Affordable housing, consisting of almost 4.75 million apartments (nearly 14 percent of the nation’s 35 million rental units), is federally assisted in some way and thus open to clearly targeted green policies. Much of this housing is at least 20 years old, with more than 65 percent of public housing stock built before 1970. Construction of these federally assisted properties predated today’s green technologies. A targeted emphasis on energy conservation means they are prime candidates for necessary renovation work that will generate significant energy and CO2 reductions.

Affordable housing, consisting of almost 4.75 million apartments (nearly 14 percent of the nation’s 35 million rental units), is federally assisted in some way and thus open to clearly targeted green policies. Much of this housing is at least 20 years old, with more than 65 percent of public housing stock built before 1970. Construction of these federally assisted properties predated today’s green technologies. A targeted emphasis on energy conservation means they are prime candidates for necessary renovation work that will generate significant energy and CO2 reductions. Furthermore, current federal government annual spending on affordable housing energy costs is approximately $5 billion, according to a recent Government Accountability Office report, yet the government can increase energy efficiency by 25 percent to 40 percent through rehabilitation work that is relatively inexpensive—at an estimated cost of just $2,500 to $5,000 per unit. Once upgrades are completed, savings are locked in for the long term. Spending today on a large scale to retrofit millions of units stimulates construction activity, creates jobs, and produces better-quality housing and long-term energy cost reductions.