S.2638

Energy Efficiency for Affordable Housing Act increases low-income housing credit for energy-efficient building renovations.

The Energy Efficiency for Affordable Housing Act amends the Internal Revenue Code to increase the low-income housing credit for rehabilitation expenditures on buildings that achieve enhanced energy performance. The bill defines enhanced energy performance as meeting advanced building construction standards or a qualified retrofit plan. A qualified retrofit plan is a written plan specifying modifications expected to reduce a building's site energy usage intensity by 50% or more. The amendments apply to buildings with housing credit dollar amounts allocated after December 31, 2025.