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Treasury, IRS, DOE Announce Extreme Demand for Low-Income Communities Bonus Credit Program Capacity

Monday, December 4, 2023 - 12:54PM

The U.S. Department of the Treasury and Internal Revenue Service (IRS) today partnered with the Department of Energy (DOE)to announce the receipt of more than 46,000 applications for new energy facilities in affordable housing, low-income communities, on Indian land or directly benefitting low-income households, requesting more than four times the total available capacity from the Inflation Reduction Act’s (IRA’s) Low-Income Communities Bonus Credit program. The applications were filed during the initial 30-day period that ended Nov. 18. Of the 1.8 gigawatts of capacity available, 200 megawatts are set aside for facilities that are part of federally subsidized residential buildings, including those supported by the low-income housing tax credit (LIHTC). The DOE provided a program dashboard to quantify the demand. Another base 1.8 GW of capacity will be available via application in 2024.

The twinning of clean energy and affordable housing will be a topic at the Novogradac 2024 Affordable Housing Developers Conference, Jan. 18-19, 2024, in Fort Lauderdale, Florida.

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