The Obama Administration and the state of California are teaming with the Chicago-based MacArthur Foundation on a pilot program whose goal is to unlock Property-Assessed Clean Energy (PACE) financing for multifamily housing.
PACE programs provide money to accelerate renewable energy and efficiency retrofits for energy and water in multifamily housing, with the intention of making that housing more affordable for low-income renters.
California Gov. Jerry Brown announced last month that his administration is creating a California Multifamily PACE program with MacArthur, which has committed at least $10 million in impact investments toward this program and other innovations it is exploring. U.S. Housing and Urban Development Secretary Julian Castro says his department will issue new guidance under which HUD can approve PACE financing on HUD-assisted and HUD insured housing in California. The U.S. Department of Energy is working with the state to assess the performance of this program.
The San Jose Mercury News reports that HUD has also committed to support California’s creation of another pilot financing program for multifamily building, where most or all of the energy use is billed through a common meter.
California’s efforts tie into the Obama Administration’s goal of installing 100 megawatts of renewable energy across federally subsidized housing by 2020. About one-quarter of U.S. households are multifamily, with more than 3 million units in California alone.
Improving energy efficiency in these buildings nationwide by 20% would save nearly $7 billion in energy costs each year and cut 350 tons of carbon pollution in a decade, according to White House estimates.
“Reducing our energy consumption by 50 percent on existing buildings, increasing renewables 50 percent and reducing our petroleum as close to 50 percent as we can,” Brown said about his initiative.
Related Stories
Wood | Nov 1, 2022
A European manufacturer says its engineered wood products can store carbon for decades
Metsä Wood, a Finland-based manufacturer of engineered wood products, says its sustainable, material-efficient products can store carbon for decades, helping to combat climate change.
Data Centers | Oct 31, 2022
Data center construction facing record-breaking inflation, delays
Data center construction projects face record-breaking inflation amid delays to materials deliveries and competition for skilled labor, according to research from global professional services company Turner & Townsend.
School Construction | Oct 31, 2022
Claremont McKenna College science center will foster integrated disciplinary research
The design of the Robert Day Sciences Center at Claremont McKenna College will support “a powerful, multi-disciplinary, computational approach to the grand socio-scientific challenges and opportunities of our time—gene, brain, and climate,” says Hiram E. Chodosh, college president.
Energy Efficient Roofing | Oct 28, 2022
Rooftop mini turbines can pair with solar panels
A new type of wind turbine can pair well on roofs with solar panels, offering a double source of green energy generation for buildings.
Building Team | Oct 27, 2022
Who are you? Four archetypes shaping workspaces
The new lifestyle of work requires new thinking about the locations where people work, what their workflow looks like, and how they are performing their best work.
Codes and Standards | Oct 27, 2022
Florida’s Surfside-inspired safety law puts pressure on condo associations
A Florida law intended to prevent tragedies like the Surfside condominium collapse will place a huge financial burden on condo associations and strain architecture and engineering resources in the state.
University Buildings | Oct 27, 2022
The Collaboratory Building will expand the University of Florida’s School of Design, Construction, and Planning
Design firm Brooks + Scarpa recently broke ground on a new addition to the University of Florida’s School of Design, Construction, and Planning (DCP).
Building Team | Oct 26, 2022
The U.S. hotel construction pipeline shows positive growth year-over-year at Q3 2022 close
According to the third quarter Construction Pipeline Trend Report for the United States from Lodging Econometrics (LE), the U.S. construction pipeline stands at 5,317 projects/629,489 rooms, up 10% by projects and 6% rooms Year-Over-Year (YOY).
Data Centers | Oct 25, 2022
Virginia county moves to restrict the growth of new server farms
Loudoun County, Va., home to the largest data center cluster in the world known as Data Center Alley, recently took steps to prohibit the growth of new server farms in certain parts of the county.
Museums | Oct 25, 2022
Seattle Aquarium’s new Ocean Pavilion emphasizes human connection to oceans
Seattle Aquarium’s new Ocean Pavilion, currently under construction, features several exhibits that examine the human connection with the Earth’s oceans.
