U.S. Congress - Text of H.R.2336 as Introduced in House Green Resources for Energy Efficient Neighborhoods Act of 2009
H.R.2336 - Green Resources for Energy Efficient Neighborhoods Act of 2009
To encourage energy efficiency and conservation and development of renewable energy sources for housing, commercial structures, and other buildings, and to create sustainable communities.
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HR 2336 IHCommentsClose CommentsPermalink
111th CONGRESSCommentsClose CommentsPermalink
1st SessionCommentsClose CommentsPermalink
H. R. 2336CommentsClose CommentsPermalink
To encourage energy efficiency and conservation and development of renewable energy sources for housing, commercial structures, and other buildings, and to create sustainable communities.CommentsClose CommentsPermalink
IN THE HOUSE OF REPRESENTATIVESCommentsClose CommentsPermalink
May 7, 2009CommentsClose CommentsPermalink
Mr. PERLMUTTER (for himself, Mrs. BIGGERT, Mr. BLUMENAUER, Mr. ELLISON, Mr. FRANK of Massachusetts, Mr. GUTIERREZ, Mr. HODES, Mr. ISRAEL, Mr. MARKEY of Massachusetts, Mrs. MCCARTHY of New York, Mr. MCNERNEY, Mr. SHERMAN, Mr. SIRES, Ms. TSONGAS, and Mr. HIMES) introduced the following bill; which was referred to the Committee on Financial ServicesCommentsClose CommentsPermalink
A BILLCommentsClose CommentsPermalink
To encourage energy efficiency and conservation and development of renewable energy sources for housing, commercial structures, and other buildings, and to create sustainable communities.CommentsClose CommentsPermalink
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,CommentsClose CommentsPermalink
SECTION 1. SHORT TITLE AND TABLE OF CONTENTS.
(a) Short Title- This Act may be cited as the ‘Green Resources for Energy Efficient Neighborhoods Act of 2009’ or the ‘GREEN Act of 2009’.CommentsClose CommentsPermalink
(b) Table of Contents- The table of contents for this Act is as follows:CommentsClose CommentsPermalink
Sec. 1. Short title and table of contents.CommentsClose CommentsPermalink
Sec. 2. Definitions.CommentsClose CommentsPermalink
Sec. 3. Implementation of energy efficiency participation incentives for HUD programs.CommentsClose CommentsPermalink
Sec. 4. Basic HUD energy efficiency standards and standards for additional credit.CommentsClose CommentsPermalink
Sec. 5. Energy efficiency and conservation demonstration program for multifamily housing projects assisted with project-based rental assistance.CommentsClose CommentsPermalink
Sec. 6. Additional credit for Fannie Mae and Freddie Mac housing goals for energy-efficient and location-efficient mortgages.CommentsClose CommentsPermalink
Sec. 7. Duty to serve underserved markets for energy-efficient and location-efficient mortgages.CommentsClose CommentsPermalink
Sec. 8. Consideration of energy efficiency under FHA mortgage insurance programs and Native American and Native Hawaiian loan guarantee programs.CommentsClose CommentsPermalink
Sec. 9. Energy-efficient mortgages and location-efficient mortgages education and outreach campaign.CommentsClose CommentsPermalink
Sec. 10. Collection of information on energy-efficient and location-efficient mortgages through Home Mortgage Disclosure Act.CommentsClose CommentsPermalink
Sec. 11. Ensuring availability of homeowners insurance for homes not connected to electricity grid.CommentsClose CommentsPermalink
Sec. 12. Mortgage incentives for energy-efficient multifamily housing.CommentsClose CommentsPermalink
Sec. 13. Energy-efficient certifications for manufactured housing with mortgages.CommentsClose CommentsPermalink
Sec. 14. Assisted housing energy loan pilot program.CommentsClose CommentsPermalink
Sec. 15. Making it green.CommentsClose CommentsPermalink
Sec. 16. Residential energy efficiency block grant program.CommentsClose CommentsPermalink
Sec. 17. Including sustainable development and transportation strategies in comprehensive housing affordability strategies.CommentsClose CommentsPermalink
Sec. 18. Grant program to increase sustainable low-income community development capacity.CommentsClose CommentsPermalink
Sec. 19. HOPE VI green developments requirement.CommentsClose CommentsPermalink
Sec. 20. Consideration of energy efficiency improvements in appraisals.CommentsClose CommentsPermalink
Sec. 21. Housing Assistance Council.CommentsClose CommentsPermalink
Sec. 22. Rural housing and economic development assistance.CommentsClose CommentsPermalink
Sec. 23. Revolving fund for loans to States and Indian tribes to carry out renewable energy sources activities.CommentsClose CommentsPermalink
Sec. 24. Green banking centers.CommentsClose CommentsPermalink
Sec. 25. GAO reports on availability of affordable mortgages.CommentsClose CommentsPermalink
Sec. 26. Public housing energy cost report.CommentsClose CommentsPermalink
Sec. 27. Insurance coverage for loans for financing of renewable energy systems leased for residential use.CommentsClose CommentsPermalink
Sec. 28. Green guarantees.CommentsClose CommentsPermalink
SEC. 2. DEFINITIONS.
For purposes of this Act, the following definitions shall apply:CommentsClose CommentsPermalink
(1) GREEN BUILDING STANDARDS- The term ‘green building standards’ means standards to require use of sustainable design principles to reduce the use of nonrenewable resources, encourage energy-efficient construction and rehabilitation and the use of renewable energy resources, minimize the impact of development on the environment, and improve indoor air quality.CommentsClose CommentsPermalink
(2) HUD- The term ‘HUD’ means the Department of Housing and Urban Development.CommentsClose CommentsPermalink
(3) HUD ASSISTANCE- The term ‘HUD assistance’ means financial assistance that is awarded, competitively or noncompetitively, allocated by formula, or provided by HUD through loan insurance or guarantee.CommentsClose CommentsPermalink
(4) NONRESIDENTIAL STRUCTURE- The term ‘nonresidential structures’ means only nonresidential structures that are appurtenant to single-family or multifamily housing residential structures, or those that are funded by the Secretary of Housing and Urban Development through the HUD Community Development Block Grant program.CommentsClose CommentsPermalink
(5) SECRETARY- The term ‘Secretary’, unless otherwise specified, means the Secretary of Housing and Urban Development.CommentsClose CommentsPermalink
SEC. 3. IMPLEMENTATION OF ENERGY EFFICIENCY PARTICIPATION INCENTIVES FOR HUD PROGRAMS.
(a) In General- Not later than 180 days after the date of the enactment of this Act, the Secretary shall issue such regulations as may be necessary to establish annual energy efficiency participation incentives to encourage participants in programs administered by the Secretary, including recipients under programs for which HUD assistance is provided, to achieve substantial improvements in energy efficiency.CommentsClose CommentsPermalink
(b) Requirement for Appropriation of Funds- The requirement under subsection (a) for the Secretary to provide annual energy efficiency participation incentives pursuant to the provisions of this Act shall be subject to the annual appropriation of necessary funds.CommentsClose CommentsPermalink
SEC. 4. BASIC HUD ENERGY EFFICIENCY STANDARDS AND STANDARDS FOR ADDITIONAL CREDIT.
