The Department of Housing and Urban Development has announced the next round of funding awards under its Green and Resilient Retrofit Program, which provides funding for direct loans and grants to fund projects that improve energy or water efficiency.
The awards in this round totaled $174 million, bringing the total amount of funding awarded to date to $544 million, or more than 50% of the program’s allocation.
Of the awardees receiving grants and loans in six rounds of funding, 21 properties are receiving Section 202 Supportive Housing for the Elderly project-based rental assistance, 87 properties are receiving Multifamily Section 8 project-based rental assistance, and one is receiving Section 811 project-based rental assistance for low-income people living with disabilities. The new grants and loans, announced last week, will support energy efficiency and climate resilience renovations at 25 properties participating in HUD’s multifamily project-based rental assistance programs for low-income older adults and others.
“The Green and Resilient Retrofit Program is designed to improve the health, safety, quality and comfort of residents’ homes and to ensure HUD-assisted multifamily housing becomes more sustainable,” Acting Secretary Adrianne Todman said in a press release.
Income caps
Meanwhile, on Tuesday, HUD announced revised median family income limits for 2024. The limits determine eligibility for HUD-assisted programs and low-income housing tax credit, or LIHTC, properties for the year. The agency also has added a new 10% ceiling on the annual cap.
“HUD develops annual income limits based on median family income estimates and Fair Market Rent area definitions. Income limits are also adjusted according to family size and in areas with unusually high or low incomes relative to housing costs,” according to LeadingAge.
The revised income limits do not affect current residents, according to LeadingAge, but will be used by “certain HUD-assisted properties” as they admit new residents as of April 1.
Additionally, the White House is expected to announce a cap on rent raises next week for some affordable housing units.
