Congressman Cohen Announces $17.1 Million to Make Energy-Efficiency Upgrades for Low-Income Housing

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HUD investment in residential developments in Memphis and Covington

MEMPHIS – RealEstateRama – Congressman Steve Cohen (TN-9) today announced that the U.S. Department of Housing and Urban Development (HUD) is investing $17,120,000 for energy efficiency upgrades to housing developments in Covington and Memphis. The owners of Wesley Stage Park in Memphis will receive $5,280,000 and the owners of the Broadmeadow Apartments in Covington will receive $11,840,000.

The funding, which is part of President Biden’s “Investing in America” agenda, comes from a total of $173.8 million announced in new grant and loan awards under its Green and Resilient Retrofit Program (GRRP). This funding will support energy efficiency and climate resilience renovations at 25 properties participating in HUD’s Multifamily project-based rental assistance programs for low-income individuals, families, and seniors.

All of the announced investments will advance environmental justice in line with President Biden’s “Justice 40 Initiative,” which sets a goal that 40 percent of the overall benefits of certain federal investments flow to disadvantaged communities that are marginalized by underinvestment and overburdened by pollution. Retrofitting these homes will reduce their carbon emissions, make them more resilient to extreme weather events, and advance the President’s housing and clean energy agenda, ensuring affordable housing stays affordable for residents and building owners across the nation.

Congressman Cohen made the following statement:

“These investments in HUD-supported housing will ultimately benefit tenants where improved energy efficiency will strengthen communities, lower energy costs, and make residents more healthy. I am pleased to see this targeted spending in the places where it is needed most.’

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