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Saturday, December 23, 2023

HUD to invest $174 million for climate resiliency in multifamily

The U.S. Department of Housing and Urban Development (HUD) on Thursday announced an investment of $173.9 million in loans and grants under the Green and Resilient Retrofit Program’s (GRRP) “comprehensive” and “elements” categories, designed to increase resilience against climate challenges and energy efficiency.

These awards will “support energy efficiency, electrification, clean energy, low embodied carbon materials, and climate resilience improvements in 30 HUD-assisted multifamily properties,” HUD said, which includes 3,070 rental homes designed to serve low-income individuals and families.

The investment supports the Biden administration ↗’s agenda to “invest in America,” and what it calls its “environmental justice agenda.”

“GRRP grant and loan funding announced today will improve the quality of life for residents by expanding energy efficiency, reducing climate pollution, generating renewable energy, promoting the use of green building materials, improving indoor air quality, and enhancing climate resilience,” HUD said in a statement.

The first set of awards announced today fall under the GRRP’s “comprehensive” category, which provides funding to properties identified to have the highest need for “climate resilience and energy efficiency upgrades.”

All owners of eligible HUD-assisted properties are eligible for these awards, which do not require any previous green building experience since they offer a HUD-provided contractor to complete the work.

19 properties will receive awards under the comprehensive category, with five of them having fewer than 50 units. Seven have between 50 and 100 units, all designed to serve low-income residents. Roughly half will go to properties exclusively serving older residents.

“Sixteen of the properties face notable risk from climate and natural hazards such as flooding, heat waves, earthquakes, tornados, lightning, hail, severe winter weather and ice storms,” HUD said.

The GRRP’s “elements” category includes eleven properties, and “funding for property owners to include climate resilience and energy and water efficiency improvements as part of a development or rehabilitation transaction that was already underway,” HUD explained.

Climate challenges have been in news headlines ↗ at an accelerating rate, displacing many Americans from their homes. These investments can help further the resilience of HUD-assisted properties against these challenges, according to Assistant Secretary for Housing and Federal Housing Commissioner Julia Gordon ↗.

“As we look back on the climate- and weather-related disasters of the past few years, we see vividly how vital this funding is to ensure the long-term safety and viability of households and communities,” Gordon said. “Awards through the GRRP program illustrate the immediate and concrete steps that the Biden-Harris administration is taking to protect the nation’s low-income residents ↗ and the environment.”

A full list of the properties benefitting from these awards is available on HUD’s website ↗.

Michael Maren
Michael Maren
Former marine biologist who likes to spend as much time in the tropics as possible, due to a horrible time I once had in Alaska. Brrrr.

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