(a) Basic HUD Standard-CommentsClose CommentsPermalink
(1) RESIDENTIAL STRUCTURES- A residential single-family or multifamily structure shall be considered to comply with the energy efficiency standards under this subsection if--CommentsClose CommentsPermalink
(A) the structure complies with the applicable provisions of the American Society of Heating, Refrigerating, and Air-Conditioning Engineers Standard 90.1-2007, as such standard or successor standard is in effect for purposes of this section pursuant subsection (c);CommentsClose CommentsPermalink
(B) the structure complies with the applicable provisions of the 2009 International Energy Conservation Code, as such standard or successor standard is in effect for purposes of this section pursuant subsection (c);CommentsClose CommentsPermalink
(C) in the case only of an existing structure, where determined cost effective, the structure has undergone rehabilitation or improvements, completed after the date of the enactment of this Act, and the energy consumption for the structure has been reduced by at least 20 percent from the previous level of consumption, as determined in accordance with energy audits performed both before and after any rehabilitation or improvements undertaken to reduce such consumption; orCommentsClose CommentsPermalink
(D) the structure complies with the applicable provisions of such other energy efficiency requirements, standards, checklists, or ratings systems as the Secretary may adopt and apply by regulation, as may be necessary, for purposes of this section for specific types of residential single-family or multifamily structures or otherwise, except that the Secretary shall make a determination regarding whether to adopt and apply any such requirements, standards, checklists, or rating system for purposes of this section not later than the expiration of the 180-day period beginning upon the date of receipt of any written request, made in such form as the Secretary shall provide, for such adoption and application.CommentsClose CommentsPermalink
In addition to compliance with any of subparagraphs (A) through (D), the Secretary shall by regulation require, for any newly constructed residential single-family or multifamily structure to be considered to comply with the energy efficiency standards under this subsection, that the structure have appropriate electrical outlets with the facility and capacity to recharge a standard electric passenger vehicle, including an electric hybrid vehicle, where such vehicle would normally be parked.CommentsClose CommentsPermalink
(2) NONRESIDENTIAL STRUCTURES- For purposes of this section, the Secretary shall identify and adopt by regulation, as may be necessary, energy efficiency requirements, standards, checklists, or rating systems applicable to nonresidential structures that are constructed or rehabilitated with HUD assistance. A nonresidential structure shall be considered to comply with the energy efficiency standards under this subsection if the structure complies with the applicable provisions of any such energy efficiency requirements, standards, checklist, or rating systems identified and adopted by the Secretary pursuant to this paragraph, as such standards are in effect for purposes of this section pursuant to subsection (c).CommentsClose CommentsPermalink
(3) EFFECT- Nothing in this subsection may be construed to require any structure to comply with any standard established or adopted pursuant to this subsection, or identified in this subsection, or to provide any benefit or credit under any Federal program for any structure that complies with any such standard, except to the extent that--CommentsClose CommentsPermalink
(A) any provision of law other than this subsection provides a benefit or credit under a Federal program for compliance with a standard established or adopted pursuant to this subsection, or identified in this subsection; orCommentsClose CommentsPermalink
(B) the Secretary specifically provides pursuant to subsection (c) for the applicability of such standard.CommentsClose CommentsPermalink
(b) Enhanced Energy Efficiency Standards for Purposes of Providing Additional Credit Under Certain Federally Assisted Housing Programs-CommentsClose CommentsPermalink
(1) PURPOSE AND EFFECT-CommentsClose CommentsPermalink
(A) PURPOSE- The purpose of this subsection is to establish energy efficiency and conservation standards and green building standards that--CommentsClose CommentsPermalink
(i) provide for greater energy efficiency and conservation in structures than is required for compliance with the energy efficiency standards under subsection (a) and then in effect;CommentsClose CommentsPermalink
(ii) provide for green and sustainable building standards not required by such standards; andCommentsClose CommentsPermalink
(iii) can be used in connection with Federal housing, housing finance, and development programs to provide incentives for greater energy efficiency and conservation and for green and sustainable building methods, elements, practices, and materials.CommentsClose CommentsPermalink
(B) EFFECT- Nothing in this subsection may be construed to require any structure to comply with any standard established pursuant to this subsection or to provide any benefit or credit under any Federal program for any structure, except to the extent that any provision of law other than this subsection provides a benefit or credit under a Federal program for compliance with a standard established pursuant to this subsection.CommentsClose CommentsPermalink
(2) COMPLIANCE- A residential or nonresidential structure shall be considered to comply with the enhanced energy efficiency and conservation standards or the green building standards under this subsection, to the extent that such structure complies with the applicable provisions of the standards under paragraph (3) or (4), respectively (as such standards are in effect for purposes of this section, pursuant to paragraph (7)), in a manner that is not required for compliance with the energy efficiency standards under subsection (a) then in effect and subject to the Secretary’s determination of which standards are applicable to which structures.CommentsClose CommentsPermalink
(3) ENERGY EFFICIENCY AND CONSERVATION STANDARDS- The energy efficiency and conservation standards under this paragraph are as follows:CommentsClose CommentsPermalink
(A) RESIDENTIAL STRUCTURES- With respect to residential structures:CommentsClose CommentsPermalink
(i) NEW CONSTRUCTION- For new construction, the Energy Star standards established by the Environmental Protection Agency, as such standards are in effect for purposes of this subsection pursuant to paragraph (7);CommentsClose CommentsPermalink
(ii) EXISTING STRUCTURES- For existing structures, a reduction in energy consumption from the previous level of consumption for the structure, as determined in accordance with energy audits performed both before and after any rehabilitation or improvements undertaken to reduce such consumption, that exceeds the reduction necessary for compliance with the energy efficiency standards under subsection (a) then in effect and applicable to existing structures.CommentsClose CommentsPermalink
(B) NONRESIDENTIAL STRUCTURES- With respect to nonresidential structures, such energy efficiency and conservation requirements, standards, checklists, or rating systems for nonresidential structures as the Secretary shall identify and adopt by regulation, as may be necessary, for purposes of this paragraph.CommentsClose CommentsPermalink
(4) GREEN BUILDING STANDARDS- The green building standards under this paragraph are as follows:CommentsClose CommentsPermalink
(A) The national Green Communities criteria checklist for residential construction that provides criteria for the design, development, and operation of affordable housing, as such checklist or successor checklist is in effect for purposes of this section pursuant to paragraph (7).CommentsClose CommentsPermalink
(B) The gold certification level for the LEED for New Construction rating system, the LEED for Homes rating system, the LEED for Core and Shell rating system, as applicable, as such systems or successor systems are in effect for purposes of this section pursuant to paragraph (7).CommentsClose CommentsPermalink
(C) The Green Globes assessment and rating system of the Green Buildings Initiative.CommentsClose CommentsPermalink
(D) For manufactured housing, energy star rating with respect to fixtures, appliances, and equipment in such housing, as such standard or successor standard is in effect for purposes of this section pursuant to paragraph (7).CommentsClose CommentsPermalink
(E) The National Green Building Standard.CommentsClose CommentsPermalink
(F) Any other requirements, standards, checklists, or rating systems for green building or sustainability as the Secretary may identify and adopt by regulation, as may be necessary for purposes of this paragraph, except that the Secretary shall make a determination regarding whether to adopt and apply any such requirements, standards, checklist, or rating system for purposes of this section not later than the expiration of the 180-day period beginning upon date of receipt of any written request, made in such form as the Secretary shall provide, for such adoption and application.CommentsClose CommentsPermalink
(5) GREEN BUILDING- For purposes of this subsection, the term ‘green building’ means, with respect to standards for structures, standards to require use of sustainable design principles to reduce the use of nonrenewable resources, minimize the impact of development on the environment, and to improve indoor air quality.CommentsClose CommentsPermalink
(6) ENERGY AUDITS- The Secretary shall establish standards and requirements for energy audits for purposes of paragraph (3)(A)(ii) and, in establishing such standards, may consult with any advisory committees established pursuant to section 5(c)(2) of this Act.CommentsClose CommentsPermalink
(7) APPLICABILITY AND UPDATING OF STANDARDS-CommentsClose CommentsPermalink
(A) APPLICABILITY- Except as provided in subparagraph (B), the requirements, standards, checklists, and rating systems referred to in this subsection that are in effect for purposes of this subsection are such requirements, standards, checklists, and systems are as in existence upon the date of the enactment of this Act.CommentsClose CommentsPermalink
(B) UPDATING- For purposes of this section, the Secretary may adopt and apply by regulation, as may be necessary, future amendments and supplements to, and editions of, the requirements, standards, checklists, and rating systems referred to in this subsection.CommentsClose CommentsPermalink
(c) Authority of Secretary To Apply Standards to Federally Assisted Housing and Programs-CommentsClose CommentsPermalink
(1) HUD HOUSING AND PROGRAMS- The Secretary of Housing and Urban Development may, by regulation, provide for the applicability of the energy efficiency standards under subsection (a) or the enhanced energy efficiency and conservation standards and green building standards under subsection (b), or both, with respect to any covered federally assisted housing described in paragraph (3)(A) or any HUD assistance.CommentsClose CommentsPermalink
(2) RURAL HOUSING- The Secretary of Agriculture may, by regulation, provide for the applicability of the energy efficiency standards under subsection (a) or the enhanced energy efficiency and conservation standards and green building standards under subsection (b), or both, with respect to any covered federally assisted housing described in paragraph (3)(B) or any assistance provided with respect to rural housing by the Rural Housing Service of the Department of Agriculture.CommentsClose CommentsPermalink
(3) COVERED FEDERALLY ASSISTED HOUSING- For purposes of this subsection, the term ‘covered federally assisted housing’ means--CommentsClose CommentsPermalink
(A) any residential or nonresidential structure for which any HUD assistance is provided; andCommentsClose CommentsPermalink
(B) any new construction of single-family housing (other than manufactured homes) subject to mortgages insured, guaranteed, or made by the Secretary of Agriculture under title V of the Housing Act of 1949 (
SEC. 5. ENERGY EFFICIENCY AND CONSERVATION DEMONSTRATION PROGRAM FOR MULTIFAMILY HOUSING PROJECTS ASSISTED WITH PROJECT-BASED RENTAL ASSISTANCE.
