Inflation Reduction Act of 2022 – ACORE Summary of Affordable Housing

The Inflation Reduction Act (IRA), approved by Congress and signed by President Biden in August 2022, is the most significant federal action to address the climate crisis in U.S. history.

It includes important provisions to incentivize investment in energy efficiency, storage, and renewable energy, with a bonus incentive applying to such projects when undertaken in low-income, tribal, or fossil fuel-dependent areas, or as part of a recognized affordable housing project.