The recently passed Inflation Reduction Act and Bipartisan Infrastructure Law have created a wealth of opportunities to scale green solutions like heat pumps, solar, and weatherization in underserved communities. Triple Bottom Line Foundation (TBL Fund) is excited to use the momentum created by these Laws to deliver more green financing services in multifamily affordable housing (MFAH) and Indigenous communities. The Feds and States are still gathering input to develop guidance for various programs, but here are some of the programs TBL Fund is keeping an eye on:
The Inflation Reduction Act provided $27 billion to the U.S. Environmental Protection Agency (EPA) for a Greenhouse Gas (GHG) Reduction Fund. Through this Fund, EPA will provide competitive grants to Community Development Financial Institutions, Housing Finance Agencies, Green Banks, and Credit Unions (among others) to mobilize financing and leverage private capital for projects that reduce GHG emissions. TBL Fund expects EPA to release requests for proposals by February 2023; EPA has until September 30, 2024, to expend the funds. The $27 billion includes:
- $7 billion for competitive grants to enable low-income and disadvantaged communities to deploy or benefit from zero-emission technologies, including distributed technologies on residential rooftops;
- $19.97 billion to provide financial and technical assistance for qualified projects that reduce or avoid GHG emissions and other forms of air pollution, with $8 billion specifically carved out for low-income and disadvantaged communities
The Bipartisan Infrastructure Law provided $550 million for the U.S. Dept. of Energy to provide funds to States, local governments, and Tribes through the Energy Efficiency and Conservation Block Grant Program (EECBG). Recipients may use the funds for purposes including:
- Developing and implementing an energy efficiency and conservation strategy
- Conducting residential and commercial building energy audits
- Providing grants to nonprofits for the purpose of performing energy efficiency retrofits
- Programs for financing energy efficiency, renewable energy, and zero-emission transportation (and associated infrastructure), capital investments, projects, and programs
The EECBG was created in 2007 and has not received funding since 2009. This new infusion of funds presents an opportunity for TBL Fund to deepen its impact in MFAH and Indigenous communities, as certain applicants can partner with TBL Fund for their programs and projects.
TBL Fund will continue to publish updates as it learns more.