***Source- https://www.americancityandcounty.com/Andy Castillo, First Published 19, September, 2023
The challenges of retrofitting legacy properties to modern standards can’t be understated—both practically and fiscally. The latest investment of $18 million in funding through the Green and Resilient Retrofit Program announced last week by the U.S. The Department of Housing and Urban Development (HUD) is intended to help property owners participating in assistant multifamily housing programs overcome these challenges and modernize their buildings.
The investment, which is the program’s first round and will be distributed in a combination of grants and loans, comes through the Inflation Reduction Act, which allocated more than $800 million in grant and loan subsidies, and another $4 billion in loan commitment for the housing department’s retrofit program. The Green and Resilient Retrofit Program funding represents “a significant investment in communities that typically do not receive this type of assistance yet are often the most adversely affected by climate change,” said Assistant Secretary for Housing and Federal Housing Commissioner Julia Gordon in a statement.
In total, the money will go to 28 multifamily properties across the nation, housing more than 3,400 HUD-assisted multifamily rental homes for low-income families, seniors, and persons with disabilities. Nottingham Towers in Waterbury, Conn., for example, will receive a $743,283 loan, and Alpha Towers in Toledo, Ohio will receive a $750,000 grant.“Today’s awards from HUD will bring the benefits of clean energy and climate resilience to hardworking American families in states across the nation,” said John Podesta, senior advisor to the president for clean energy innovation and implementation.
It is the first HUD program to simultaneously invest in energy efficiency, renewable energy generation, climate resilience, and low embodied carbon materials in HUD-assisted multifamily housing, according to the statement. Investments under the program will be made in affordable housing communities serving low-income families.
Specifically, the funding will enable building owners to invest in technologies like geothermal energy systems, heat pumps, insulation and air sealing, wind- and fire-resistant roofing, low embodied carbon materials, and other measures, that will reduce energy costs and greenhouse gas emissions and make properties healthier and safer for residents in the face of more severe weather and changing climate, the statement continues.
This is the first round of awards that have been released, with additional rounds to be awarded throughout 2023 and 2024.HUD also recently announced almost $30 million for housing organizations that serve people with HIV/AIDS. Another $7 million in Choice Neighborhoods Planning Grants will go to 14 communities—$500,000 each—for neighborhood revitalization and redevelopment plans.
The grants are intended to improve resident outcomes and bring new amenities to high-poverty neighborhoods.The program has a three-pronged approach that includes the redevelopment of distressed properties, and supportive services, while investing in economic development and neighborhood improvement projects.
A two-year planning grant will allow the new awardees to create and build support for a comprehensive plan, according to a statement.“Choice Neighborhoods Transformation Plans lead to real results for public housing communities,” said Richard Monocchio, principal deputy assistant secretary for Public and Indian Housing.
“Planning grants are a great first step to bringing partners and significant resources to distressed communities—and they better position communities to pursue the funding necessary to bring a community’s vision to life.”