Kristen Cheriegate | ICAST Policy Analyst
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IRS and Treasury Release Additional Guidance on Low-Income Community Credit Program
The Internal Revenue Service (IRS) and the Department of Treasury recently closed the comment period on a Notice of Proposed Rulemaking concerning the low-income communities’ bonus energy investment credit program. Established under the Inflation Reduction Act (IRA), this Program is designed to provide up to a 20% competitive boost on top of the existing 30% investment tax credit for qualified wind or solar energy properties in low-income communities.
Biden-Harris Administration Invests in States and Tribal Nations to Modernize America’s Electric Grid
As part of President Biden’s Investing in America agenda, the Biden-Harris Administration recently announced the selection of four states and two Tribal Nations to receive the first round of funding (totaling $50M) through the Grid Resilience and Tribal Formula Grants. The grants aim to help modernize the electric grid to reduce impacts due to extreme weather and natural disasters and ensure the reliability of the power sector’s infrastructure. Grant recipients may award these funds to a diverse set of projects, with priority given to efforts that generate the greatest community benefit while providing clean, affordable, and reliable energy. Over the next five years, a total of $2.3B will be distributed to states, Territories, and federally recognized Tribes. Additional rewards will be announced on a rolling basis in the coming weeks and months.
Dept. of Housing and Urban Development Announces Funding to Improve Housing Quality and Reduce Energy Costs for Underserved Communities
The U.S. Dept. of Housing and Urban Development (HUD) recently announced funding available through the new, IRA-funded Green and Resilient Retrofit Program (GRRP). This Program is designed to reduce greenhouse gas emissions and improve the energy and water efficiency and climate resilience of HUD-assisted multifamily properties serving low-income residents. Building owners can invest in technologies such as solar panels, heat pumps, wind-resistant roofing, insulation, low embodied carbon materials, and other measures. To learn more about their grant and loan funding options through this Program, owners can review the GRRP implementing notice and Notices of Funding Opportunity.