Housing News
HUD Allocates $837 Million From Biden’s Investing In America Agenda To Improve Housing Quality And Reduce Energy Costs For Low Income Families
HUD-assisted multifamily housing will become more energy efficient, decrease greenhouse gas emissions and improve climate resiliency with the new funding given by Inflation Reduction Act 2022.
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Washington: The U.S. Department of Housing and Urban Administration announces the availability of $830 Million through the Green and Resilient Retrofit Program (GRRP). The main aim of the energy assistance program is to reduce greenhouse gas emissions and bring a significant improvement in energy and water efficiency. The announcement will be made today by HUD Secretary Marcia L. Fudge in Center Line, Michigan.
The Inflation Reduction Act offered $837 Million as a grant and loan to HUD and $4 Billion in loan for this new program. Besides this, the Act also offers $42.5 Million for a new HUD initiative which will be launched later this summer primarily to assess energy and water usage so that it can look up for the opportunities to save energy and water. Doing so will also reduce greenhouse gas emissions and cut down costs.
HUD’s secretary, Marcia L. Fudge said, “ Under the leadership of President Biden, HUD is committed to building a more equitable and sustainable housing system and making necessary investments to reduce the impacts of climate change and improve the lives of people across America”.
Building owners will now be capable of investing in technologies such as solar panels, heat pumps, wind-resistant roofing, insulation, low embodied carbon materials, and plenty of other measures to reduce greenhouse gas emissions and make properties healthier and safe when faced with severe weather and changing climate. The program’s implementation notice includes the details of diverse grant and loan funding options for multifamily housing owners having varying expertise with green retrofits.
The Green Resilient Retrofit Program (GRRP) stands as a groundbreaking initiative by HUD, marking the first-ever program to proactively invest in energy and water efficiency, clean energy generation, and climate resilience strategies. By doing so, it aims to reduce costs for households and tackle the climate crisis. The federal funding provided under this program is meant to serve low income families. This investment will help in combating the climate crisis and aims to fulfill the goal of reaching net zero carbon emissions by 2050. Besides this, it will support equitable economic development in American communities.
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Department of Housing and Urban Development. “HUD Announces More Than $837 Million From President Biden’s Investing In America Agenda To Improve Housing Quality And Reduce Energy Costs For Underserved Communities”. HUD, May 11, 2023, HUD Announces More than $837 Million from President Biden’s Investing in America Agenda to Improve Housing Quality and Reduce Energy Costs for Underserved Communities | HUD.gov / U.S. Department of Housing and Urban Development (HUD)
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