Housing Choice Vouchers

To Access Funds, PHAs Should Contact Awarded Coalitions

The White House today announced the award of $20 billion through the Greenhouse Gas Reduction Fund (GGRF). The $20 billion in awards announced will be deployed through eight selected applicants across two separate and complementary programs under EPA’s Greenhouse Gas Reduction Fund — the $14 billion National Clean Investment Fund (NCIF) and the $6 billion Clean Communities Investment Accelerator (CCIA).

These GGRF awards will stand up a national financing network that will fund tens of thousands of climate and clean energy projects across the country, especially in low-income and disadvantaged communities. At least 70% of the funding announced today ($14 billion) will be invested in low-income and disadvantaged communities, surpassing the goal set by the Biden Administration’s Justice40 Initiative. PHAs interested in accessing funding for clean energy projects should contact the coalitions that were awarded these funds. Learn more on CLPHA’s Green Funding Clearinghouse. 

Under the $14 billion National Clean Investment Fund (NCIF), selected applicants will partner with the private sector, community organizations, and other entities to provide accessible, affordable financing for new clean technology projects nationwide. The three NCIF awardees are:

• Climate United Fund ($6.97 billion award), a nonprofit formed by Calvert Impact to partner with two U.S. Treasury-certified Community Development Financial Institutions (CDFIs), Self-Help Ventures Fund, and Community Preservation Corporation.
• Coalition for Green Capital ($5 billion award), a nonprofit with almost 15 years of experience helping establish and work with dozens of state, local, and nonprofit green banks that have already catalyzed $20 billion into qualified projects—and that have a pipeline of $30 billion of demand for green bank capital.
• Power Forward Communities ($2 billion award), a nonprofit coalition formed by Enterprise Community Partners, LISC (Local Initiatives Support Corporation), Rewiring America, Habitat for Humanity, and United Way.

Through the $6 billion Clean Communities Investment Accelerator (CCIA), selected applicants will establish hubs that provide funding and technical assistance to community lenders working to finance clean technology projects in low-income and disadvantaged communities—leading to near-term deployment of climate and clean energy projects while building the capacity of community lenders to finance projects at scale. The five selectees of the CCIA are:

• Opportunity Finance Network ($2.29 billion award), a ~40-year-old nonprofit CDFI Intermediary that provides capital and capacity building for a national network of 400+ community lenders—predominantly U.S. Treasury-certified CDFI Loan Funds—which collectively hold $42 billion in assets and serve all 50 states, the District of Columbia, and several U.S. territories.
• Inclusiv ($1.87 billion award), a ~50-year-old nonprofit CDFI Intermediary that provides capital and capacity building for a national network of 900+ mission-driven, regulated credit unions that collectively manage $330 billion in assets and serve 23 million individuals across the country.
• Justice Climate Fund ($940 million award), a purpose-built nonprofit supported by an existing ecosystem of coalition members, a national network of more than 1,200 community lenders, and ImpactAssets—an experienced nonprofit with $3 billion under management—to provide responsible, clean energy-focused capital and capacity building to community lenders across the country.
• Appalachian Community Capital ($500 million award), a nonprofit CDFI with a decade of experience working with community lenders in Appalachian communities, which is launching the Green Bank for Rural America to deliver clean capital and capacity building assistance to hundreds of community lenders working in coal, energy, underserved rural, and Tribal communities across the United States.
• Native CDFI Network ($400 million award), a nonprofit that serves as national voice and advocate for the 60+ U.S. Treasury-certified Native CDFIs, which have a presence in 27 states across rural reservation communities as well as urban communities and have a mission to address capital access challenges in Native communities.

PHAs interested in gaining access to this funding should contact the selected awardees, as they will distribute the funds. CLPHA will continue to provide members with updates of funding opportunities for climate resilience and energy retrofits.

• View White House announcement
• View EPA’s press release

HUD published in the Federal Register fiscal year (FY) 2024 Annual Adjustment Factors (AAFs) that are used by certain Section 8 programs to provide annual adjustments to monthly rents. AAFs are used by Section 8 New Construction program, Substantial Rehabilitation program, the Section 8 Loan Management and Property Disposition program and are applied differently across programs. 

The AAFs are based on a formula using residential rent and utility cost changes from the most recent annual Bureau of Labor Statistics (BLS) Consumer Price Index (CPI) survey and market rents from a total of 6 possible private sector rent data sources.

These AAFs are distinct from Renewal Funding Inflation Factors (RFIFs), which are inflation factors used by the Housing Choice Voucher program and Operating Cost Adjustment Factors (OCAFs), which are used as inflation factors for other Section 8 contracts. AAFs are not used to adjust rents in the Tenant Based or the Project-Based Voucher programs. 

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