Section 50122 of the Inflation Reduction Act (in its current form as of 8/8/22) does not make "funds available for home renovation projects." It makes funds available for state energy offices to establish "HOMES Rebate Programs." Those state programs will not be for general home renovations. They will only be for renovations that produce energy savings. The state programs will have eligibility rules based on household income as a percentage of area median income, but the act does not define how household income is to be calculated.
You will have to wait until the act is signed into law, then see if your state establishes a HOMES Rebate Program, and if so, how your state's program defines household income.
As far as "other applications" are concerned, since the act does not define household income, there could be different definitions for different applications.
You might consider this "legal pedantry," but when you are reading the text of a complicated law and trying to figure out exactly what it means, legal pedantry is what you have to deal with.
