Federal Funds for Multifamily Solar Projects En Route

The Inflation Reduction Act (IRA) is expected to fund approximately $1 trillion in tax credits for clean energy. A significant portion of the funding is for the solar investment tax credits (ITC)—the base ITC was expanded to 30% and multifamily affordable housing may be able to additionally receive up to 40% of bonus ITCs if projects meet certain conditions, such as being located in an energy community, built with domestic content, or providing benefits to low-income and disadvantaged communities (LIDACs). After the funds through the IRS, the next largest infusion of dollars is through the Environmental Protection Agency (EPA), and includes $27B for the Greenhouse Gas Reduction Fund (GGRF). Read more here

EPA Announces Climate Pollution Reduction Grants Program Awards

The Biden-Harris administration recently announced the award of $4.3 billion in implementation grants under the Inflation Reduction Act (IRA)-funded Climate Pollution Reduction Grants (CPRG) program. The 25 selected applications will fund projects in 30 states including one Tribe. Eight of the selected applications were submitted by coalitions of multiple entities that will collaborate to implement the proposed projects. Funded projects are expected to abate up to 971 million metric tons of CO2 equivalent by 2050, working across six sectors.  Read more here