The U.S. Department of Housing and Urban Development (HUD) has announced the closing of three transactions under the Green and Resilient Retrofit Program (GRRP). These transactions aim to finance energy efficiency and climate resilience improvements for affordable rental homes in Ohio and Illinois. Specifically, $750,000 will be allocated to Alpha Towers in Toledo, Ohio, another $750,000 to Island Terrace 9% in Chicago, Illinois, and $552,313 to Riverwood Apartments in Kankakee, Illinois.
This initiative is part of the Biden-Harris Administration's effort to ensure that America's clean energy transition benefits all citizens while preserving affordable housing. All three properties are involved in HUD’s Section 8 project-based rental assistance program for low-income individuals and families.
"Through the Inflation Reduction Act and the ongoing support of President Biden and Vice President Harris, HUD continues to deliver funding to modernize HUD-assisted housing and ensure these homes are resilient," stated HUD Agency Head Adrianne Todman. "Today’s announcement means families in Toledo, Chicago, and Kankakee will benefit from energy efficiency upgrades like energy recovery systems and increased insulation."
Alpha Towers serves 165 low-income individuals and families. The GRRP funding will enable Alpha Towers Preservation, L.P., its owner, to replace windows and appliances with energy-efficient alternatives, install LED lighting fixtures throughout the building, and install water-efficient toilets.
Island Terrace 9%, located in Chicago and serving 60 low-income individuals and families, will utilize its funds for installing two high-efficiency Energy Recovery Ventilators (ERV) to reduce energy loads for the buildings. PAH Island Terrace LLC owns this property.
Riverwoods Apartments in Kankakee serves 125 low-income individuals and families. Riverwoods IL Preservation plans to use its funds for enhancing attic insulation, installing LED lighting in common areas, tightening the building envelope, and installing a roof-mounted solar system.
"We are pleased to complete these Green and Resilient Retrofit Program funding transactions with the owners of these three properties to help support the energy efficiency and climate resilience for the homes of low-income families in Ohio and Illinois," said Ethan Handelman, Deputy Assistant Secretary for Multifamily Housing Programs. "Funding this work to boost solar energy and improve air quality is exactly what the Inflation Reduction Act and its $1 billion in funding for GRRP was intended to do."
Funded under the Inflation Reduction Act, GRRP provides loans and grants for improving HUD-subsidized properties serving very low-income families. It aims at enhancing energy or water efficiency among other improvements while preparing properties for climate hazards.
More information about GRRP can be found on their website.