(a) Authority- For multifamily housing projects for which project-based rental assistance is provided under a covered multifamily assistance program, the Secretary shall, subject to the availability of amounts provided in advance in appropriation Acts, carry out a program to demonstrate the effectiveness of funding a portion of the costs of meeting the enhanced energy efficiency standards under section 4(b). At the discretion of the Secretary, the demonstration program may include incentives for housing that is assisted with Indian housing block grants provided pursuant to the Native American Housing Assistance and Self-Determination Act of 1996, but only to the extent that such inclusion does not violate such Act, its regulations, and the goal of such Act of tribal self-determination.CommentsClose CommentsPermalink
(b) Goals- The demonstration program under this section shall be carried out in a manner that--CommentsClose CommentsPermalink
(1) protects the financial interests of the Federal Government;CommentsClose CommentsPermalink
(2) reduces the proportion of funds provided by the Federal Government and by owners and residents of multifamily housing projects that are used for costs of utilities for the projects;CommentsClose CommentsPermalink
(3) encourages energy efficiency and conservation by owners and residents of multifamily housing projects and installation of renewable energy improvements, such as improvements providing for use of solar, wind, geothermal, or biomass energy sources;CommentsClose CommentsPermalink
(4) creates incentives for project owners to carry out such energy efficiency renovations and improvements by allowing a portion of the savings in operating costs resulting from such renovations and improvements to be retained by the project owner, notwithstanding otherwise applicable limitations on dividends;CommentsClose CommentsPermalink
(5) promotes the installation, in existing residential buildings, of energy-efficient and cost-effective improvements and renewable energy improvements, such as improvements providing for use of solar, wind, geothermal, or biomass energy sources;CommentsClose CommentsPermalink
(6) tests the efficacy of a variety of energy efficiency measures for multifamily housing projects of various sizes and in various geographic locations;CommentsClose CommentsPermalink
(7) tests methods for addressing the various, and often competing, incentives that impede owners and residents of multifamily housing projects from working together to achieve energy efficiency or conservation; andCommentsClose CommentsPermalink
(8) creates a database of energy efficiency and conservation, and renewable energy, techniques, energy-savings management practices, and energy efficiency and conservation financing vehicles.CommentsClose CommentsPermalink
(c) Approaches- In carrying out the demonstration program under this section, the Secretary may--CommentsClose CommentsPermalink
(1) enter into agreements with the Building America Program of the Department of Energy and other consensus committees under which such programs, partnerships, or committees assume some or all of the functions, obligations, and benefits of the Secretary with respect to energy savings;CommentsClose CommentsPermalink
(2) establish advisory committees to advise the Secretary and any such third-party partners on technological and other developments in the area of energy efficiency and the creation of an energy efficiency and conservation credit facility and other financing opportunities, which committees shall include representatives of homebuilders, realtors, architects, nonprofit housing organizations, environmental protection organizations, renewable energy organizations, and advocacy organizations for the elderly and persons with disabilities; any advisory committees established pursuant to this paragraph shall not be subject to the Federal Advisory Committee Act (5 U.S.C. App.);CommentsClose CommentsPermalink
(3) approve, for a period not to exceed 10 years, additional adjustments in the maximum monthly rents or additional project rental assistance, or additional Indian housing block grant funds under the Native American Housing Assistance and Self-Determination Act of 1996, as applicable, for dwelling units in multifamily housing projects that are provided project-based rental assistance under a covered multifamily assistance program, in such amounts as may be necessary to amortize a portion of the cost of energy efficiency and conservation measures for such projects;CommentsClose CommentsPermalink
(4) develop a competitive process for the award of such additional assistance for multifamily housing projects seeking to implement energy efficiency, renewable energy sources, or conservation measures; andCommentsClose CommentsPermalink
(5) waive or modify any existing statutory or regulatory provision that would otherwise impair the implementation or effectiveness of the demonstration program under this section, including provisions relating to methods for rent adjustments, comparability standards, maximum rent schedules, and utility allowances; notwithstanding the preceding provisions of this paragraph, the Secretary may not waive any statutory requirement relating to fair housing, nondiscrimination, labor standards, or the environment, except pursuant to existing authority to waive nonstatutory environmental and other applicable requirements.CommentsClose CommentsPermalink
(d) Requirement- During the 4-year period beginning 12 months after the date of the enactment of this Act, the Secretary shall carry out demonstration programs under this section with respect to not fewer than 50,000 dwelling units.CommentsClose CommentsPermalink
(e) Selection-CommentsClose CommentsPermalink
(1) SCOPE- In order to provide a broad and representative profile for use in designing a program which can become operational and effective nationwide, the Secretary shall carry out the demonstration program under this section with respect to dwelling units located in a wide variety of geographic areas and project types assisted by the various covered multifamily assistance programs and using a variety of energy efficiency and conservation and funding techniques to reflect differences in climate, types of dwelling units and technical and scientific methodologies, and financing options. The Secretary shall ensure that the geographic areas included in the demonstration program include dwelling units on Indian lands (as such term is defined in section 2601 of the Energy Policy Act of 1992 (
(2) PRIORITY- The Secretary shall provide priority for selection for participation in the program under this section based on the extent to which, as a result of assistance provided, the project will comply with the energy efficiency standards under subsection (a), (b), or (c) of section 4 of this Act.CommentsClose CommentsPermalink
(f) Use of Existing Partnerships- To the extent feasible, the Secretary shall--CommentsClose CommentsPermalink
(1) utilize the Partnership for Advancing Technology in Housing of the Department of Housing and Urban Development to assist in carrying out the requirements of this section and to provide education and outreach regarding the demonstration program authorized under this section; andCommentsClose CommentsPermalink
(2) consult with the Secretary of Energy, the Administrator of the Environmental Protection Agency, and the Secretary of the Army regarding utilizing the Building America Program of the Department of Energy, the Energy Star Program, and the Army Corps of Engineers, respectively, to determine the manner in which they might assist in carrying out the goals of this section and providing education and outreach regarding the demonstration program authorized under this section.CommentsClose CommentsPermalink
(g) Limitation- No amounts made available under the American Recovery and Reinvestment Act of 2009 (
(h) Reports-CommentsClose CommentsPermalink
(1) ANNUAL- Not later than the expiration of the 2-year beginning upon the date of the enactment of this Act, and for each year thereafter during the term of the demonstration program, the Secretary shall submit a report to the Congress annually that describes and assesses the demonstration program under this section.CommentsClose CommentsPermalink
(2) FINAL- Not later than 6 months after the expiration of the 4-year period described in subsection (d), the Secretary shall submit a final report to the Congress assessing the demonstration program, which--CommentsClose CommentsPermalink
(A) shall assess the potential for expanding the demonstration program on a nationwide basis; andCommentsClose CommentsPermalink
(B) shall include descriptions of--CommentsClose CommentsPermalink
(i) the size of each multifamily housing project for which assistance was provided under the program;CommentsClose CommentsPermalink
(ii) the geographic location of each project assisted, by State and region;CommentsClose CommentsPermalink
(iii) the criteria used to select the projects for which assistance is provided under the program;CommentsClose CommentsPermalink
(iv) the energy efficiency and conservation measures and financing sources used for each project that is assisted under the program;CommentsClose CommentsPermalink
(v) the difference, before and during participation in the demonstration program, in the amount of the monthly assistance payments under the covered multifamily assistance program for each project assisted under the program;CommentsClose CommentsPermalink
(vi) the average length of the term of the such assistance provided under the program for a project;CommentsClose CommentsPermalink
(vii) the aggregate amount of savings generated by the demonstration program and the amount of savings expected to be generated by the program over time on a per-unit and aggregate program basis;CommentsClose CommentsPermalink
(viii) the functions performed in connection with the implementation of the demonstration program that were transferred or contracted out to any third parties;CommentsClose CommentsPermalink
(ix) an evaluation of the overall successes and failures of the demonstration program; andCommentsClose CommentsPermalink
(x) recommendations for any actions to be taken as a result of the such successes and failures.CommentsClose CommentsPermalink
(3) CONTENTS- Each annual report pursuant to paragraph (1) and the final report pursuant to paragraph (2) shall include--CommentsClose CommentsPermalink
(A) a description of the status of each multifamily housing project selected for participation in the demonstration program under this section; andCommentsClose CommentsPermalink
(B) findings from the program and recommendations for any legislative actions.CommentsClose CommentsPermalink
(i) Covered Multifamily Assistance Program- For purposes of this section, the term ‘covered multifamily assistance program’ means--CommentsClose CommentsPermalink
(1) the program under section 8 of the United States Housing Act of 1937 (
(2) the program under section 202 of the Housing Act of 1959 (
(3) the program under section 811 of the Cranston-Gonzalez National Affordable Housing Act (
(4) the program under section 236 of the National Housing Act (
(5) the program under section 515 of the Housing Act of 1949 (
(6) the program for assistance under the Native American Housing Assistance and Self-Determination Act of 1996 (
(j) Authorization of Appropriations- There is authorized to be appropriated to carry out this section, including providing rent adjustments, additional project rental assistance, and incentives, $50,000,000 for each fiscal year in which the demonstration program under this section is carried out.CommentsClose CommentsPermalink
(k) Regulations- Not later than the expiration of the 180-day period beginning on the date of the enactment of this Act, the Secretary shall issue any regulations necessary to carry out this section.CommentsClose CommentsPermalink
SEC. 6. ADDITIONAL CREDIT FOR FANNIE MAE AND FREDDIE MAC HOUSING GOALS FOR ENERGY-EFFICIENT AND LOCATION-EFFICIENT MORTGAGES.
