NEW YORK CITY – The U.S. Department of Housing and Urban Development (HUD) Office of Multifamily Housing Programs has successfully finalized a $192,000 loan under the Green and Resilient Retrofit Program (GRRP) with L+M Fund Management. This funding will support energy efficiency and climate resilience upgrades at the Revive 103 apartment community in New York, New York. This marks the first GRRP award transaction closure in New York, incorporating loan funds into the construction project to enhance the property’s energy efficiency and climate resilience.
“Thanks to President Biden’s Inflation Reduction Act, we are making significant strides in reducing housing costs and improving the lives of those we serve,” stated HUD Acting Secretary Adrianne Todman. “This initiative will lower heating and cooling expenses and ensure more comfortable living conditions for numerous HUD-assisted households in New York City.”
Revive 103, a 60-unit, six-story building that serves very low-income families, was originally constructed in 1920. HUD provides project-based rental assistance to 59 of the households residing at this property. The rehabilitation project includes updates to kitchens, bathrooms, and common areas. L+M Development Partners will use the funding to preserve this essential housing and enhance the residents’ quality of life. Improvements will include tightening the building envelope and sealing all windows and exterior openings to reduce heating and cooling costs, providing more comfortable and stable indoor temperatures, particularly during extreme weather events.
“We commend the efforts of owners like L+M Fund Management nationwide who are leveraging the Green and Resilient Retrofit Program funds from this Administration to enhance the lives of residents and communities,” said Deputy Assistant Secretary for Multifamily Housing Programs Ethan Handelman. “The renovation of Revive 103 is a prime example of how public and private funds can be used innovatively to make assisted housing properties healthier, safer, and more energy efficient.”
For more information, read the original press release from: https://www.hud.gov/press/press_releases_media_advisories/HUD_No_24_138