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MortgagePoint November 2023

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November 2023 » thefivestar.com 73 November 2023 J O U R N A L the agency continues its work to increase the supply of affordable and sustain- able housing by releasing the Climate Resource for Housing Supply Frame- work. The Framework discusses how climate-related investments can support the development of housing, particularly affordable housing. Key objectives of this framework are to increase awareness of new funding that can be used to address both the housing shortage and climate change and to demonstrate ways to increase project viability by layering new funding sources with existing resources. "In the past few months alone, we've witnessed devastating climate events that have destroyed people's lives and homes," Assistant Secretary for Housing and Federal Housing Commissioner Julia Gordon said. "We must protect and strengthen the homes in which Ameri- cans reside, particularly those occupied by our nation's most vulnerable popu- lations, which is why we're working so hard to get climate resilience and energy efficiency resources into low-income communities across the country." GRRP is the first HUD program to simultaneously invest in energy efficien- cy, renewable energy generation, climate resilience, and low embodied carbon materials in HUD-assisted multifamily housing. Investments under the program will be made in affordable housing com- munities serving low-income families in accordance with Bidenomics—President Biden's agenda for building the Ameri- can economy from the middle out and the bottom up. The GRRP Notices of Funding Opportunity (NOFO) and additional guidance released on May 11, 2023, detail the multiple funding options for which property owners may apply: » Elements provide funding to owners for proven and meaningful climate resilience and utility efficiency mea- sures in projects that are already in the process of being recapitalized. » Leading Edge provides funding to owners with plans for ambitious ret- rofit activities to achieve an advanced green certification. » Comprehensive provides funding to properties with the highest need for climate resilience and utility efficiency upgrades, regardless of prior devel- opment or environmental retrofit experience. Property owners are encouraged to continue to submit applications for grant awards or loans in any of the three catego- ries. HUD is reviewing applications under one category each month for the duration of funding availability. HUD expects to announce awards regularly throughout 2023 and 2024, including awards under the Comprehensive category. HUD AWARDS $60 MILLION TO ADDRESS YOUTH HOMELESSNESS NATIONWIDE T he U.S. Department of Housing & Urban Development (HUD) has awarded $60.3 million to build systems to end youth homelessness in 16 communities across the country, including four rural communities. The funding was awarded through HUD's Youth Homelessness Demonstration Program (YHDP) to support a range of housing programs, including rapid re- housing, permanent supportive housing, transitional housing, and host homes. "Every young person in our country deserves a safe place to call home. Con- necting homeless youth with appropri- ate, targeted housing and services will make an enormous difference in their lives," HUD Secretary Marcia L. Fudge said. "These federal funds will support efforts in communities across the county to provide vulnerable young people with the secure, stable, and supportive hous- ing they urgently need." HUD continues to work closely with the nation's youth to develop and im- prove the YHDP program, relying upon recommendations provided directly by young people who have experienced homelessness. HUD partners with youth with lived-in experience to assess the applications submitted for funding consideration. Their assessment helped HUD ensure that applicants understood the needs and preferences of the young people they would serve.

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