Bipartisan Legislation to Increase Energy Efficiency in Multifamily Housing Introduced in Congress
For Immediate Release: July 15, 2014
Contact: Jon Searles
WASHINGTON – Representatives Jim Himes (D-CT-3), Dennis Ross (R-FL-15), Sean Duffy (R-WI-7), Emanuel Cleaver (D-MO-5) John Delaney (D-MD-6) and Ann Wagner (R-MO-2) have introduced groundbreaking “Pay-for-Success” legislation to increase energy efficiency in multifamily rental housing and reduce the $7 billion spent annually by the U.S. Department of Housing and Urban Development (HUD) on energy and water. The bipartisan supported bill H.R. 5104 would enable HUD to partner with intermediaries such as Enterprise Community Partners, Inc. (Enterprise), the Low Income Investment Fund (LIIF), and Stewards of Affordable Housing for the Future (SAHF) to finance energy and water upgrades at HUD-assisted properties that do not have the resources to replace inefficient systems.
Under the new law, intermediaries would raise private capital from philanthropic organizations and social impact investors, and then work with energy service companies and others to make water and energy improvements at HUD-assisted properties. Improvements could include adding insulation, replacing inefficient light and water fixtures, and adding new systems controls. An independent third party would then verify to HUD that reductions in energy and water usage are actually happening, and, if cost savings are realized, HUD would remit a portion of the savings to repay investors.
“This law will enable affordable rental developments to get the upgrades they need quickly and efficiently, with no additional costs to government,” said Terri Ludwig, president and CEO of Enterprise Community Partners. “We thank Representatives Himes and Ross for their leadership in introducing this legislation, and we look forward to helping modernize developments across the country to benefit the residents who call them home.”
“Using a pay-for-success strategy to support energy and water efficiency in HUD-assisted properties is an innovative, forward thinking approach to addressing our nation’s most important social and environmental challenges,” said Nancy O. Andrews, President and CEO of the Low Income Investment Fund. “We applaud Representatives Himes and Ross for introducing legislation that will help low income families and neighborhoods benefit from greener, more efficient homes.”
“All three organizations believe this legislation will provide the critical resources needed to have energy retrofits performed, lowering HUD’s energy and water costs and providing better quality housing for residents living in these properties,” said SAHF Energy President Rick Samson.
About Enterprise Community Partners
Enterprise works with partners nationwide to build opportunity. We create and advocate for affordable homes in thriving communities linked to jobs, good schools, health care and transportation. We lend funds, finance development and manage and build affordable housing, while shaping new strategies, solutions and policy. Over more than 30 years, Enterprise has created nearly 320,000 homes, invested $16 billion and touched millions of lives. Join us at www.EnterpriseCommunity.org.
About Low Income Investment Fund
The Low Income Investment Fund (LIIF) invests capital to support healthy families and communities. Since 1984, LIIF has served 1.7 million people by investing $1.5 billion. Over its history, LIIF has provided financing and technical assistance to create and preserve affordable housing, child care centers, schools, healthy food retail, health clinics and transit-oriented development in distressed neighborhoods nationwide. LIIF’s work has generated $30 billion in family income and societal benefits. LIIF has offices in San Francisco, Los Angeles, New York City and Washington, D.C. For more information about LIIF, visit www.liifund.org.
About Stewards of Affordable Housing for the Future
Stewards of Affordable Housing for the Future (SAHF) is a network of eleven high capacity not-for-profit organizations who acquire, preserve and are committed to long-term, sustainable ownership and continued affordability of multifamily rental properties for low-income families, seniors, and persons with disabilities. Our members are BRIDGE Housing, The Community Builders, Evangelical Lutheran Good Samaritan Society, Homes for America, Mercy Housing, National Church Residences, National Housing Trust/Enterprise Preservation Corporation, NHP Foundation, Inc., Preservation of Affordable Housing (POAH), Retirement Housing Foundation and Volunteers of America. Together they provide homes to over 100,000 low-income households across the country. For more information about SAHF, visit www.sahfnet.org.