The U.S. Department of Housing and Urban Development’s (HUD) Office of Multifamily Housing Programs has finalized a $192,000 loan transaction under the Green and Resilient Retrofit Program (GRRP) with L+M Fund Management. This funding aims to support energy efficiency and climate resilience renovations at the Revive 103 apartment community in New York City. The project is part of President Biden’s Investing in America agenda, facilitated by the Inflation Reduction Act.
"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, a six-story building constructed in 1920, houses very low-income families with HUD providing project-based rental assistance to 59 out of its 60 units. The renovation includes updates to kitchens, bathrooms, common spaces, as well as enhancements to the building envelope and sealing all windows and openings to improve energy efficiency.
"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."
The GRRP, funded by the Inflation Reduction Act, provides loans and grants for improvements in HUD-subsidized properties serving low-income families, seniors, and persons with disabilities. The program focuses on enhancing energy or water efficiency, indoor air quality, zero-emission electricity generation, low-emission building materials acquisition, building electrification strategies, and climate resilience.
As part of its broader initiative:
- Elements awards offer modest funding for incorporating climate resilience measures into ongoing projects.
- Leading Edge awards fund ambitious carbon reduction goals without extensive technical assistance from HUD.
- Comprehensive awards target properties needing significant upgrades for deep retrofits focusing on energy efficiency and greenhouse gas emissions reductions.
As of May 21, 2024:
- GRRP funding has been awarded to 122 properties encompassing over 14,000 rental homes across 36 states and Washington D.C.
- More than $610 million has been allocated through grants ($255.5 million) and surplus cash loans ($355.8 million).
- Properties receiving these funds include those under Multifamily Section 8 project-based rental assistance (99 properties), Section 202 for low-income seniors (21 properties), and Section 811 for persons with disabilities (one property).
Additionally:
- Over 800 properties have enrolled in HUD's free energy and water benchmarking service funded by more than $40 million from the Inflation Reduction Act.
Further information about GRRP can be found on its official website.
