Ross Introduces Private Investment in Housing Act
WASHINGTON, D.C., July 9, 2015 – U.S. Rep. Dennis A. Ross (FL-15), Senior Deputy Majority Whip, along with Reps. Jim Himes (CT-4), Emanuel Cleaver (MO-5) and John Delaney (MD-6), today introduced the Private Investment in Housing Act of 2015, bipartisan legislation that would 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 updating inefficient light and water fixtures. The bill is also at no risk to taxpayers and government funding. Instead, private investors will fund the upgrades.”
“It’s time for the United States to up our game on energy efficiency in housing,” said Himes. “We need innovative solutions that empower government, people and industries to solve problems in efficient and creative ways. This bipartisan legislation would reduce utility costs and achieve significant energy savings at no cost to taxpayers or the federal government, and without increasing the deficit. It puts power into the hands of innovators and those best suited to getting the work done on the ground.”
“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 multi-family housing.”