Section 1336(a) of the Housing and Community Development Act of 1992 (
(1) in paragraph (2), by striking ‘paragraph (5)’ and inserting ‘paragraphs (5) and (6)’; andCommentsClose CommentsPermalink
(2) by adding at the end the following new paragraph:CommentsClose CommentsPermalink
‘(6) ADDITIONAL CREDIT-CommentsClose CommentsPermalink
‘(A) IN GENERAL- In assigning credit toward achievement under this section of the housing goals for mortgage purchase activities of the enterprises, the Director shall assign--CommentsClose CommentsPermalink
‘(i) more than 125 percent credit, for any such purchase that both--CommentsClose CommentsPermalink
‘(I) complies with the requirements of such goals; andCommentsClose CommentsPermalink
‘(II)(aa) supports housing that meets the energy efficiency standards under section 4(a) of the Green Resources for Energy Efficient Neighborhoods Act of 2009; orCommentsClose CommentsPermalink
‘(bb) is a location-efficient mortgage, as such term is defined in section 1335(e); andCommentsClose CommentsPermalink
‘(ii) credit in addition to credit under clause (i), for any such purchase that both--CommentsClose CommentsPermalink
‘(I) complies with the requirements of such goals, andCommentsClose CommentsPermalink
‘(II) supports housing that complies with the enhanced energy efficiency and conservation standards, or the green building standards, under section 4(b) of such Act, or both,CommentsClose CommentsPermalink
and such additional credit shall be given based on the extent to which the housing supported with such purchases complies with such standards.CommentsClose CommentsPermalink
‘(B) TREATMENT OF ADDITIONAL CREDIT- The availability of additional credit under this paragraph shall not be used to increase any housing goal, subgoal, or target established under this subpart.’.CommentsClose CommentsPermalink
SEC. 7. DUTY TO SERVE UNDERSERVED MARKETS FOR ENERGY-EFFICIENT AND LOCATION-EFFICIENT MORTGAGES.
Section 1335 of Federal Housing Enterprises Financial Safety and Soundness Act of 1992 (
(1) in subsection (a)(1), by adding at the end the following new subparagraph:CommentsClose CommentsPermalink
‘(D) MARKETS FOR ENERGY-EFFICIENT AND LOCATION-EFFICIENT MORTGAGES-CommentsClose CommentsPermalink
‘(i) DUTY- Subject to clause (ii), the enterprise shall develop loan products and flexible underwriting guidelines to facilitate a secondary market for energy-efficient and location-efficient mortgages on housing for very low-, low-, and moderate-income families, and for second and junior mortgages made for purposes of energy efficiency or renewable energy improvements, or both.CommentsClose CommentsPermalink
‘(ii) AUTHORITY TO SUSPEND- Notwithstanding any other provision of this section, the Director may suspend the applicability of the requirement under clause (i) with respect to an enterprise, for such period as is necessary, if the Director determines that exigent circumstances exist and such suspension is appropriate to ensure the safety and soundness of the portfolio holdings of the enterprise.’;CommentsClose CommentsPermalink
(2) by adding at the end the following new subsection:CommentsClose CommentsPermalink
‘(e) Definitions- For purposes of this section, the following definitions shall apply:CommentsClose CommentsPermalink
‘(1) ENERGY-EFFICIENT MORTGAGE- The term ‘energy-efficient mortgage’ means a mortgage loan under which the income of the borrower, for purposes of qualification for such loan, is considered to be increased by not less than $1 for each $1 of savings projected to be realized by the borrower as a result of cost-effective energy-saving design, construction or improvements (including use of renewable energy sources, such as solar, geothermal, biomass, and wind, super-insulation, energy-saving windows, insulating glass and film, and radiant barrier) for the home for which the loan is made.CommentsClose CommentsPermalink
‘(2) LOCATION-EFFICIENT MORTGAGE- The term ‘location-efficient mortgage’ means a mortgage loan under which--CommentsClose CommentsPermalink
‘(A) the income of the borrower, for purposes of qualification for such loan, is considered to be increased by not less than $1 for each $1 of savings projected to be realized by the borrower because the location of the home for which loan is made will result in decreased transportation costs for the household of the borrower; orCommentsClose CommentsPermalink
‘(B) the sum of the principal, interest, taxes, and insurance due under the mortgage loan is decreased by not less than $1 for each $1 of savings projected to be realized by the borrower because the location of the home for which loan is made will result in decreased transportation costs for the household of the borrower.’.CommentsClose CommentsPermalink
SEC. 8. CONSIDERATION OF ENERGY EFFICIENCY UNDER FHA MORTGAGE INSURANCE PROGRAMS AND NATIVE AMERICAN AND NATIVE HAWAIIAN LOAN GUARANTEE PROGRAMS.
(a) FHA Mortgage Insurance-CommentsClose CommentsPermalink
(1) REQUIREMENT- Title V of the National Housing Act is amended by adding after section 542 (
‘SEC. 543. CONSIDERATION OF ENERGY EFFICIENCY.
‘(a) Underwriting Standards- The Secretary shall establish a method to consider, in its underwriting standards for mortgages on single-family housing meeting the energy efficiency standards under section 4(a) of the Green Resources for Energy Efficient Neighborhoods Act of 2009 that are insured under this Act, the impact that savings on utility costs has on the income of the mortgagor.CommentsClose CommentsPermalink
‘(b) Goal- It is the sense of the Congress that, in carrying out this Act, the Secretary should endeavor to insure mortgages on single-family housing meeting the energy efficiency standards under section 4(a) of the Green Resources for Energy Efficient Neighborhoods Act of 2009 such that at least 50,000 such mortgages are insured during the period beginning upon the date of the enactment of such Act and ending on December 31, 2012.’.CommentsClose CommentsPermalink
(2) REPORTING ON DEFAULTS- Section 540(b) of the National Housing Act (
12 U.S.C. 1735f-18(b) ) is amended by adding at the end the following new paragraph:CommentsClose CommentsPermalink‘(3) With respect to each collection period that commences after December 31, 2011, the total number of mortgages on single-family housing meeting the energy efficiency standards under section 4(a) of the Green Resources for Energy Efficient Neighborhoods Act of 2009 that are insured by the Secretary during the applicable collection period, the number of defaults and foreclosures occurring on such mortgages during such period, the percentage of the total of such mortgages insured during such period on which defaults and foreclosure occurred, and the rate for such period of defaults and foreclosures on such mortgages compared to the overall rate for such period of defaults and foreclosures on mortgages for single-family housing insured under this Act by the Secretary.’.CommentsClose CommentsPermalink
(b) Indian Housing Loan Guarantees-CommentsClose CommentsPermalink
(1) REQUIREMENT- Section 184 of the Housing and Community Development Act of 1992 (
12 U.S.C. 1715z-13a ) is amended--CommentsClose CommentsPermalink
(A) by redesignating subsection (l) as subsection (m); andCommentsClose CommentsPermalink
(B) by inserting after subsection (k) the following new subsection:CommentsClose CommentsPermalink
‘(l) Consideration of Energy Efficiency- The Secretary shall establish a method to consider, in its underwriting standards for loans for single-family housing meeting the energy efficiency standards under section 4(a) of the Green Resources for Energy Efficient Neighborhoods Act of 2009 that are guaranteed under this section, the impact that savings on utility costs has on the income of the borrower.’.CommentsClose CommentsPermalink
(2) REPORTING ON DEFAULTS- Section 540(b) of the National Housing Act (
12 U.S.C. 1735f-18(b) ), as amended by subsection (a)(2) of this section, is further amended by adding at the end the following new paragraph:CommentsClose CommentsPermalink‘(4) With respect to each collection period that commences after December 31, 2011, the total number of loans guaranteed under section 184 of the Housing and Community Development Act of 1992 (
12 U.S.C. 1715z-13a ) on single-family housing meeting the energy efficiency standards under section 4(a) of the Green Resources for Energy Efficient Neighborhoods Act of 2009 that are guaranteed by the Secretary during the applicable collection period, the number of defaults and foreclosures occurring on such loans during such period, the percentage of the total of such loans guaranteed during such period on which defaults and foreclosure occurred, and the rate for such period of defaults and foreclosures on such loans compared to the overall rate for such period of defaults and foreclosures on loans for single-family housing guaranteed under such section 184 by the Secretary.’.CommentsClose CommentsPermalink(c) Native Hawaiian Housing Loan Guarantees-CommentsClose CommentsPermalink
(1) REQUIREMENT- Section 184A of the Housing and Community Development Act of 1992 (
12 U.S.C. 1715z-13b ) is amended by inserting after subsection (l) the following new subsection:CommentsClose CommentsPermalink‘(m) Energy-Efficient Housing Requirement- The Secretary shall establish a method to consider, in its underwriting standards for loans for single-family housing meeting the energy efficiency standards under section 4(a) of the Green Resources for Energy Efficient Neighborhoods Act of 2009 that are guaranteed under this section, the impact that savings on utility costs has on the income of the borrower.’.CommentsClose CommentsPermalink
(2) REPORTING ON DEFAULTS- Section 540(b) of the National Housing Act (
12 U.S.C. 1735f-18(b) ), as amended by the preceding provisions of this section, is further amended by adding at the end the following new paragraph:CommentsClose CommentsPermalink‘(5) With respect to each collection period that commences after December 31, 2011, the total number of loans guaranteed under section 184A of the Housing and Community Development Act of 1992 (
12 U.S.C. 1715z-13b ) on single-family housing meeting the energy efficiency standards under section 4(a) of the Green Resources for Energy Efficient Neighborhoods Act of 2009 that are guaranteed by the Secretary during the applicable collection period, the number of defaults and foreclosures occurring on such loans during such period, the percentage of the total of such loans guaranteed during such period on which defaults and foreclosure occurred, and the rate for such period of defaults and foreclosures on such loans compared to the overall rate for such period of defaults and foreclosures on loans for single-family housing guaranteed under such section 184A by the Secretary.’.CommentsClose CommentsPermalink
SEC. 9. ENERGY-EFFICIENT MORTGAGES AND LOCATION-EFFICIENT MORTGAGES EDUCATION AND OUTREACH CAMPAIGN.
