Under the IRA, the EPA has a $27 billion Greenhouse Gas Reduction Fund (GGRF) available to non-profit lenders and available through a competitive award program. The GGRF $ are expected to be available next summer for the following purposes:
- Significantly reduce greenhouse gas
- Prioritize investment in low income and disadvantaged communities
- Animate the transformation of the capital markets to adapt carbon reduction in the work that they do
NY state-based Community Preservation Corporation (CPC) is part of Climate United, a coalition of three non-profit lenders applying for the funds. CPC’s role in the coalition is to finance electrification and efficiency in buildings to meet EPA defined net zero emissions standards. CPC’s subordinate debt will be extremely low cost and long term. Climate United website here.