-income individuals and families, eight properties in HUD’s Section 202 program for low-income seniors, and three properties that receive support through HUD’s Section 811 supportive housing for people with disabilities. Four properties have more than 200 units, 29 properties have between 51-200 units, and 12 properties have 50 units or fewer.

“We are pleased that we’ve been able to put federal dollars to work so quickly through the GRRP program to benefit the low-income individuals and families that rely on HUD assisted housing,” said Deputy Assistant Secretary for Multifamily Housing Programs Ethan Handelman. “Our rapid implementation of this program showcases the best of what government can do when funding is available to meet the urgent need for safe, energy efficient, and resilient affordable housing.”

Green and Resilient Retrofit Program Elements Round 4 Awards:

To read the full release, click here.

The post HUD Makes More Than $1B Available in Housing Investments first appeared on The MortgagePoint.