Representatives Dennis Ross (R-FL), Jim Himes (D-CT), John Delaney (D-MD) , Sean Duffy (R-WI), Emanuel Cleaver (D-MO) and Ann Wagner (R-MO) recently introduced “Pay-for-Success” legislation (H.R. 5104 ) to increase energy efficiency in multifamily rental housing. This measure aims reduce the $7 billion HUD spends annually on energy and water. H.R. 5104 would allow HUD to partner with intermediaries such as Enterprise Community Partners, the Low Income Investment Fund (LIIF), and Stewards of Affordable Housing for the Future (SAHF) to finance energy and water upgrades at HUD-assisted properties. These intermediaries would also be able to raise private capital from philanthropic organizations and social impact investors in order to work with energy service companies and others to make water and energy improvements. Improvements could include adding insulation, replacing inefficient light and water fixtures, and adding new systems controls. The bill was referred to the House Committee on Financial Services.
Click here to read H.R. 5104.
