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House Passes the Private Investment in Housing Act of 2015

Published on July 15, 2015 by
House Passes the Private Investment in Housing Act of 2015

July 14, the House of Representatives passed The Private Investment in Housing Act of 2015, H.R. 2997, by a vote of 395-28. The bill would authorize a pay-for-success demonstration program that leverages private funding to improve the water and energy efficiency of HUD multifamily developments.

The bill would authorize HUD to enter into performance-based contracts with private sector intermediaries who would fund and oversee utility efficiency upgrades for existing residential properties. Investors would receive a percentage of energy savings as repayment from HUD only after the savings are verified by a third party.

The demonstration program would last for four years, beginning in FY 2016. Up to 20,000 units in Project-Based Section 8, Section 202, and Section 811 properties would be eligible to participate.

Contact NCSHA’s Steven DelDuco for more information.

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