Section 106 of the Energy Policy Act of 1992 (
‘(g) Education and Outreach Campaign-CommentsClose CommentsPermalink
‘(1) DEVELOPMENT OF ENERGY- AND LOCATION-EFFICIENT MORTGAGES OUTREACH PROGRAM-CommentsClose CommentsPermalink
‘(A) COMMISSION- The Secretary, in consultation and coordination with the Secretary of Energy, the Secretary of Education, the Secretary of Agriculture, and the Administrator of the Environmental Protection Agency, shall establish a commission to develop and recommend model mortgage products and underwriting guidelines that provide market-based incentives to prospective home buyers, lenders, and sellers to incorporate energy efficiency upgrades and location efficiencies in new mortgage loan transactions.CommentsClose CommentsPermalink
‘(B) REPORT- Not later than 24 months after the date of the enactment of this Act, the Secretary shall provide a written report to the Congress on the results of work of the commission established pursuant to subparagraph (A) and that identifies model mortgage products and underwriting guidelines that may encourage energy and location efficiency.CommentsClose CommentsPermalink
‘(2) IMPLEMENTATION- After submission of the report under paragraph (1)(B), the Secretary, in consultation and coordination with the Secretary of Energy, the Secretary of Education, and the Administrator of the Environmental Protection Agency, shall carry out a public awareness, education, and outreach campaign based on the findings of the commission established pursuant to paragraph (1) to inform and educate residential lenders and prospective borrowers regarding the availability, benefits, advantages, and terms of energy-efficient mortgages and location-efficient mortgages made available pursuant to this section, energy-efficient and location-efficient mortgages that meet the requirements of section 1335 of the Housing and Community Development Act of 1992 (
42 U.S.C. 4565 ), and other mortgages, including mortgages for multifamily housing, that have energy improvement features or location efficiency features and to publicize such availability, benefits, advantages, and terms. Such actions may include entering into a contract with an appropriate entity to publicize and market such mortgages through appropriate media.CommentsClose CommentsPermalink‘(3) RENEWABLE ENERGY HOME PRODUCT EXPOS- The Congress hereby encourages the Secretary of Housing and Urban Development to work with appropriate entities to organize and hold renewable energy expositions that provide an opportunity for the public to view and learn about renewable energy products for the home that are currently on the market.CommentsClose CommentsPermalink
‘(4) AUTHORIZATION OF APPROPRIATIONS- There is authorized to be appropriated to the Secretary to carry out this subsection $5,000,000 for each of fiscal years 2010 through 2014.’.CommentsClose CommentsPermalink
SEC. 10. COLLECTION OF INFORMATION ON ENERGY-EFFICIENT AND LOCATION-EFFICIENT MORTGAGES THROUGH HOME MORTGAGE DISCLOSURE ACT.
(a) In General- Section 304(b) of the Home Mortgage Disclosure Act of 1975 (
(1) in paragraph (3), by striking ‘and’ at the end;CommentsClose CommentsPermalink
(2) in paragraph (4), by striking the period at the end and inserting a semicolon; andCommentsClose CommentsPermalink
(3) by adding at the end the following new paragraphs:CommentsClose CommentsPermalink
‘(5) the number and dollar amount of mortgage loans for single-family housing and for multifamily housing that are energy-efficient mortgages (as such term is defined in section 1335 of Housing and Community Development Act of 1992); andCommentsClose CommentsPermalink
‘(6) the number and dollar amount of mortgage loans for single-family housing and for multifamily housing that are location-efficient mortgages (as such term is defined in section 1335 of Housing and Community Development Act of 1992).’.CommentsClose CommentsPermalink
(b) Applicability- The amendment made by subsection (a) shall apply with respect to the first calendar year that begins after the expiration of the 30-day period beginning on the date of the enactment of this Act.CommentsClose CommentsPermalink
SEC. 11. ENSURING AVAILABILITY OF HOMEOWNERS INSURANCE FOR HOMES NOT CONNECTED TO ELECTRICITY GRID.
(a) Congressional Intent- The Congress intends that--CommentsClose CommentsPermalink
(1) consumers shall not be denied homeowners insurance for a dwelling (as such term is defined in subsection (c)) based solely on the fact that the dwelling is not connected to or able to receive electricity service from any wholesale or retail electric power provider;CommentsClose CommentsPermalink
(2) States should ensure that consumers are able to obtain homeowners insurance for such dwellings;CommentsClose CommentsPermalink
(3) States should support insurers that develop voluntary incentives to provide such insurance; andCommentsClose CommentsPermalink
(4) States may not prohibit insurers from offering a homeowners insurance product specifically designed for such dwellings.CommentsClose CommentsPermalink
(b) Insuring Homes and Related Property in Indian Areas- Notwithstanding any other provision of law, dwellings located in Indian areas (as such term is defined in section 4 of the Native American Housing Assistance and Self-Determination Act of 1996 (
(c) Dwelling- For purposes of this section, the term ‘dwelling’ means a residential structure that--CommentsClose CommentsPermalink
(1) consists of one to four dwelling units;CommentsClose CommentsPermalink
(2) is provided electricity from renewable energy sources; andCommentsClose CommentsPermalink
(3) is not connected to any wholesale or retail electrical power grid.CommentsClose CommentsPermalink
SEC. 12. MORTGAGE INCENTIVES FOR ENERGY-EFFICIENT MULTIFAMILY HOUSING.
(a) In General- The Secretary of Housing and Urban Development shall establish incentives for increasing the energy efficiency of multifamily housing that is subject to a mortgage to be insured under title II of the National Housing Act (
(b) Incentives- Such incentives may include, for any such multifamily housing that complies with the energy efficiency standards under section 4(a)--CommentsClose CommentsPermalink
(1) providing a discount on the chargeable premiums for the mortgage insurance for such housing from the amount otherwise chargeable for such mortgage insurance;CommentsClose CommentsPermalink
(2) allowing mortgages to exceed the dollar amount limits otherwise applicable under law to the extent such additional amounts are used to finance improvements or measures designed to meet the standards referred to in subsection (a); andCommentsClose CommentsPermalink
(3) reducing the amount that the owner of such multifamily housing meeting the standards referred to in subsection (a) is required to contribute.CommentsClose CommentsPermalink
SEC. 13. ENERGY-EFFICIENT CERTIFICATIONS FOR MANUFACTURED HOUSING WITH MORTGAGES.
Section 526 of the National Housing Act (
(1) in subsection (a)--CommentsClose CommentsPermalink
(A) by striking ‘, other than manufactured homes,’ each place such term appears;CommentsClose CommentsPermalink
(B) by inserting after the period at the end the following: ‘The energy performance requirements developed and established by the Secretary under this section for manufactured homes shall require energy star rating for wall fixtures, appliances, and equipment in such housing.’;CommentsClose CommentsPermalink
(C) by inserting ‘(1)’ after ‘(a)’; andCommentsClose CommentsPermalink
(D) by adding at the end the following new paragraphs:CommentsClose CommentsPermalink
‘(2) The Secretary shall require, with respect to any single- or multi-family residential housing subject to a mortgage insured under this Act, that any approval or certification of the housing for meeting any energy efficiency or conservation criteria, standards, or requirements pursuant to this title and any approval or certification required pursuant to this title with respect to energy-conserving improvements or any renewable energy sources, such as wind, solar energy geothermal, or biomass, shall be conducted only by an individual certified by a home energy rating system provider who has been accredited to conduct such ratings by the Home Energy Ratings System Council, the Residential Energy Services Network, or such other appropriate national organization, as the Secretary may provide, or by licensed professional architect or engineer. If any organization makes a request to the Secretary for approval to accredit individuals to conduct energy efficiency or conservation ratings, the Secretary shall review and approve or disapprove such request not later than the expiration of the 6-month period beginning upon receipt of such request.CommentsClose CommentsPermalink
‘(3) The Secretary shall periodically examine the method used to conduct inspections for compliance with the requirements under this section, analyze various other approaches for conducting such inspections, and review the costs and benefits of the current method compared with other methods.’; andCommentsClose CommentsPermalink
(2) in subsection (b), by striking ‘, other than a manufactured home,’.CommentsClose CommentsPermalink
SEC. 14. ASSISTED HOUSING ENERGY LOAN PILOT PROGRAM.
