Multifamily Buildings
The Inflation Reduction Act offers a significant opportunity for multifamily building owners to invest in energy efficiency and clean energy. With these upgrades, property owners can enjoy financial benefits and more attractive properties, while making a positive environmental impact. Additionally, residents can expect potential cost savings on utilities and improved living conditions.
With brand-new heat pump installations, building owners can transform their rental properties into more energy-efficient and comfortable places to live. MyNewHeatPump.com is here to help you take advantage of government incentives and make the process for multifamily building upgrades as simple as possible.
Eligible Appliance Upgrades for Multifamily Buildings
Under the IRA, multifamily residences qualify for rebates on various appliance upgrades to enhance overall efficiency. Elevate comfort and reduce energy costs by incorporating heat pumps and other energy efficient appliances into your multifamily property.
Does My Multifamily Property Qualify?
For your multifamily property to qualify, it must meet the “low-income” home standards set by government guidelines. This determination is based on the income of the tenants, with at least 50% of households satisfying the “low-income” requirements. To qualify, the household income should be less than 80% of the average household income in the area, or someone in the unit must be enrolled in specific “automatic qualifier” programs (Medicaid, SSI, Free School Lunch, etc.). Buildings may also be eligible for rebates to cover 50% of the cost of their upgrades if at least 50% of the units qualify as “moderate income” homes.
Multifamily buildings automatically qualify for rebates on appliance upgrades if they are owned by a Public Housing Authority, eligible for Low-Income Housing Tax Credits (LIHTC), or if they received project-based or tenant-based assistance (Section 8, Section 202, Section 811, etc.).
Multifamily FAQs
The appliance program is rolling out nationwide, with timelines varying by state. Upon qualification through our questionnaire, MyNewHeatPump.com ensures consistent updates on the progress and timing of your appliance upgrades!
The new appliance must not replace an existing electric appliance of the same type in your building. For instance, if your building currently uses a heat pump for heating and cooling, it doesn’t qualify for a new heat pump under this program. However, your building is eligible for a new electric heat pump to replace a gas furnace, boiler, or other non-electric appliance.
*Note: Heat pump water heaters and heat pump clothes dryers can replace existing electric appliances, provided the existing appliance does not use heat pump technology.
It’s possible! Whether under construction or existing, multifamily buildings may qualify for up to $14,000 in appliance upgrades per unit. This exciting opportunity extends to upgrading existing structures and installations in newly constructed buildings. Contact our team at MyNewHeatPump.com, and we will help you navigate the process to see if you qualify.
Ready to upgrade your multifamily property?
At MyNewHeatPump.com, we make a complicated process simple! We’re dedicated to helping property owners like you receive government incentives for discounted home improvements.
Start Your Home Improvement Today
Increase the value of your multifamily units with MyNewHeatPump.com. Elevate tenant satisfaction, reduce utility costs, and enhance the overall appeal of your multifamily property.