Yes, several states provide additional incentives for low-income residents, focusing on various aspects such as housing and energy.
Housing Incentives
- Low-Income Housing Tax Credit (LIHTC) Programs: Besides the federal LIHTC program, many states have their own state-level low-income housing tax credit programs. These state programs issue additional tax credits to supplement federal credits, increasing the attractiveness of affordable housing projects for developers. For example, Texas recently established its state LIHTC program in 2023, which will allow developers to benefit from additional tax credits by offsetting certain state taxes.
Energy Incentives
- California’s Solar Incentives: California offers programs like the Disadvantaged Communities – Single Family Solar Homes (DAC-SASH), which provides upfront financial incentives for low- and moderate-income (LMI) homeowners to install solar systems. This program helps LMI homeowners by reducing energy costs and providing training and assistance with utility energy-saving programs.
Efficiency Rebates
- Inflation Reduction Act Rebates: Some incentives are available nationwide, like the rebates under the Inflation Reduction Act, which offers efficiency rebates for households across income levels, with amounts doubled for low- and moderate-income households. These rebates help reduce the cost of energy-efficient home improvements.
These state-level and federal programs aim to support low-income residents by providing them with better access to affordable housing and reducing their energy costs.
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