The New Jersey Department of Treasury, acting as the New Jersey Board of Public Utilities (NJBPU), received a $91,654,709 Formula Grant award under the U.S. Department of Energy's State Energy Program (CFDA 81.041) on January 1, 2025. The funds will be allocated to the NJBPU's "M-RISE" program, which aims to deliver "whole building" energy efficiency upgrades to majority low-income multifamily buildings across New Jersey. This program targets a segment of the housing market that has historically had minimal participation in the state's existing energy efficiency initiatives due to capital constraints. The overarching goal is to increase funding for these energy efficiency projects, enabling low-income tenants to benefit from the same types of upgrades that have been more accessible to single-family and moderate-income households. The grant award will support the NJBPU's efforts to address the critical need for energy-efficient housing within New Jersey's overall housing supply.
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