MEMPHIS, Tenn. — U.S. Congressman Steve Cohen announced on Thursday a $17,120,000 investment to upgrade housing developments in two residencies in Covington and Memphis, with the goal of making energy efficiency upgrades in low income apartments. The money will come from the U.S. Department of Housing and Urban Development (HUD).
The two residencies that will receive the investment are the owners of senior apartments Wesley Stage Park in Memphis and the owners of the Broadmeadow Apartments in Covington who will receive $5,280,000 and $11,840,000 respectively.
“These investments in HUD-supported housing will ultimately benefit tenants where improved energy efficiency will strengthen communities, lower energy costs, and make residents more healthy," said Cohen in a press release. "I am pleased to see this targeted spending in the places where it is needed most."
The investment is part of a larger grant and loan program of $173.8 million given under the Green and Resilient Retrofit Program (GRRP), as part of President Biden’s “Investing in America” plan.
The program will fund energy efficiency renovations for 25 different multi-family different properties with rental assistance programs for income people and seniors.
Besides reducing carbon emissions, the renovations are meant to make the residencies more resilient to extreme weather events.
