Yesterday, to mark Earth Day, the House Financial Services Committee approved H.R. 2336, the GREEN Act (Green Resources for Energy Efficient Neighborhoods), by a voice vote. The bipartisan legislation, authored by Reps. Ed Perlmutter (D-CO) and Judy Biggert (R-IL), provides incentives to lenders and financial institutions which will help move our housing and building stock towards greater energy efficiency and make places to live and work more sustainable and affordable.
Key Provisions in the Bill Include:
- Provides incentives for new and existing structures financed by HUD to meet or exceed the minimum energy efficiency standards established in the bill.
- Directs HUD to establish a four-year, 50,000-unit demonstration program to highlight the cost effectiveness of funding a portion of the costs of meeting the enhanced HUD energy efficiency standards. In addition, the Federal Housing Authority (FHA) is encouraged to insure at least 50,000 energy efficient mortgages by December 31, 2012. As FHA begins seeking these types of mortgages, a market will emerge among homebuilders, home owners and lenders seeking to acquire federal insurance on mortgage products.
- Requires HUD to insure certain loans made by qualified energy lenders to finance the acquisition of renewable energy systems for use at residential properties.
Staff will monitor this issue and keep members apprised of any new developments. MHI members with questions can contact Rae Ann Bevington firstname.lastname@example.org or Lois Starkey at email@example.com.