The objective of this new Green Retrofit Program is to make loans, make grants, and take a variety of other actions to facilitate utility-saving and other green building retrofits, in certain existing HUD-assisted multifamily housing, subject to agreement between HUD and the Owner.
By retrofitting accepted properties for reduced energy demand, reduced water consumption, lower operating costs, improved resident quality of life (including comfort, and indoor air quality), and reduced overall impact on the environment, the Green Retrofit Program will have several public benefits. Reduced utility consumption through greater systems efficiency, training of residents, owners and property management, and operations consistent with green building principles and best practices, will decrease consumer energy costs, and generate future savings benefits to HUD and its budget, property owners and residents. By consuming fewer utilities, property operations will result in reduced greenhouse gas emissions when compared to pre-retrofit consumption, and presumably when compared to average property consumption patterns. Reduction in utility consumption in retrofitted properties, and generation of energy through alternative sources such as solar, wind and geothermal, moves our communities and the United States toward greater energy independence. The energy and green retrofits will create jobs, generally green jobs for the new, green economy, in several industries, including: green-collar professionals in the building analysis trades (property inspectors, energy auditors, integrated pest management professionals, financial analysts, architects, engineers, and asset managers), building construction trades (electricians, plumbers, window installers, siding contractors, recycling/salvage contractors, flooring contractors, pest management professionals, landscapers, painters, HVAC contractors, insulation contractors and installers, cabinet makers and installers), green product manufacturers (Energy Star appliances, efficient HVAC systems, environmentally sensitive flooring manufacturers, and manufacturers of paint, cabinet, lighting, insulation, siding, electronic systems controls, low-flow toilets, faucets and other water features), and indirect beneficiaries from the activities generated in the above-listed categories. Through these retrofits, focused on long-term feasibility and sustainability, this program will increase the overall quality and longevity of housing serving low-income individuals and families around the country, improving the neighborhoods and cities in which the properties are located; the improved properties will serve as examples to the communities in which the beneficiary properties are located of how to rehabilitate, maintain and operate a multifamily property in a green, sustainable way. The retrofit and consequent green operations and maintenance of the properties assisted through the Green Retrofit Program will benefit the residents, neighborhoods and communities by creating opportunities for training and education of residents and community members on conservation, green building principles and practices, and the benefits of a green approach to building and operating housing.