BY JARED GANS
The Biden administration announced it is providing more than $830 million to help make low-income housing energy efficient using funds from the Inflation Reduction Act that passed last year.
The White House said in a release Thursday that the Department of Housing and Urban Development (HUD) is making the money available through a funding notice for the Inflation Reduction Act’s Green and Resilient Retrofit Program, which makes investments in energy and water efficiency, reducing greenhouse gas emissions, generating clean energy, and implementing climate strategies in multifamily housing.
The program is designed to simultaneously address climate change and reduce costs for households.
The Inflation Reduction Act, which President Biden signed into law last year, made massive investments in climate and clean-energy programs, providing $27 billion in incentives for clean-energy technology and tax credits for clean-energy expenses.
The program will also have the authority to commit $4 billion for loans, according to the release. The law also provides $42.5 million for a HUD initiative that will launch this summer to collect and assess data on energy and water usage in assisted multifamily housing properties.
“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,” HUD Secretary Marcia Fudge said in a release. “The launch of the Green and Resilient Retrofit Program today will ensure low-income individuals and families have better access to healthy, energy efficient, and resilient homes.”
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