Reed: Nearly $1 Billion Now Available to Lower Costs & Renovate Affordable Housing
HUD rolls out $837.5 million in grant funding and $4 billion in loan commitment authority to implement the Green and Resilient Retrofit Program, a Reed-led initiative included in the Inflation Reduction Act
WASHINGTON, DC -- New federal funding is now available to modernize and upgrade eligible federally-assisted multifamily housing serving low-income residents to cut energy bills and reduce pollution, thanks to a provision U.S. Senator Jack Reed (D-RI) helped include in the Inflation Reduction Act (P.L. 117-169).
The U.S. Department of Housing and Urban Development (HUD) today rolled out the Green and Resilient Retrofit Program (GRRP), which provides $837.5 million in federal grants and up to $4 billion in loans to make low-income, multifamily housing more energy-efficient, water-efficient, and resilient to the impacts of climate change. HUD is also making $42.5 million available to collect and assess energy and water usage data from HUD-assisted multifamily housing properties to better target opportunities to save energy and water, cut costs, and reduce emissions.
The federal funds may be used for a variety of upgrades, such as new solar panels, enhanced insulation to lower heating and cooling bills, or adding fortified roofs that protect against hurricanes and high winds.
Senator Reed, the lead author of the Green Retrofits Act, who spearheaded inclusion of this provision in the Inflation Reduction Act, says the new program is a major investment in cleaner, greener, healthier homes for low-income families that will help them meet their housing needs now and save both residents and taxpayers in the long run.
“I helped write and pass this provision to alleviate the burden of high energy prices on household budgets now and invest in long-term savings for taxpayers. This program will make it easier for multifamily buildings to do energy efficiency and resilience upgrades while generating real, long-term savings for tens of thousands of low-income residents. It will help improve their quality of life,” said Senator Reed, a senior member of the Banking, Housing, and Urban Affairs Committee. “In addition, this program will also help reduce emissions. Climate change is a serious challenge and this program is a win-win: taking cost-effective climate action while reducing financial hardship for thousands of families.”
The Inflation Reduction Act offers single-family households thousands of dollars to help save on major energy expenses through weatherization improvements and clean, energy efficient upgrades. Yet, multifamily buildings often face unique challenges, from eligibility restrictions to managing average cost and resource distribution per unit. Funding through the Green and Resilient Retrofit Program will make it easier for multifamily buildings serving low-income residents to apply for and receive federal funding for weatherization and clean energy technologies.
Approximately 18,000 Rhode Island multifamily units are eligible for GRPP grants and loans.
Under HUD’s rollout, eligible building owners can apply for the funds and use the money to invest in approved upgrades and technologies, such as solar panels, heat pumps, wind-resistant roofing, insulation, low embodied carbon materials, and other measures that will reduce greenhouse gas emissions and make properties healthier and safer for low-income residents in the face of more severe weather and a changing climate.
The program’s three Notices of Funding Opportunities (NOFOs) that were released today -- for Elements, Leading Edge, and Comprehensive -- detail a range of grant and loan funding options for multifamily housing owners with varying levels of expertise with green retrofits.
GRRP applications will be due between June 2023 and May 2024. Due dates vary depending on cohort. A live webinar for interested parties will be held on Tuesday, May 23 at 2:00 p.m.
Visit HUD.gov/GRRP for application resources.