On May 11, the Biden Administration and the U.S. Department of Housing and Urban Development (HUD) announced new funding that will be available through the new Green and Resilient Retrofit Program (GRRP) as part of the Inflation Reduction Act (IRA).
Through the IRA, HUD is receiving US$ 837.5 million in funding for providing grants and loans as well as US$ 4 billion in loan commitment authority for the GRRP. The GRRP is designed to create investment for improving energy and water efficiency, reducing greenhouse gas emissions, and enabling the transition to clean energy in multifamily housing targeted to serve low-income families.
Multifamily building owners can use the funds to retrofit and improve their buildings by investing in green technologies, including heat pumps, solar panels, insulation, and low-embodied carbon materials that can reduce greenhouse gas emissions while saving residents’ money and improving resident and community health.
“Lower-income communities are often the last to obtain access to state-of-the-art efficiency, resilience, and clean energy technologies. The GRRP will change this by providing communities with an opportunity to lead the multifamily sector in retrofitting homes to make them safer and more sustainable for the future,” said Julia Gordon, HUD assistant secretary for Housing.
President Biden has set the goal of retrofitting 4 million buildings and 2 million homes during his first term in office.
Post time: Jul-11-2023
