Beyond Affordable Student Housing
Cal State Long Beach Breaks Ground on $115 Million La Playa Residence Hall Project. According to this recent article in Student Housing Business.com,...
3 min read
Timothy Lorang
:
Mar 30, 2024 6:40:41 AM
Your next multifamily building project could earn thousands of dollars in tax credits. To help the country meet its goal to decarbonize the economy by 2050, the U.S. Department of Energy's (DOE's) Zero Energy Ready Home (ZERH) program has changed its certification requirements to include all multifamily homes of all heights. As part of the Inflation Reduction Act (IRA), any multifamily home with a ZERH certification is now eligible for the New Energy Efficient Home Credit of $1,000 per dwelling unit, and up to $5,000 per unit if certain wage requirements are met.
A 2021 report from the DOE titled "Integrating Health and Energy Efficiency in Multifamily Buildings" revealed that approximately 80 million Americans currently reside in multifamily housing, with this number steadily on the rise. Additionally, data from the National Home Association of Builders in 2022 showcased a notable 9.3% increase in multifamily housing starts, surpassing the 5.7% growth seen in single-family starts. Multifamily housing serves as a crucial component of the affordable housing sector, with around 60% of multifamily housing units in the country being inhabited by low-to-moderate-income Americans. With multifamily buildings in such high demand, ignoring these tax credits is like leaving money on the table.
The Department of Energy's ZERH Multifamily program is revolutionizing sustainable living in apartments and condos. Here's why it's a win-win for residents, developers, and the environment:
Financial Benefits:
Environmental Benefits:
Health and Comfort Benefits:
Additional Advantages:
With the combined benefits of tax breaks, lower utility bills, and a healthier living environment, the DOE ZERH Multifamily program is a compelling option for developers and residents alike. It's a chance to live comfortably, sustainably, and affordably, all while contributing to a greener future.
Multifamily homes built with our Simplus Building System™ meet all the requirements for ZERH certification helping them qualify for tax credits. Some of the benefits of our Passive House design include:
The Simplus Building System™ incorporates prefabricated MgO (Magnesium Oxide) panels that provide additional benefits for the integrity of the building and the tenants.
The Simplus Building System™ also helps construction savings and efficiencies for contractors, developers, and financiers.
Under the DOE's Zero Energy Ready Home (ZERH) program, developers can efficiently and quickly build multifamily buildings that will save money for their tenants, save labor costs, and earn tax credits between $1,000 to $5,000 per unit. To talk to us about how we can provide Zero Energy Ready Multifamily Homes that will save you money, schedule an appointment with us today.
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