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COINTURK FINANCE > Business > Massachusetts Funds Affordable Housing Energy Retrofits
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Massachusetts Funds Affordable Housing Energy Retrofits

Overview

  • Massachusetts allocated $53 million for affordable housing energy retrofits.

  • The program aims to reduce carbon emissions and improve living conditions.

  • More funding and technical assistance are planned for future grant rounds.

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COINTURK FINANCE 11 months ago
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Massachusetts has allocated $53 million to support energy efficiency upgrades in affordable housing, aiming to reduce carbon emissions, lower energy costs, and improve living conditions for residents. This funding is part of the Affordable Housing Decarbonization Grant Program, designed to achieve the state’s dual goals of decarbonization and addressing the affordable housing crisis. The program includes retrofitting older buildings and modernizing them with energy-efficient technologies.

Contents
Targeting Carbon EmissionsAddressing Housing Crisis

In earlier initiatives, Massachusetts had distributed $27.4 million to seven affordable housing operators across the state. The latest $26.1 million funding was awarded to five additional organizations in late July. The focus has been on upgrading insulation, enhancing building envelopes, and installing heat pump systems. The state has also committed an additional $40 million for future grants.

Targeting Carbon Emissions

The state aims to achieve carbon neutrality by 2050, with buildings currently accounting for 35% of its carbon emissions. Retrofitting older, fossil fuel-heated homes is essential to meeting this goal. The new funding will help in implementing these vital changes. The Boston Housing Authority, having received funds in both rounds, is using the grants to advance energy projects in family public housing.

Addressing Housing Crisis

Massachusetts also faces a pressing housing crisis, with an estimated need for 200,000 new homes by 2030. Lower-income residents find it increasingly difficult to secure affordable housing due to high rents and energy costs. State Energy Department Commissioner Elizabeth Mahony emphasized the program’s dual benefits of improving existing housing and creating better living conditions.

Nonprofit organizations like Worcester Common Ground received $820,000 for significant energy retrofits, including updates such as air sealing, new windows, and extra insulation. Other organizations are combining the grant money with additional funds to undertake more ambitious projects, such as installing rooftop solar panels and networked geothermal systems.

The Madison Park Development Corporation in Roxbury was awarded $13.5 million to upgrade its 331-unit Orchard Gardens development. The project is central to one of Boston’s oldest and most diverse neighborhoods.

Switching to heat pump systems not only reduces fossil fuel dependence but also prepares residents for increasingly hot summers, ensuring comfort and safety. The program aims to make deep energy retrofits and electrification more mainstream. Mahony noted the importance of normalizing these concepts through continued implementation.

The state’s efforts to provide technical assistance to organizations applying for future funding rounds signify a commitment to refining the program. Ongoing dialogue with building owners and nonprofits is crucial for sustained success.

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Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

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