The U.S Department of Housing and Urban Development (HUD) has created a loan authority through the Green and Resilient Retrofit Program (GRRP). This initiative is a grant and loans program for HUD-assisted multifamily properties that would help with greenhouse gas emissions, energy and water efficiency and climate resilience.
The federal funding for this program is $837.5 million and up to about $4 billion in loans authority. Elements of this plan would give those up to $750,00 per property or $40,000 per unit for specific resilience or efficiency strategies. The leading edge would be up to $10 million per property or $60,00 per unit for a completed multifaceted renovation. The comprehensive would be up to $20 million per property or $80,000 per unit for deep utility retrofits and climate resilience related upgrades.
According to U.S. Green Building Council, properties already receiving HUD multifamily assistance under Section 8 project-based rental assistance, Section 202, Section 811 or specified other small programs are eligible for GRRP funding through one of three cohorts, with options for grants or low-cost loans:
- Elements: Up to $750,000 per property or $40,000 per unit for specific resilience or efficiency strategies, such as installing heat pumps, with $140 million in total cohort funding.
- Leading Edge: Up to $10 million per property or $60,000 per unit for completing a multifaceted renovation that earns an ambitious green building certification such as LEED Zero, with $400 million in total cohort funding.
- Comprehensive: Up to $20 million per property or $80,000 per unit for deep utility retrofits and climate resilience upgrades, with $1.47 billion in total cohort funding.
Applications to close in May of 2024.