Roundtable Comment Letter.pdf

The Real Estate Roundtable comments on the proposed rule for the Low-Income Communities Bonus Credit Program, supporting the Biden Administration's objectives to accelerate clean energy deployment in affordable housing. Key points for improvement include:

1. "Single Project" Definition:
- Certain single factors should deem a project "single" with no further analysis, such as different non-contiguous addresses, separate government permits, or distinct interconnection agreements.
- If none of these factors apply, the 8-factor balancing test would be appropriate.

2. "Financial Benefit" to Low-Income Housing Renters:
- The Treasury/IRS should drop the interpretation that "financial benefit" equates with the "value" of tenants' energy savings.
- "Net metering" projects yield a measurable "financial benefit" that may be allocated among low-income residents.

3. "Other Affordable Housing Programs":
- Buildings supported by non-federal programs administered by local public housing authorities and state housing finance agencies should be eligible for Section 48(e)'s bonus.

4. "Ownership":
- Congress indicated no intent to prefer applications for low-income bonus credits based on who owns a project.
- The agencies should not propose priority treatment in the application process for tax-exempt owners to receive bonus credits over other businesses.