News Industry/Other

Greenhouse Gas Reduction Fund Allocations That Support Adaptive Reuse of Older and Historic Buildings Announced

Written By: NTCIC

Yesterday, the Biden-Harris administration announced the EPA’s selections for $20 billion in grant awards through the Greenhouse Gas Reduction Fund (GGRF). GGRF, which was created under the Inflation Reduction Act, aims to provide “a national clean financing network for clean energy and climate solutions across sectors, ensuring communities have access to the capital they need to participate in and benefit from a cleaner, more sustainable economy.”

The National Trust for Historic Preservation and its subsidiaries, National Trust Community Investment Corporation (NTCIC) and Main Street America (MSA), along with partners at Smart Growth America, led a successful campaign through 2023 to ensure these funds could be used to support decarbonizing adaptive reuse projects in communities across America.

The GGRF allocation was awarded to several partners of the National Trust family of companies, all of which are actively working toward environmental and climate-related initiatives in disinvested communities. These partners include Appalachian Community Capital / Green Bank for Rural America, Climate United, The Coalition for Green Capital, and The Justice Climate Fund.

NTCIC’s President & CEO David Clower highlighted the significant financing opportunity that underscores the crucial role of adaptive reuse and preservation activities in decarbonization and climate resiliency, saying, “Over the past 25 years, NTCIC has been dedicated to delivering creative financing solutions to community and economic development challenges in underserved communities. At NTCIC, we recognize the need for additional capital resources to support community-based organizations investing in sustainable energy solutions. We are proud to see an example of our work—the historic Owosso Armory building in Owosso, Michigan—highlighted in the EPA’s press release.”

Even with the availability of federal and state Historic and New Markets Tax Credits, far too many developers find the costs of adaptive reuse projects prohibitive, particularly those located in historically disinvested communities. The availability of financing from the Greenhouse Gas Reduction Fund promises to offer a valuable and much-needed source of low-cost capital for these projects – helping ensure we can preserve our past while creating new sustainable spaces for the future.

Congratulations to the awardees for this historic achievement. We look forward to the incredible preservation and community development opportunities this funding program will support to address climate change concerns.