(a) Authority- Not later than the expiration of the 12-month period beginning on the date of the enactment of this Act, the Secretary shall develop and implement a pilot program under this section to facilitate the financing of cost-effective capital improvements for covered assisted housing projects to improve the energy efficiency and conservation of such projects.CommentsClose CommentsPermalink
(b) Loans- The pilot program under this section shall involve not less than three and not more than five lenders, and shall provide for a privately financed loan to be made for a covered assisted housing project, which shall--CommentsClose CommentsPermalink
(1) finance capital improvements for the project that meet such requirements as the Secretary shall establish, and may involve contracts with third parties to perform such capital improvements, including the design of such improvements by licensed professional architects or engineers;CommentsClose CommentsPermalink
(2) have a term to maturity of not more than 20 years, which shall be based upon the duration necessary to realize cost savings sufficient to repay the loan;CommentsClose CommentsPermalink
(3) be secured by a mortgage subordinate to the mortgage for the project that is insured under the National Housing Act; andCommentsClose CommentsPermalink
(4) provide for a reduction in the remaining principal obligation under the loan based on the actual resulting cost savings realized from the capital improvements financed with the loan.CommentsClose CommentsPermalink
(c) Underwriting Standards- The Secretary shall establish underwriting requirements for loans made under the pilot program under this section, which shall--CommentsClose CommentsPermalink
(1) require the cost savings projected to be realized from the capital improvements financed with the loan, during the term of the loan, to exceed the costs of repaying the loan;CommentsClose CommentsPermalink
(2) allow the designer or contractor involved in designing capital improvements to be financed with a loan under the program to carry out such capital improvements; andCommentsClose CommentsPermalink
(3) include such energy, audit, property, financial, ownership, and approval requirements as the Secretary considers appropriate.CommentsClose CommentsPermalink
(d) Treatment of Savings- The pilot program under this section shall provide that the project owner shall receive the full financial benefit from any reduction in the cost of utilities resulting from capital improvements financed with a loan made under the program.CommentsClose CommentsPermalink
(e) Covered Assisted Housing Projects- For purposes of this section, the term ‘covered assisted housing project’ means a housing project that--CommentsClose CommentsPermalink
(1) is financed by a loan or mortgage that is--CommentsClose CommentsPermalink
(A) insured by the Secretary under--CommentsClose CommentsPermalink
(i) subsection (d)(3) of section 221 of the National Housing Act (
(ii) subsection (d)(4) of such section 221.CommentsClose CommentsPermalink
(B) insured or assisted under section 236 of the National Housing Act (
(2) at the time a loan under this section is made, is provided project-based rental assistance under section 8 of the United States Housing Act of 1937 (
(3) is not a housing project owned or held by the Secretary, or subject to a mortgage held by the Secretary.CommentsClose CommentsPermalink
SEC. 15. MAKING IT GREEN.
(a) Partnerships With Tree-Planting Organizations- The Secretary shall establish and provide incentives for developers of housing for which any HUD financial assistance, as determined by the Secretary, is provided for development, maintenance, operation, or other costs, to enter into agreements and partnerships with tree-planting organizations, nurseries, and landscapers to certify that trees, shrubs, grasses, and other plants are planted in the proper manner, are provided adequate maintenance, and survive for at least 3 years after planting or are replaced. The financial assistance determined by the Secretary as eligible under this section shall take into consideration such factors as cost effectiveness and affordability.CommentsClose CommentsPermalink
(b) Making It Green Plan- In the case of any new or substantially rehabilitated housing for which HUD financial assistance, as determined in accordance with subsection (a), is provided by the Secretary for the development, construction, maintenance, rehabilitation, improvement, operation, or costs of the housing, including financial assistance provided through the Community Development Block Grant program under title I of the Housing and Community Development Act of 1974 (
(1) in the case of new construction and improvements, siting of such housing and improvements in a manner that provides for energy efficiency and conservation to the extent feasible, taking into consideration location and project type;CommentsClose CommentsPermalink
(2) minimization of the effects of construction, rehabilitation, or other development on the condition of existing trees;CommentsClose CommentsPermalink
(3) selection and installation of indigenous trees, shrubs, grasses, and other plants based upon applicable design guidelines and standards of the International Society for Arboriculture;CommentsClose CommentsPermalink
(4) post-planting care and maintenance of the landscaping relating to or affected by the housing in accordance with best management practices; andCommentsClose CommentsPermalink
(5) establishment of a goal for minimum greenspace or tree canopy cover for the housing site for which such financial assistance is provided, including guidelines and timetables within which to achieve compliance with such minimum requirements.CommentsClose CommentsPermalink
(c) Partnerships- In carrying out this section, the Secretary is encouraged to consult, as appropriate, with national organizations dedicated to providing housing assistance and related services to low-income families, such as the Alliance for Community Trees and its affiliates, the American Nursery and Landscape Association, the American Society of Landscape Architects, and the National Arbor Day Foundation.CommentsClose CommentsPermalink
SEC. 16. RESIDENTIAL ENERGY EFFICIENCY BLOCK GRANT PROGRAM.
Title I of the Housing and Community Development Act of 1974 (
‘SEC. 123. RESIDENTIAL ENERGY EFFICIENCY BLOCK GRANT PROGRAM.
‘(a) In General- To the extent amounts are made available for grants under this section, the Secretary shall make grants under this section to States, metropolitan cities and urban counties, Indian tribes, and insular areas to carry out energy efficiency improvements in new and existing single-family and multifamily housing.CommentsClose CommentsPermalink
‘(b) Allocations-CommentsClose CommentsPermalink
‘(1) IN GENERAL- Of the total amount made available for each fiscal year for grants under this section that remains after reserving amounts pursuant to paragraph (2), the Secretary shall allocate for insular areas, for metropolitan cities and urban counties, and for States, an amount that bears the same ratio to such total amount as the amount allocated for such fiscal year under section 106 for Indian tribes, for insular areas, for metropolitan cities and urban counties, and for States, respectively, bears to the total amount made available for such fiscal year for grants under section 106.CommentsClose CommentsPermalink
‘(2) SET ASIDE FOR INDIAN TRIBES- Of the total amount made available for each fiscal year for grants under this section, the Secretary shall allocate not less than 1 percent to Indian tribes.CommentsClose CommentsPermalink
‘(c) Grant Amounts-CommentsClose CommentsPermalink
‘(1) ENTITLEMENT COMMUNITIES- From the amounts allocated pursuant to subsection (b) for metropolitan cities and urban counties for each fiscal year, the Secretary shall make a grant for such fiscal year to each metropolitan city and urban county that complies with the requirement under subsection (d), in the amount that bears the same ratio such total amount so allocated as the amount of the grant for such fiscal year under section 106 for such metropolitan city or urban county bears to the aggregate amount of all grants for such fiscal year under section 106 for all metropolitan cities and urban counties.CommentsClose CommentsPermalink
‘(2) STATES- From the amounts allocated pursuant to subsection (b) for States for each fiscal year, the Secretary shall make a grant for such fiscal year to each State that complies with the requirement under subsection (d), in the amount that bears the same ratio such total amount so allocated as the amount of the grant for such fiscal year under section 106 for such State bears to the aggregate amount of all grants for such fiscal year under section 106 for all States. Grant amounts received by a State shall be used only for eligible activities under subsection (e) carried out in nonentitlement areas of the State.CommentsClose CommentsPermalink
‘(3) INDIAN TRIBES- From the amounts allocated pursuant to subsection (b) for Indian tribes, the Secretary shall make grants to Indian tribes that comply with the requirement under subsection (d) on the basis of a competition conducted pursuant to specific criteria, as the Secretary shall establish by regulation, for the selection of Indian tribes to receive such amount.CommentsClose CommentsPermalink
‘(4) INSULAR AREAS- From the amounts allocated pursuant to subsection (b) for insular areas, the Secretary shall make a grant to each insular area that complies with the requirement under subsection (d) on the basis of the ratio of the population of the insular area to the aggregate population of all insular areas. In determining the distribution of amounts to insular areas, the Secretary may also include other statistical criteria as data become available from the Bureau of Census of the Department of Labor, but only if such criteria are set forth by regulation issued after notice and an opportunity for comment.CommentsClose CommentsPermalink
‘(d) Statement of Activities-CommentsClose CommentsPermalink
‘(1) REQUIREMENT- Before receipt the receipt in any fiscal year of a grant under subsection (c) by any grantee, the grantee shall have prepared a final statement of housing energy efficiency objectives and projected use of funds as the Secretary shall require and shall have provided the Secretary with such certifications regarding such objectives and use as the Secretary may require. In the case of metropolitan cities, urban counties, units of general local government, and insular areas receiving grants, the statement of projected use of funds shall consist of proposed housing energy efficiency activities. In the case of States receiving grants, the statement of projected use of funds shall consist of the method by which the States will distribute funds to units of general local government.CommentsClose CommentsPermalink
‘(2) PUBLIC PARTICIPATION- The Secretary may establish requirements to ensure the public availability of information regarding projected use of grant amounts and public participation in determining such projected use.CommentsClose CommentsPermalink
‘(e) Eligible Activities-CommentsClose CommentsPermalink
‘(1) REQUIREMENT- Amounts from a grant under this section may be used only to carry out activities for single-family or multifamily housing that are designed to improve the energy efficiency of the housing so that the housing complies with the energy efficiency standards under section 4(a) of the Green Resources for Energy Efficient Neighborhoods Act of 2009, including such activities to provide energy for such housing from renewable sources, such as wind, waves, solar, biomass, and geothermal sources.CommentsClose CommentsPermalink
‘(2) PREFERENCE FOR COMPLIANCE BEYOND BASIC REQUIREMENTS- In selecting activities to be funded with amounts from a grant under this section, a grantee shall give more preference to activities based on the extent to which the activities will result in compliance by the housing with the enhanced energy efficiency and conservation standards, and the green building standards, under section 4(b) of such Act.CommentsClose CommentsPermalink
‘(f) Reports- Each grantee of a grant under this section for a fiscal year shall submit to the Secretary, at a time determined by the Secretary, a performance and evaluation report concerning the use of grant amounts, which shall contain an assessment by the grantee of the relationship of such use to the objectives identified in the grantees statement under subsection (d).CommentsClose CommentsPermalink
‘(g) Applicability of CDBG Provisions- Sections 109, 110, and 111 of the Housing and Community Development Act of 1974 (
42 U.S.C. 5309 , 5310, 5311) shall apply to assistance received under this section to the same extent and in the same manner that such sections apply to assistance received under title I of such Act.CommentsClose CommentsPermalink‘(h) Authorization of Appropriations- There is authorized to be appropriated for grants under this section $2,500,000,000 for fiscal year 2010 and such sums as may be necessary for each fiscal year thereafter.’.CommentsClose CommentsPermalink
SEC. 17. INCLUDING SUSTAINABLE DEVELOPMENT AND TRANSPORTATION STRATEGIES IN COMPREHENSIVE HOUSING AFFORDABILITY STRATEGIES.
