HUD may rescind over a billion dollars earmarked for green building upgrades.
$1.4 billion of funding is in limbo amidst federal clawbacks to a program providing support for green building retrofits to affordable housing developments. As a result, renovations to the buildings have been halted, as the risk of losing Department of Housing and Urban Development (HUD) financing puts the complex web of funding required for most affordable housing upgrades in jeopardy.
“Financing affordable housing developments usually involves a complex capital stack, since providers don’t have the luxury of raising rents to cover their costs. Grants and loans under HUD’S retrofit program helped to close financing gaps for upgrades that otherwise wouldn’t be feasible,” reports Bloomberg.
Bloomberg reports that while the Green and Resilient Retrofit program has not yet been cancelled, any project that hasn’t closed their transaction with HUD is at risk. That encompasses most of the projects funded by the program.
The article gives several examples from the ground of renovation projects stalled, including asbestos removal, insulation improvements, and energy efficiency upgrades.
FULL STORY: Affordable Housing Developers Stalled by Blocked Federal Funds
EPA Terminates $116 Million in Grants for Reducing Emissions from Construction Materials
C-MORE grants were earmarked for industry trade groups and universities.
Federal Resilience Program a Lifeline for Affordable Housing Providers
The little-known Green and Resilient Retrofit Program funds upgrades and repairs that improve efficiency and comfort in existing housing stock.
HUD Resiliency Awards Target Affordable Multifamily Housing
The Green and Resilient Retrofit program aims to reduce vulnerability to climate challenges and improve energy efficiency in multifamily buildings.
Trump Administration Could Effectively End Housing Voucher Program
Federal officials are eyeing major cuts to the Section 8 program that helps millions of low-income households pay rent.
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Congress Moves to End Reconnecting Communities and Related Grants
The House Transportation and Infrastructure Committee moved to rescind funding for the Neighborhood Equity and Access program, which funds highway removals, freeway caps, transit projects, pedestrian infrastructure, and more.
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