This week I introduced the Private Investment in Housing Act of 2015, alongside three of my colleagues in the House of Representatives.
This bipartisan legislation will provide the Department of Housing and Urban Development (HUD) with the authority to establish a demonstration program and enter into budget-neutral, performance based agreements that result in the reduction in energy or water costs for multi-family housing.
This legislation is necessary because HUD currently only has the authority to enter into contractual agreements with owners and operators of multifamily housing. Non-profits that focus on innovative financing for affordable housing are unable to enter into contractual agreements with HUD, thus limiting their ability to leverage private funds for affordable housing projects and/or renovations.
By leveraging private funds to upgrade assisted housing, we can save the federal government money through energy savings without spending any more taxpayer dollars in the process.
