Deadline Approaching for Funding for Solar in HUD Housing
(Oct. 7, 2024) The Low-Income Communities Bonus Credit Program, administered by the U.S. Department of Energy (DOE) and the Department of the Treasury, promotes cost-saving solar or wind investments in low-income communities as part of affordable housing developments and for projects that benefit low-income households. Applications for low-income residential building projects, facilities located in a low-income community, and low-income economic benefit projects are due Oct. 10th.
The standard Clean Electricity Investment Tax Credit (ITC) provides HUD multifamily owners with a base credit of up to 30 percent of the cost of a renewable energy project. For qualifying projects, the Low-Income Communities Bonus, created through the Inflation Reduction Act, can add up to 20 percentage points to the base credit, funding up to 50 percent of a project. If a project qualifies for additional ITC bonuses, up to 70 percent of the solar facility costs can be funded.
Earlier this year, HUD’s Office of Multifamily Housing Programs launched a new series of recordings to help owners of HUD-assisted multifamily housing properties and other stakeholders apply for this credit under Category 3 (Qualified Low-Income Residential Project), as most HUD-assisted and public housing are considered eligible covered housing under Category 3 in the 2024 Program Year. The week of Sept. 30th, DOE and Treasury announced upcoming application cut-off dates for Program Year 2024, including a deadline of Oct. 10th at 11:59 p.m. ET for Category 3 projects.
Questions related to this program can be sent to assetmanagementpolicy@hud.gov with the word ‘SOLAR’ in the subject line.
Contact: Annalyse Komoroske Denio, akomoroskedenio@leadingageny.org, 518-867-8866