HUD Slates $250 Million to Promote Energy Efficiency and Green Retrofits
HUD’s new “Green Retrofit Program for Multifamily Housing” will offer up to $15,000 per residential unit in multifamily housing projects to reduce energy costs, cut water consumption, and improve indoor air quality. The money is the result of approximately $250 million made available through the American Recovery and Reinvestment Act of 2009. Eligible applicants must already be HUD-assisted, either through Section 8 project-based rental assistance or Section 202 senior and Section 211 disabled programs.
Grants and loans provided through the program will help landlords and property management companies cut heating and air conditioning costs by installing more efficient heating and cooling systems and to reduce water use by replacing faucets and toilets. The funds will also be used to encourage the use of recycled building materials, reflective roofing, and low-VOC products to reduce potentially harmful “out gassing.” Initially, applicants will be assessed based on their financial health prior to more thorough underwriting and a physical evaluation of the property itself.