HUD launched a Funding Navigator to connect program participants to billions in federal funding and tax credits to improve carbon reduction and climate resilience.
The U.S. Department of Housing and Urban Development (HUD) announced its first-ever Funding Navigator, an interactive tool that allows the user to browse and sort funding opportunities for billions of dollars in funding available under the Inflation Reduction Act (IRA), Bipartisan Infrastructure Law (BIL). As a part of President Biden’s Investing in America agenda, potentially eligible entities will be able to sort funding resources based on audience, activity, funding type, location, and other items. The Funding Navigator helps HUD program participants maximize the utilization of IRA and BIL resources for carbon reduction and climate resilience efforts.
Over the summer, details on several IRA climate programs were released that provide an incredible opportunity for HUD-assisted communities. The programs support renewable energy, resiliency, and energy efficiency standards and make investments in affordable housing a priority. Programs like EPA’s National Clean Investment Fund and Clean Communities Investment Accelerator ($20 billion) call out the decarbonization of multifamily affordable housing as an example under one of three priority project categories for investment. Treasury’s Low-Income Communities Bonus Credit program (48e) provides a 20-percentage point credit boost for projects that benefit HUD-assisted properties, and DOE’s Home Energy Rebate Programs ($8.5 billion) require states to allocate 40% of rebates to low-income households and 10% to low-income multifamily buildings at a minimum.
These and other programs provide transformative climate investments for low-income and disadvantaged communities, lower housing costs, and increase housing supply and affordability. HUD, through its Funding Navigator and other tools, is helping program participants understand and access these opportunities.
