Last updated on February 7th, 2024
In a matter of weeks, HUD introduced free water and energy benchmarking services for multifamily property owners and updates to the Green and Resilient Retrofit Program (GRRP). Here are the highlights…
Free Benchmarking
How much water and energy is a multifamily property using? How does that compare to similar properties? Are there ways to save water and energy while promoting a healthier environment? What funds are available to help upgrade water and energy systems? HUD-assisted multifamily property owners may get answers via HUD’s Free Energy and Water Benchmarking Service.
Owners of properties participating in in HUD’s multifamily assisted housing programs, including Section 8 project-based rental assistance, Section 202 housing for low-income elderly, Section 811 housing for low-income persons with disabilities, and Section 236 preservation programs are eligible to take advantage of HUD’s free energy and water benchmarking service.
Program participants receive information about a property’s energy and water consumption, how they compare to similar properties’, and savings recommendations; Energy Star Portfolio Manager benchmarking analytics; and training, technical assistance, and other resources.
Data can help property owners identify ways to improve energy efficiency, foster a healthier living environment, and promote green investments. It can also help identify upgrades that may be eligible for GRRP grants and loans, as well as other funding sources. Finally, it may help satisfy benchmarking requirements for multifamily properties implemented by local jurisdictions and as part of the general GRRP benchmarking requirement.
HUD is estimating that up to 9,000 properties may participate. Leidos, HUD’s contractor, will be reaching out to eligible property owners over the coming months. Property owners and management agents can also email their interest in participating and property ID(s) to MFBenchmarking@hud.gov. Then, watch for official communications from Leidos.
GRRP Updates
On January 8, HUD issued Housing Notice 2024-01 increasing the flexibility and administrative ease of the GRRP. It applies to current GRRP award recipients and those selected during upcoming application periods. Changes allow for more funds to be available during construction; update Surplus Cash Loan terms; provide guidance on the purchase of renewable energy credits; specify when Davis-Bacon wage rates lock in and provide guidance for owners entering into project labor agreements with unions; and include administrative updates, and more.
2024 GRRP application deadlines are January 31 and April 30 for Leading Edge; February 28 and May 30 for Comprehensive; and March 28 and July 31 for Elements. For more information and details, including new FAQs, visit GRRP on HUD.gov. For background on the GRRP, click here.
As you focus on these HUD programs and updates, remember that you can count on RBT CPAs when it comes to accounting, tax, audit, or business advisory needs. Please feel free to give us a call.
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