On August 16, 2022, President Biden enacted landmark legislation known as the Inflation Reduction Act of 2022 (IRA). The IRA earmarks a substantial $369 billion towards incentivizing the adoption of clean energy technologies, specifically targeting the affordable housing sector. The objective is to mitigate the carbon footprint and alleviate energy burdens within these communities.

The Department of Housing and Urban Development (HUD) offers various incentives and programs to address housing challenges. Tax Credit programs such as the Low-Income Housing Tax Credit (LIHTC) stand out as crucial mechanisms for developing affordable housing units in the US.

In the fourth quarter of 2023, the Biden Administration stirred excitement in the multifamily industry by unveiling a White House Announcement. This release introduced additional resources and financing options, aiming to facilitate the conversion of office and commercial buildings into multifamily residences.