Assisted Housing Stability And Energy And Green Retrofit Investments Program (recovery Act Funded)

Grants or loans for energy retrofit and green investments in assisted housing.

Last Known Status
Active
Program Number
14.318
Federal Agency
Agency: Department of Housing and Urban Development
Office: Office of Housing-Federal Housing Commissioner
Types of Assistance
Project Grants (Special)
Uses and Use Restrictions
New program to provide funding for energy and green retrofit investments to certain, eligible assisted, affordable multifamily properties, including incentives for participating property owners, a set-aside for administrative functions, and a set-aside for due diligence and underwriting support. Assistance will be for specific retrofit purposes.
Authorization
American Recovery and Reinvestment Act of 2009, Public Law 111-5, Title XII.
Eligibility Requirements
Applicant Eligibility
Owners of properties receiving assistance under certain HUD programs are eligible (see HUD Notice H-09-02). Awards are for use in specified green and energy retrofits to the subject properties.
Beneficiary Eligibility
Owners of participating properties, residents of those properties, and broader community beneficiaries.
Credentials/Documentation
Eligible owners must have at least a satisfactory management review rating, be in substantial compliance with applicable performance standards and legal requirements, and commit to an additional period of affordability determined by the Secretary, but of not fewer than 15 years. This program is excluded from coverage under OMB Circular No. A-87.
Application and Award Process
Preapplication Coordination
Potential Applicants were notified by publication of HUD Notice H-09-02 in the Federal Register and on HUD's website, containing all program details and application procedures and requirements. Environmental impact information is not required for this program. This program is excluded from coverage under E.O. 12372.
Application Procedure
This program is excluded from coverage under OMB Circular No. A-102. This program is excluded from coverage under OMB Circular No. A-110. Eligible owners applied electronically via HUD web address, and required application with forms and exhibits (all available via Agency website and referenced and linked in the Notice) were mailed to Agency headquarters address to be specified in the Notice. Due to oversubscription of the program, applications will not be accepted after November, 2009.
Award Procedure
All eligible owners submitting complete applications were accepted on a first-come, first-served basis subject to certain limitations by category.
Deadlines
Contact the headquarters or regional office, as appropriate, for application deadlines.
Range of Approval/Disapproval Time
From 120 to 180 days. Recipients must spend all funds within 24 months of receipt.
Generally approval or disapproval will take 120-180 days from application. It may take as little as one day for disapproval (ineligible owner, incomplete application), and as much as 18 months for final approval/disapproval if a full Mark-to-Market debt restructure is completed concurrent with the award under this program.
Appeals
Not Applicable.
Renewals
Only one grant or loan can be made for each property under this program.
Assistance Considerations
Formula and Matching Requirements
This program has no statutory formula.
Matching Requirements: Percent: 50.%. Allocations based on portfolio pro rata share of funds (by housing units), property size, owner entity, and geographic distribution. No matching requirements unless i) there are excess funds in the residual Receipts or Reserves for Replacement account, in which case those excess funds will match up to 50% of funds from this program, or ii) the property is less than 100% assisted through HUD rental property assistance programs, in which case the property owner will have to pay the proportional cost of improvements for all non-assisted units.
MOE requirements are not applicable to this program.
Length and Time Phasing of Assistance
All funds will be obligated by September 30, 2010. Receiving property owners are required to spend the funds on the specific improvements within two years of receipt. See the following for information on how assistance is awarded/released: Loans released into a Retrofit Funding Account, Grants distributed through Letter of Credits accounts.
Post Assistance Requirements
Reports
Program reports are not applicable. Cash reports are not applicable. Owners will be required to submit reports compliant with American Recovery and Reinvestment Act(ARRA) and OMB requirements. Receiving owners must report independently-verified progress on rehabilitation in order to request construction draws from program-funded escrow accounts. Owners must continue to comply with all other reporting requirements of the various HUD loan and subsidy program under which they operate, generally including annual, electronically-filed financial statements for the project audited by an Independent Public Accountant and other statements as to project operation, financial conditions and occupancy, and verification and certification of qualifying resident incomes. Expenditure reports are not applicable. Performance monitoring is not applicable.
Audits
This program is excluded from coverage under OMB Circular No. A-133. The property owner must permit HUD to independently inspect the property to ensure final and satisfactory completion of all program-funded improvements. The owner must also permit HUD to review and audit the management and maintenance of the project.
Records
HUD will maintain detailed records of program grant and loan supporting documents. Loans, mortgages, use agreements and regulatory agreements will be publicly recorded in the respective jurisdictions.
Program Accomplishments
Fiscal Year 2009: HUD Notice H-09-02 was published in May, 2009, applications were accepted beginning June, 2009, and over 200 properties were accepted and began processing in FY 2009. Fiscal Year 2010: Approximately 200 properties with 20,000 units of housing will have funding obligated, for the purpose of energy and green retrofits of the properties and units. Energy savings are expected, indoor air quality should be improved, and greater environmental benefits will result from the sustainable building practices. Fiscal Year 2011: All obligations will be made prior to FY 2011, however the completion of funded retrofits will occur largely in FY 2011, with Agency oversight.
Financial Information
Account Identification
86-0306-0-1-604 - 86-0306 2009/2010.
Obligations
(Project Grants) FY 09 $0; FY 10 est $235,000,000; and FY 11 est $0 - All obligations will be made by September 30, 2010.
Range and Average of Financial Assistance
Range of between $0 and $15,000 per housing unit, with an anticipated average of approximately $12,000 per housing unit. With an average property size of approximately 80 units per property, the average per property funding is anticipated to be approximately $900,000.
Regulations, Guidelines and Literature
HUD Notice H-09-02.
Information Contacts
Regional or Local Office
See Regional Agency Offices. OAHP, 1280 Maryland Ave, SW, suite 380, Washington, DC 20024
OAHP, 26 Federal Plaza, Room 32-102, New York, NY 10278
OAHP, 77 West Jackson Blvd, Room 2301, Chicago, IL 60604.
Headquarters Office
Theodore Toon, Department of Housing and Urban Development, Office of Affordable Housing Preservation, 451 7th St, SW, Suite 6230, Washington, District of Columbia 20410 Email: POC@DHS.gov Phone: (202) 708-0001.
Website Address
http://www.hud.gov/recovery
Examples of Funded Projects
Not Applicable.
Criteria for Selecting Proposals
A feasibility analysis will be conducted on each accepted property to determine whether or not a grant or loan will be offered (feasibility is required by the Recovery Act). If feasible a detailed physical and financial analysis will be conducted by the Agency to determine final feasibility, and to size the appropriate grant or loan; such grant or loan will be offered to the owner. If accepted, the funds will establish an escrow account to fund the improvements and owner incentives.
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