Section 105(b) of the Cranston-Gonzalez National Affordable Housing Act (
(1) by striking ‘and’ at the end of paragraph (19);CommentsClose CommentsPermalink
(2) by striking the period at the end of paragraph (20) and inserting ‘; and’;CommentsClose CommentsPermalink
(3) and by inserting after paragraph (20) the following new paragraphs:CommentsClose CommentsPermalink
‘(21) describe the jurisdiction’s strategies to encourage sustainable development for affordable housing, including single-family and multifamily housing, as measured by--CommentsClose CommentsPermalink
‘(A) greater energy efficiency and use of renewable energy sources, including any strategies regarding compliance with the energy efficiency standards under section 4(a) of the Green Resources for Energy Efficient Neighborhoods Act of 2009 and with the enhanced energy efficiency and conservation standards, and the green building standards, under section 4(b) of such Act;CommentsClose CommentsPermalink
‘(B) increased conservation, recycling, and reuse of resources;CommentsClose CommentsPermalink
‘(C) more effective use of existing infrastructure;CommentsClose CommentsPermalink
‘(D) use of building materials and methods that are healthier for residents of the housing, including use of building materials that are free of added known carcinogens that are classified as Group 1 Known Carcinogens by the International Agency for Research on Cancer; andCommentsClose CommentsPermalink
‘(E) such other criteria as the Secretary determines, in consultation with the Secretary of Energy, the Secretary of Agriculture, and the Administrator of the Environmental Protection Agency, are in accordance with the purposes of this paragraph; andCommentsClose CommentsPermalink
‘(22) describe the jurisdiction’s efforts to coordinate its housing strategy with its transportation planning strategies to ensure to the extent practicable that residents of affordable housing have access to public transportation.’.CommentsClose CommentsPermalink
SEC. 18. GRANT PROGRAM TO INCREASE SUSTAINABLE LOW-INCOME COMMUNITY DEVELOPMENT CAPACITY.
(a) In General- The Secretary may make grants to nonprofit organizations to use for any of the following purposes:CommentsClose CommentsPermalink
(1) Training, educating, supporting, or advising an eligible community development organization or qualified youth service and conservation corps in improving energy efficiency, resource conservation and reuse, design strategies to maximize energy efficiency, installing or constructing renewable energy improvements (such as wind, wave, solar, biomass, and geothermal energy sources), and effective use of existing infrastructure in affordable housing and economic development activities in low-income communities, taking into consideration energy efficiency standards under section 4(a) of this Act and with the enhanced energy efficiency and conservation standards, and the green building standards, under section 4(b) of this Act.CommentsClose CommentsPermalink
(2) Providing loans, grants, or predevelopment assistance to eligible community development organizations or qualified youth service and conservation corps to carry out energy efficiency improvements that comply with the energy efficiency standards under section 4(a) of this Act, resource conservation and reuse, and effective use of existing infrastructure in affordable housing and economic development activities in low-income communities. In providing assistance under this paragraph, the Secretary shall give more preference to activities based on the extent to which the activities will result in compliance with the enhanced energy efficiency and conservation standards, and the green building standards, under section 4(b) of this Act.CommentsClose CommentsPermalink
(3) Such other purposes as the Secretary determines are in accordance with the purposes of this subsection.CommentsClose CommentsPermalink
(b) Application Requirement- To be eligible for a grant under this section, a nonprofit organization shall prepare and submit to the Secretary an application at such time, in such manner, and containing such information as the Secretary may require.CommentsClose CommentsPermalink
(c) Award of Contracts- Contracts for architectural or engineering services funded with amounts from grants made under this section shall be awarded in accordance with chapter 11 of title 40, United States Code (relating to selection of architects and engineers).CommentsClose CommentsPermalink
(d) Matching Requirement- A grant made under this section may not exceed the amount that the nonprofit organization receiving the grant certifies, to the Secretary, will be provided (in cash or in-kind) from nongovernmental sources to carry out the purposes for which the grant is made.CommentsClose CommentsPermalink
(e) Definitions- For purposes of this section, the following definitions shall apply:CommentsClose CommentsPermalink
(1) The term ‘nonprofit organization’ has the meaning given such term in section 104 of the Cranston-Gonzalez National Affordable Housing Act (
(2) The term ‘eligible community development organization’ means--CommentsClose CommentsPermalink
(A) a unit of general local government (as defined in section 104 of the Cranston-Gonzalez National Affordable Housing Act (
(B) a community housing development organization (as defined in section 104 of the Cranston-Gonzalez National Affordable Housing Act (
(C) an Indian tribe or tribally designated housing entity (as such terms are defined in section 4 of the Native American Housing Assistance and Self-Determination Act of 1996 (
(D) a public housing agency, as such term is defined in section 3(b) of the United States Housing Act of 1937 (
(3) The term ‘low-income community’ means a census tract in which 50 percent or more of the households have an income which is less than 80 percent of the greater of--CommentsClose CommentsPermalink
(A) the median gross income for such year for the area in which such census tract is located; orCommentsClose CommentsPermalink
(B) the median gross income for such year for the State in which such census tract is located.CommentsClose CommentsPermalink
(f) Authorization of Appropriations- There are authorized to be appropriated to the Secretary to carry out this section $10,000,000 for each of fiscal years 2010 through 2014.CommentsClose CommentsPermalink
SEC. 19. HOPE VI GREEN DEVELOPMENTS REQUIREMENT.
