The Inflation Reduction Act (IRA) is the largest energy incentive effort in U.S. history with game changing opportunities for developers. The Green and Resilient Retrofit Program (GRRP) created by the IRA is designed to enhance the health, safety and support of vulnerable communities by moving towards environmentally sustainable and healthy housing. The GRRP has substantial funding to support green and resilient retrofits of certain properties participating in HUD's Multifamily Assisted Housing programs. In addition, it provides $837.5 million in federal grants and up to $4 billion in loans to make low-income housing more energy-efficient.
Why is the GRRP so compelling?
It levels the playing field in its application process, allowing various multifamily HUD-assisted developers to apply to one of the categories. Eligible developers range from small owners to larger, more sophisticated developers with a bigger portfolio that have advanced green certifications. As an added bonus, the GRRP can be added to other IRA credits.
Eligible owners include those who received funding from HUD under the following programs:
- Multifamily Section 8 project-based rental assistance
- Section 202 Supportive Housing for Low-Income Elderly
- Section 811 Supportive Housing for Low-Income Persons with Disabilities.
The awards are categorized into three cohorts: Element, Leading Edge and Comprehensive.
Read the full article by Baker Tilly Principal Don Bernards on Multifamily Dive to get a deeper understanding of the three cohort awards and how to apply for each type of award.
