U.S. Representative

Dennis A. Ross

Proudly Serving Florida's 15th Congressional District

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Ross Introduces Pay for Success, Increasing Private Sector Investments in Affordable Housing

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WASHINGTON, July 15, 2014 | Monica Rodriguez (202-225-1252) | comments
WASHINGTON, D.C. – U.S. Rep. Dennis Ross (R-FL-15), member of the House Committee on Financial Services, along with Reps. Sean Duffy (R-WI-7), Jim Himes (D-CT-4), Emanuel Cleaver, II (D-MO-5), and John Delaney (D-MD-6), today introduced the Pay for Success Affordable Housing Energy Modernization Act, bipartisan legislation that will provide the Department of Housing and Urban Development (HUD) 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.
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WASHINGTON, D.C. – U.S. Rep. Dennis Ross (R-FL-15), member of the House Committee on Financial Services, along with Reps. Sean Duffy (R-WI-7),  Jim Himes (D-CT-4), Emanuel Cleaver, II (D-MO-5), John Delaney (D-MD-6), and Ann Wagner (R-MO-2) today introduced H.R. 5104, the Pay for Success Affordable Housing Energy Modernization Act, bipartisan legislation that will provide the Department of Housing and Urban Development (HUD) 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.

“The issue here is the unnecessarily high energy and water costs that are on HUD’s shoulders every year,” said Ross. These costs can be attributed to the inefficient energy systems in certain HUD assisted properties; such as senior housing and housing for persons with disabilities. Owners of these properties often lack the incentives and capital to perform energy upgrades.

“My colleagues and I created this legislation to allow HUD to assist properties and team up with private sector investors to manage the necessary upgrades and lower costs.

“Some examples of housing upgrades include adding insulation, replacing drafty doors and windows and inefficient light and water fixtures. Also the bill is at no risk to tax payers and government funding; instead, private investors will fund the upgrades.”

“This legislation is proof you don’t need to spend more of America’s tax dollars to make a housing program work – you just need to spend them better,” said Duffy. “Many thoughtful non-profits provide affordable homes to families in Wisconsin by offering innovative financing. This bill goes further by giving $1 back to the non-profit for every $1 saved in energy and water costs. It’s something both Republicans and Democrats should support, and I look forward to working with my colleagues on its passage.”

“This bipartisan legislation offers a smart, innovative way to reduce utility costs and achieve significant energy savings at no cost to taxpayers or the federal government, and without increasing the deficit,” said Himes. “I am pleased to help introduce this common-sense bill that will conserve energy, reduce pollution, and save money for families and the federal government.”

“This bipartisan bill, which I am proud to cosponsor, will increase energy efficiency, help our environment, and reduce utility bills for consumers, at no cost to the taxpayer,” said Cleaver. “Creating energy efficient homes has been a priority of mine since the creation of the Green Impact Zone in Kansas City, and this bill will further increase energy efficiency for multifamily housing.”

The bill text can be found by clicking here

  • Once upgrades are implemented an independent third party will verify to HUD that savings are achieving positive results.
  • Funding for upgrades will be fronted from private investors and only if costs-savings are accomplished.

 

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