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69 October 2024 J O U R N A L them to better serve their members, par- ticularly during periods of market stress." A Critical Source of Liquidity Since the publication of FHFA's "FHLBank System at 100: Focusing on the Future" study in November 2023, there has been a great deal of outreach to and interaction with the FHLBanks and other stakeholders, which is why this proposed rulemaking has been made. The proposed rule will be open for public comment to the FHFA for sixty days after it is published in the Federal Register. The Federal Housing Finance Agency (FHFA, or the Agency) intends to change the caps on bank extensions of unsecured credit in their on- and off-balance sheet and derivative trans- actions by amending its regulation on Federal Home Loan Bank (Bank) capital requirements. At the moment, overnight federal funds are only constrained by the greater "overall limit" and are not subject to the more stringent "general limit" on unsecured credit to a single counterparty. In comparison to overnight federal funds, interest-bearing deposit accounts (IBDAs) and other approved overnight investments would be included in the proposed rule's exclusion. This could offer more flexibility and a better cost-to-yield. HUD EARMARKS NEARLY $280M IN GREEN HOUSING INVESTMENTS T he U.S. Department of Housing & Urban Development (HUD) has announced nearly $279 million in awards to properties across 23 states and territories under its Green and Resilient Retrofit Program (GRRP) to support significant energy efficiency and climate resilience renovations of more than 3,500 homes. These new grants and loans will increase energy and water efficiency, re- duce climate pollution, generate renew- able energy, reduce housing operating costs, promote the use of green building materials, and improve the quality of life for residents by making their homes more resilient to climate hazards. To date, more than $1.12 billion from President Biden's Inflation Reduction Act has now been awarded to 225 properties and nearly 26,000 rental homes, to make them greener, healthier, and safer for low-income households, seniors, and persons with disabilities. With these awards, 97% of funds dedicated to GRRP have now been awarded. HUD's latest grant issuance not only represents the largest dollar amount of grants and loans made under the GRRP at one time to date but includes 11 prop- erties participating in HUD's Section 202 project-based rental assistance program for low-income seniors and six Section 811 programs for low-income persons with disabilities. "HUD has awarded over $1.1 billion through the Green and Resilient Retrofit Program to modernize housing for fami- lies across the country as the climate crisis continues to affect our most vulnerable communities," HUD Acting Secretary Adrianne Todman said. "The awards an- nounced today advance the Biden-Harris administration's housing and clean energy goals to ensure families we serve live in resilient, energy efficient, and comfortable homes where they can thrive." Largest GRRP Awards to Date The Inflation Reduction Act established the GRRP in 2022 to fund energy efficiency and climate resilience improvements for multifamily properties participating in HUD's project-based rental assistance programs This effort advances environmental justice through President Biden's Justice40 Initiative, which sets a goal that 40% of the overall benefits of certain federal investments flow to disadvantaged communities that are marginalized by underinvestment and overburdened by pollution. "This is the largest set of Green and Resilient Retrofit Program awards to date, reinforcing our continued com- mitment to large-scale rehabilitation measures that ensure the safety and security of the low-income residents who call HUD-assisted housing home," Assis- tant Secretary for Housing Julia Gordon said. "Today's awards will address some of the most extensive and greatly needed energy efficiency and climate resilience upgrades for low-income households to date." The grants and loans announced