HUD Unveils ‘Green Retrofit’ Grants and Loans
Washington, May 19 — As we told you in your first subscriber-only special report, the Recovery Act includes more than $2 billion for owners of public housing multifamily properties to carry out "green retrofits" of existing units in order to improve energy efficiency, protect tenant health or otherwise benefit the environment. And now, the Department of Housing and Urban Development (HUD) has released complete details on how the new Green Retrofit Program (GRP) grants and loans will operate.
GRP grants and loans funded by the Recovery Act are being made available to owners of Section 202 multifamily housing projects for the elderly; Section 811 multifamily projects for persons with disabilities; and Section 8 multifamily housing units in which tenants are responsible for heating and lighting costs. (Housing units assisted by Section 8 vouchers are not eligible for funding.) Grants and loans are intended to lower tenants’ utility bills, reduce housing projects’ environmental impact and stimulate economic activity.
