The recent announcement of over $279 million in new investments through HUD’s Green and Resilient Retrofit Program (GRRP) represents a significant boost for affordable housing developers, particularly those focused on multifamily rental units. These funds will be used to retrofit existing properties, enhancing energy efficiency and climate resilience. Developers will benefit from reduced operational costs through energy savings, while also improving living conditions for residents.
In addition to lowering carbon footprints, the upgrades include modernized HVAC systems, renewable energy sources and advanced building materials. Developers serving low-income households, seniors and people with disabilities will be able to modernize properties, making them more sustainable and better equipped to handle the impacts of climate change.
The investments align with the Biden-Harris administration’s broader commitment to sustainable housing solutions. With $1.12 billion already awarded since GRRP’s inception, affordable housing developers are poised to make their properties not only greener but also more affordable over the long term. The initiative marks a forward-thinking approach, ensuring that housing remains affordable while supporting climate goals.
For developers, this program offers a unique opportunity to innovate, reduce future costs and improve their marketability in the affordable housing market by offering updated, energy-efficient units.
Future Funding: Developers looking to access future GRRP funds should remain informed about upcoming rounds of funding and ensure they meet any environmental and compliance requirements specified by HUD. Maintaining relationships with local HUD offices and attending relevant workshops can also provide valuable insights into funding availability and application best practices.
For more detailed guidance on the GRRP application process and specific deadlines, developers can visit the HUD website or other informative resources, including Baker Tilly’s insights on GRRP funding.
