Increased Tax Credits for Energy Efficiency in Affordable Housing.
This bill increases the tax credit available to owners and developers who rehabilitate existing low-income housing to achieve significantly enhanced energy performance. The goal is to lower operating costs, which directly translates into reduced energy bills for low-income tenants. Owners can claim up to 160% of the standard credit if the building is located in a high-cost area.
Key points
Higher Tax Credit: Owners rehabilitating affordable housing can claim 130% of rehabilitation expenditures if the building achieves enhanced energy performance.
Tenant Savings: Enhanced energy efficiency (e.g., 50% reduction in energy use) means lower heating and electricity bills for residents.
Retrofit Requirements: To qualify, a building must meet new advanced construction standards or implement a qualified retrofit plan expected to reduce site energy usage by 50% or more.
Extra Support for High-Cost Areas: For buildings in high-cost areas, the credit can increase to 160% of rehabilitation expenditures.
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