Energy Savings on the Horizon for HUD
HUD spends nearly $7 billion annually on utility costs for subsidized housing nationwide. To help combat the soaring costs, the House passed the Private Investment in Housing Act of 2015 on July 14. The legislation would establish a HUD energy efficiency demonstration program for the department’s related programs.
Specifically, the legislation would allow multifamily owners who participate in the Section 8 Project-Based Rental Program, the Supportive Housing for the Elderly program, and the Housing for Persons with Disabilities Program, to access up-front capital for making energy efficiency retrofits.
The bill would give HUD the authority to enter into budget-neutral, performance based agreements that result in reductions in energy or water costs for multifamily housing. Importantly, the program is designed to offer incentives for both the resident and the owner.
NAA/NMHC continue to work closely with HUD on innovative ways to improve energy efficiency. We will likely know more about the prospects for the House bill in the Senate after the August Congressional recess.
Provided by NMHC as part of the NAA/NMHC Joint Legislative Program