Himes Cosponsors Bipartisan Bill to Boost Energy Efficiency in Affordable Housing
Washington, DC – July 18, 2014 – (RealEstateRama) — Congressman Jim Himes (CT-4) today joined four of his House colleagues in introducing bipartisan legislation to increase energy efficiency in multifamily, affordable housing communities nationwide. The bill allows the Department of Housing and Urban Development (HUD) to establish a demonstration program and enter into budget-neutral, performance-based agreements that result in reduced energy or water costs for HUD-assisted multifamily housing.
The Pay for Success Affordable Housing Energy Modernization Act is cosponsored by Himes and Reps. Dennis Ross (R-FL), Sean Duffy (R-WI), Emanuel Cleaver II (D-MO), and John Delaney (D-MD-6).
“This bipartisan legislation offers a smart, innovative way to reduce utility costs and achieve significant energy savings at no cost to taxpayers or the federal government, and without increasing the deficit,” said Himes. “I am pleased to help introduce this common-sense bill that will conserve energy, reduce pollution, and save money for families and the federal government.”
Currently, HUD spends more than $7 billion annually in energy and water costs. These high costs are attributable in large part to older housing stock that is not energy efficient. Owners of HUD-assisted properties, including housing for seniors and people with disabilities, typically lack both the capital and incentives to perform energy upgrades that could save HUD billions in utility costs.
Under the pilot program proposed by this legislation, HUD would be permitted to contract with the private sector to bring in private capital to achieve those energy savings. If savings are not achieved, the federal government does not pay. If savings are realized, they would eventually lower HUD’s energy expenditures and create savings for the federal government.
