June 5, 2024

HUD: Deal Finalized to Promote Energy Efficiency and Climate Resilience for New York Families

The transaction is funded by the Inflation Reduction Act as part of President Biden’s Investing in America agenda to provide more comfortable homes for families.

Today, the U.S. Department of Housing and Urban Development’s (HUD) Office of Multifamily Housing Programs, announced it has completed a $192,000 loan transaction under the Green and Resilient Retrofit Program (GRRP) with L+M Fund Management to help finance energy efficiency and climate resilience renovations of the Revive 103 apartment community in New York, New York. This is the first transaction closing of a GRRP award in New York, with loan funds incorporated into the construction project to increase the energy efficiency and climate resiliency of the property.

“Thanks to President Biden’s Inflation Reduction Act, we are making real improvements to lower housing costs and make the lives of the people we serve more comfortable,” said HUD Acting Secretary Adrianne Todman. “Today’s announcement will reduce heating and cooling costs and provide more comfortable temperatures for dozens of HUD-assisted households in New York City.”

Revive 103 is a 60-unit, six-story building serving very low-income families. HUD provides project-based rental assistance to 59 of the households residing at the property. Originally constructed in 1920, the property is undergoing rehabilitation to update kitchens, bathrooms, and common spaces. L+M Development Partners will use the funding to preserve this critical housing stock and improve the quality of life for residents by tightening the building envelope, sealing all windows and openings in the exterior to reduce heating and cooling costs, which will provide more comfortable and predictable temperatures for residents, during extreme weather events-particularly during times of extreme heat.

“We are proud of the work being undertaken by owners like L+M Fund Management throughout the country who are making use of this Administration’s Green and Resilient Retrofit Program funding to improve the lives of residents and communities,” said Deputy Assistant Secretary for Multifamily Housing Programs Ethan Handelman. “The rehabilitation work at Revive 103 is just one example of innovative use of public and private funds to make assisted housing properties healthier, safer, and more energy efficient.”

About GRRP

Funded under the Inflation Reduction Act, GRRP provides funding for direct loans and grants to make improvements to HUD-subsidized properties serving very low-income families, seniors, and persons with disabilities. Properties were selected through three distinct funding opportunities designed to meet the diverse needs of properties across the country. Funding can be used to improve energy or water efficiency, enhance indoor air quality, install zero-emission electricity generation and energy storage equipment, acquire low-emission building materials, implement building electrification strategies, or address and improve climate resilience. The program seeks to amplify recent technological advancements in energy and water efficiency and to bring a new focus on preparing for climate hazards by reducing residents’ and properties’ exposure to hazards and by protecting life, livability, and property when disaster strikes.

HUD has offered funding through three GRRP award types targeting HUD-subsidized affordable housing:

FACT SHEET: Green and Resilient Retrofit Program Progress to Date

More program information is available on the GRRP Website.

This post was originally published here.