As energy prices climb, much like everything else recently, the Biden Administration announced through the Department of Housing and Urban Development (HUD) that new measures are being put in place to help families served by HUD go green and install solar panels which will lower their electricity bill.
According to their announcement, over 4.5 million low-income families are served by various HUD programs. It is the goal of the agency to connect those low-income families to programs at their regional and local offices to highlight federal funding sources— including funding streams from President Biden’s Bipartisan Infrastructure Law, and HUD programs such as Home Investment Partnerships Program and Community Development Block Grant HOME and CDBG that can be used to improve energy efficiency and lower utility costs for communities including HUD-assisted properties and residents.
““The combination of extreme heat and rising utility prices creates a perfect storm, and HUD-assisted families and communities are some of the most vulnerable,” said Secretary Marcia L. Fudge. “The steps announced today by the Biden Administration will not only help families reduce utility costs, but also provide an opportunity for HUD-assisted residents to participate in the clean energy economy through local community solar programs.”
New guidance to connect families to community solar power
Hud has issued a national guidance bulletin to help ensure that residents of HUD-assisted housing can access these cost-saving community solar programs. Through their guidance, HUD shows that the 4.5 million families using its services could benefit from community solar programs which could reduce its members energy bills by about 10%, if not more.
Small Rural Frozen Rolling Base Utility Program
This program enables small rural housing authorities to retain utility cost savings from efficiency or capital investments from conservation measures. Today’s announcement includes a new educational campaign and partnership to encourage broader usage of the incentive and help housing authority partners with weatherization providers to access low-cost energy efficiency measures. HUD will also publish a list of eligible regions and buildings they own, and updated income eligibility requirements for the Department of Energy Weatherization Program. Click here to read more about the Small Rural Frozen Rolling Base Program.
FHA’s 203(k) Rehabilitation Mortgage Insurance Program
The HUD has acknowledged the urgent need for utility cost savings, so they are working to educate lenders and homebuyers about the products the Federal Housing Administration (FHA) offers for energy-efficient improvements that may help homeowners reduce their energy costs.
The 203(k) Rehabilitation Mortgage Insurance program is FHA’s primary program for the rehabilitation and repair of single-family properties. It is flexible and makes it easy to incorporate the costs of repairs into a loan when purchasing a …….