$2,000 per Unit Tax Credits for multifamily projects Extended!

The $2,000 per unit tax credit for energy efficient apartments was scheduled to expire as of December 31 of this year. However, a bill was recently passed by Congress that includes a 1-year extension of the tax credit through 2021. 

For companies that develop multifamily apartment buildings, this means that you may be eligible for a $2,000 per unit tax credit in 2021. The credits are for federal income of the owner of the building at the time of construction. The three primary requirements are: 

1.  The building must be 3 stories or less; or 4 stories if the first floor is a parking garage. 
2.  Only units that are occupied during the calendar year are eligible. 
3.  The building must be relatively energy efficient, an analysis by an energy engineering group such as Asset Environments will be required. 

If you or your clients have multifamily construction projects in construction or planned for 2021, we can perform the evaluation and documentation necessary to obtain these tax credits. For further information we can be reached at 402.990.5506 or smcgreer@assetenvironments.com. 

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