Funding provided through the Green Resilient Retrofit Program to improve energy efficiency and sustainability for HUD-assisted multifamily properties
CommonBond Communities is proud to receive a $3.8 million award from the US Department of Housing and Urban Development (HUD) to improve the sustainability and energy efficiency of its properties.
Funded through the Inflation Reduction Act, the Green Resilient Retrofit Program (GRRP) provides funding for direct loans and grants to projects that improve energy or water efficiency, enhance indoor air quality or sustainability, implement the use of zero-emission electricity generation, low-emission building materials or processes, energy storage, or building electrification strategies, or address climate resilience, of eligible HUD-assisted multifamily properties.
The funds will benefit CommonBond’s Vista Village, which has 48 townhomes and apartments that currently house 74 residents. All households at the property will share equally in the benefits realized through improvements made possible by GRRP comprehensive funds. Additionally, the innovative energy efficiency and green measures would otherwise not have been financially possible without them.
“A federal funding commitment of this scale for these critical improvements is catalytic in securing other local resources,” said CommonBond Communities Interim Vice President of Real Estate, Heidi Rathmann. “We hope that with this commitment, we will be able to attract additional resources, expand our scope, and complete a more substantial rehab for Vista Village that otherwise would not be possible.”
On Wednesday, October 23, 2024, representatives from HUD and CommonBond came together for a check presentation at Vista Village.
“This $3.8 million investment through the Green and Resilient Retrofit Program in Vista Village marks a major step in making Saint Paul’s housing greener and more resilient,” said Peter Hunter, HUD’s Assistant Deputy Secretary for Field Policy and Management. “We are proud to support improvements that will enhance residents’ comfort while also protecting the environment.”
CommonBond is grateful for HUD’s support and looks forward to implementing these funds in a powerful way that not only improves the property and quality of life for residents, but also takes steps toward a healthier planet.
