On May 24, 2024, the U.S. Department of Housing and Urban Development (HUD)'s Office of Multifamily Housing Programs announced the completion of a $363,131 loan transaction under the Green and Resilient Retrofit Program (GRRP) with Palmer Park Housing Partners, LP. This initiative is part of President Biden’s Investing in America Agenda. The funding from the Inflation Reduction Act will support energy efficiency and climate resilience renovations for the Palmer Park apartment community in Glendale, California.
Palmer Park is a 12-unit, two-story building serving low-income individuals and families. It marks the first integration of a GRRP award into a construction project in California, aiming to enhance environmental resilience while optimizing energy usage.
“Under this Administration, we are not just talking the talk on climate resilience and energy efficiency – we are making things happen,” said HUD Acting Secretary Adrianne Todman. “Today, we are delivering a deal to make crucial green upgrades for families in Glendale, California, ensuring these affordable rental households are efficient and resilient for the future.”
The property receives rental assistance from HUD's Section 8 program for all 12 households. Built in 1983, it is undergoing rehabilitation to improve energy and water efficiency with upgrades such as Energy Star windows and refrigerators, a new roof, low-flow plumbing fixtures, exhaust fans, and LED lighting. These enhancements are funded by HUD's GRRP.
“This first GRRP transaction to close in California showcases the ability of Green and Resilient Retrofit Program funding to help properties of all sizes become safer, more energy efficient, and healthier,” said Deputy Assistant Secretary for Multifamily Housing Programs Ethan Handelman. “Financing these important upgrades at Palmer Park and similar properties throughout the country will improve the lives of residents and highlights this Administration’s dedication to addressing both affordable housing and climate change.”
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 diverse needs across the country.
As of May 21, 2024:
- GRRP funding has been awarded to 122 properties encompassing more than 14,000 rental homes.
- More than $610 million has been awarded in grants ($255.5 million) and surplus cash loans ($355.8 million).
- The awards span seven rounds of funding: 99 properties receive Multifamily Section 8 project-based rental assistance; 21 properties receive Section 202 project-based rental assistance for low-income seniors; one property receives Section 811 project-based rental assistance for low-income persons with disabilities.
- The program caters to various property sizes: over 20 properties have fewer than 50 units; around 77 have between 50-100 units; while approximately17 have more than200 units.
Additionally,m ore than800properties have signed upfor HUD’s freeenergyandwater benchmarking service,fundedwithmorethan$40millionfromthePresident’sInflationReductionAct.Thisbenchmarkingservicehelpspropertyownersbetterunderstandtheirenergyandwaterconsumptioninrelationtoothersimilarproperties,enablingthemtoassesspotentialefficiencyupgradesfundedundertheGRRP.
More information about GRRP can be found on its website.
