HUD AWARDS OVER $500,000 TO COLORADO ORGANIZATION TO TEST NEW ENERGY SAVING APPROACHES IN OLDER MULTIFAMILY HOUSING DEVELOPMENTS

WASHINGTON – Today, iCAST, an organization based in Lakewood, CO was awarded $590,118 to test new and innovative ways to cut energy bills and to finance energy efficiency upgrades in existing multifamily residential properties. The announcement made by the U.S. Department of Housing and Urban Development (HUD) is part of nearly $23 million to a dozen organizations on the cutting edge of bringing energy-saving solutions to the housing market.

"These grants are being awarded to a diverse collection of organizations that will help us find new ways to cut energy, save money and generate jobs!" said Acting Federal Housing Commissioner Carol Galante. "This is more than just 'going green,' it's about bringing real dollars and cents solutions to a sector of the market that is currently wasting money heating and cooling buildings, some of which were built more than a generation ago."

Rick Garcia, HUD's Rocky Mountain Region Administrator added: "HUD's new Energy Innovation Fund will become the model for others to follow in the national effort to conserve energy. This iCast grant is yet another example of how HUD is leading the way with energy-saving innovation and enlarging its Sustainable Housing and Communities priorities to bring energy efficiency to older residential properties in Colorado.

iCAST, a non-profit organization specializing in assisting multifamily properties with sustainable energy solutions, will use grant funding to implement a multi-faceted approach to increasing energy efficiency within the multifamily housing sector. This approach will combine structural changes to equipment and facilities at selected properties with behavior change and education strategies for the owners, maintenance staff, and residents of these properties. The approach will be tested in various properties across the state of Colorado, including properties that will receive physical retrofits under this program, and others that have already been retrofitted but will implement behavioral changes. The project will be supported by matching funds of $590,657 from various local sources. iCASTwill partner with local and state government, NGO's, universities, businesses, and other organizations to support the grant activities.

The goal of HUD's pilot program is to develop ideas and mechanisms that could potentially be replicated nationally, as well as help create industry standards in the home energy efficiency retrofit market. In addition, the pilot program will create public/private partnerships as a result of capital investments from private industries and create green jobs in construction, property management, and technical analysis (e.g. energy audits and building commissioning), including opportunities for low income residents.

###

HUD's mission is to create strong, sustainable, inclusive communities and quality affordable homes for all. HUD is working to strengthen the housing market to bolster the economy and protect consumers; meet the need for quality affordable rental homes: utilize housing as a platform for improving quality of life; build inclusive and sustainable communities free from discrimination; and transform the way HUD does business. More information about HUD and its programs is available on the Internet at www.hud.gov and espanol.hud.gov. You can also follow HUD on twitter @HUDnews, on facebook at www.facebook.com/HUD, or sign up for news alerts on HUD's News Listserv.