(a) Mandatory Component- Section 24(e) of the United States Housing Act of 1937 (
‘(4) GREEN DEVELOPMENTS REQUIREMENT-CommentsClose CommentsPermalink
‘(A) REQUIREMENT- The Secretary may not make a grant under this section to an applicant unless the proposed revitalization plan of the applicant to be carried out with such grant amounts meets the following requirements:CommentsClose CommentsPermalink
‘(i) GREEN COMMUNITIES CRITERIA CHECKLIST- All residential construction under the proposed plan complies with the national Green Communities criteria checklist for residential construction that provides criteria for the design, development, and operation of affordable housing, as such checklist is in effect for purposes of this paragraph pursuant to subparagraph (D) at the date of the application for the grant, or any substantially equivalent standard or standards as determined by the Secretary, as follows:CommentsClose CommentsPermalink
‘(I) The proposed plan shall comply with all items of the national Green Communities criteria checklist for residential construction that are identified as mandatory.CommentsClose CommentsPermalink
‘(II) The proposed plan shall comply with such other nonmandatory items of such national Green Communities criteria checklist so as to result in a cumulative number of points attributable to such nonmandatory items under such checklist of not less than--CommentsClose CommentsPermalink
‘(aa) 25 points, in the case of any proposed plan (or portion thereof) consisting of new construction; andCommentsClose CommentsPermalink
‘(bb) 20 points, in the case of any proposed plan (or portion thereof) consisting of rehabilitation.CommentsClose CommentsPermalink
‘(ii) GREEN BUILDINGS CERTIFICATION SYSTEM- All nonresidential construction under the proposed plan complies with all minimum required levels of the green building rating systems and levels identified by the Secretary pursuant to subparagraph (C), as such systems and levels are in effect for purposes of this paragraph pursuant to subparagraph (D) at the time of the application for the grant.CommentsClose CommentsPermalink
‘(B) VERIFICATION-CommentsClose CommentsPermalink
‘(i) IN GENERAL- The Secretary shall verify, or provide for verification, sufficient to ensure that each proposed revitalization plan carried out with amounts from a grant under this section complies with the requirements under subparagraph (A) and that the revitalization plan is carried out in accordance with such requirements and plan.CommentsClose CommentsPermalink
‘(ii) TIMING- In providing for such verification, the Secretary shall establish procedures to ensure such compliance with respect to each grantee, and shall report to the Congress with respect to the compliance of each grantee, at each of the following times:CommentsClose CommentsPermalink
‘(I) Not later than 6 months after execution of the grant agreement under this section for the grantee.CommentsClose CommentsPermalink
‘(II) Upon completion of the revitalization plan of the grantee.CommentsClose CommentsPermalink
‘(C) IDENTIFICATION OF GREEN BUILDINGS RATING SYSTEMS AND LEVELS-CommentsClose CommentsPermalink
‘(i) IN GENERAL- For purposes of this paragraph, the Secretary shall identify rating systems and levels for green buildings that the Secretary determines to be the most likely to encourage a comprehensive and environmentally sound approach to ratings and standards for green buildings. The identification of the ratings systems and levels shall be based on the criteria specified in clause (ii), shall identify the highest levels the Secretary determines are appropriate above the minimum levels required under the systems selected. Within 90 days of the completion of each study required by clause (iii), the Secretary shall review and update the rating systems and levels, or identify alternative systems and levels for purposes of this paragraph, taking into account the conclusions of such study.CommentsClose CommentsPermalink
‘(ii) CRITERIA- In identifying the green rating systems and levels, the Secretary shall take into consideration--CommentsClose CommentsPermalink
‘(I) the ability and availability of assessors and auditors to independently verify the criteria and measurement of metrics at the scale necessary to implement this paragraph;CommentsClose CommentsPermalink
‘(II) the ability of the applicable ratings system organizations to collect and reflect public comment;CommentsClose CommentsPermalink
‘(III) the ability of the standards to be developed and revised through a consensus-based process;CommentsClose CommentsPermalink
‘(IV) An evaluation of the robustness of the criteria for a high-performance green building, which shall give credit for promoting--CommentsClose CommentsPermalink
‘(aa) efficient and sustainable use of water, energy, and other natural resources;CommentsClose CommentsPermalink
‘(bb) use of renewable energy sources;CommentsClose CommentsPermalink
‘(cc) improved indoor and outdoor environmental quality through enhanced indoor and outdoor air quality, thermal comfort, acoustics, outdoor noise pollution, day lighting, pollutant source control, sustainable landscaping, and use of building system controls and low- or no-emission materials, including preference for materials with no added carcinogens that are classified as Group 1 Known Carcinogens by the International Agency for Research on Cancer; andCommentsClose CommentsPermalink
‘(dd) such other criteria as the Secretary determines to be appropriate; andCommentsClose CommentsPermalink
‘(V) national recognition within the building industry.CommentsClose CommentsPermalink
‘(iii) 5-year EVALUATION- At least once every 5 years, the Secretary shall conduct a study to evaluate and compare available third-party green building rating systems and levels, taking into account the criteria listed in clause (ii).CommentsClose CommentsPermalink
‘(D) APPLICABILITY AND UPDATING OF STANDARDS-CommentsClose CommentsPermalink
‘(i) APPLICABILITY- Except as provided in clause (ii) of this subparagraph, the national Green Communities criteria checklist and green building rating systems and levels referred to in clauses (i) and (ii) of subparagraph (A) that are in effect for purposes of this paragraph are such checklist systems, and levels as in existence upon the date of the enactment of the Green Resources for Energy Efficient Neighborhoods Act of 2009.CommentsClose CommentsPermalink
‘(ii) UPDATING- The Secretary may, by regulation, adopt and apply, for purposes of this paragraph, future amendments and supplements to, and editions of, the national Green Communities criteria checklist, any standard or standards that the Secretary has determined to be substantially equivalent to such checklist, and the green building ratings systems and levels identified by the Secretary pursuant to subparagraph (C).’.CommentsClose CommentsPermalink
(b) Selection Criteria; Graded Component- Section 24(e)(2) of the United States Housing Act of 1937 (
42 U.S.C. 1437v(e)(2) ) is amended--CommentsClose CommentsPermalink
(1) in subparagraph (K), by striking ‘and’ at the end;CommentsClose CommentsPermalink
(2) by redesignating subparagraph (L) as subparagraph (M); andCommentsClose CommentsPermalink
(3) by inserting after subparagraph (K) the following new subparagraph:CommentsClose CommentsPermalink
‘(L) the extent to which the proposed revitalization plan--CommentsClose CommentsPermalink
‘(i) in the case of residential construction, complies with the nonmandatory items of the national Green Communities criteria checklist identified in paragraph (4)(A)(i), or any substantially equivalent standard or standards as determined by the Secretary, but only to the extent such compliance exceeds the compliance necessary to accumulate the number of points required under such paragraph; andCommentsClose CommentsPermalink
‘(ii) in the case of nonresidential construction, complies with the components of the green building rating systems and levels identified by the Secretary pursuant to paragraph (4)(C), but only to the extent such compliance exceeds the minimum level required under such systems and levels; and’.CommentsClose CommentsPermalink
SEC. 20. CONSIDERATION OF ENERGY EFFICIENCY IMPROVEMENTS IN APPRAISALS.
(a) Appraisals in Connection With Federally Related Transactions-CommentsClose CommentsPermalink
(1) REQUIREMENT- Section 1110 of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (
(A) in paragraph (1), by striking ‘and’ at the end;CommentsClose CommentsPermalink
(B) by redesignating paragraph (2) as paragraph (3); andCommentsClose CommentsPermalink
(C) by inserting after paragraph (1) the following new paragraph:CommentsClose CommentsPermalink
‘(2) that such appraisals be performed in accordance with appraisal standards that require, in determining the value of a property, consideration of any renewable energy sources for, or energy efficiency or energy-conserving improvements or features of, the property; and’.CommentsClose CommentsPermalink
(2) REVISION OF APPRAISAL STANDARDS- Each Federal financial institutions regulatory agency shall, not later than 6 months after the date of the enactment of this Act, revise its standards for the performance of real estate appraisals in connection with federally related transactions under the jurisdiction of the agency to comply with the requirement under the amendments made by paragraph (1) of this subsection.CommentsClose CommentsPermalink
(b) Appraiser Certification and Licensing Requirements- Section 1116 of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (
(1) in subsection (a), by inserting before the period at the end the following: ‘, and meets the requirements established pursuant to subsection (f) for qualifications regarding consideration of any renewable energy sources for, or energy efficiency or energy-conserving improvements or features of, the property’;CommentsClose CommentsPermalink
(2) in subsection (c), by inserting before the period at the end the following: ‘, which shall include compliance with the requirements established pursuant to subsection (f) regarding consideration of any renewable energy sources for, or energy efficiency or energy-conserving improvements or features of, the property’;CommentsClose CommentsPermalink
(3) in subsection (e), by striking ‘The’ and inserting ‘Except as provided in subsection (f), the’; andCommentsClose CommentsPermalink
(4) by adding at the end the following new subsection:CommentsClose CommentsPermalink
‘(f) Requirements for Appraisers Regarding Energy Efficiency Features- The Appraisal Subcommittee shall establish requirements for State certification of State certified real estate appraisers and for State licensing of State licensed appraisers, to ensure that appraisers consider and are qualified to consider, in determining the value of a property, any renewable energy sources for, or energy efficiency or energy-conserving improvements or features of, the property.’.CommentsClose CommentsPermalink
(c) Guidelines for Appraising Photovoltaic Measures and Training of Appraisers- Section 1122 of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (
‘(g) Guidelines for Appraising Photovoltaic Measures and Training of Appraisers- The Appraisal Subcommittee shall, in consultation with the Secretary of Housing and Urban Development, the Federal National Mortgage Association, and the Federal Home Loan Mortgage Corporation, establish specific guidelines for--CommentsClose CommentsPermalink
‘(1) appraising off- and on-grid photovoltaic measures for compliance with the appraisal standards prescribed pursuant to section 1110(2);CommentsClose CommentsPermalink
‘(2) requirements under section 1116(f) for certification of State certified real estate appraisers and for State licensing of State licensed appraisers, to ensure that appraisers consider, and are qualified to consider, such photovoltaic measures in determining the value of a property; andCommentsClose CommentsPermalink
‘(3) training of appraisers to meet the requirements established pursuant to paragraph (2) of this subsection.’.CommentsClose CommentsPermalink
SEC. 21. HOUSING ASSISTANCE COUNCIL.
The Secretary shall require the Housing Assistance Council--CommentsClose CommentsPermalink
(1) to encourage each organization that receives assistance from the Council with any amounts made available from the Secretary to provide that any structures and buildings developed or assisted under projects, programs, and activities funded with such amounts complies with the energy efficiency standards under section 4(a) of this Act; andCommentsClose CommentsPermalink
(2) to establish incentives to encourage each such organization to provide that any such structures and buildings comply with the energy efficiency and conservation standards, and the green building standards, under section 4(b) of such Act.CommentsClose CommentsPermalink
SEC. 22. RURAL HOUSING AND ECONOMIC DEVELOPMENT ASSISTANCE.
The Secretary shall--CommentsClose CommentsPermalink
(1) require each tribe, agency, organization, corporation, and other entity that receives any assistance from the Office of Rural Housing and Economic Development of the Department of Housing and Urban Development to provide that any structures and buildings developed or assisted under activities funded with such amounts complies with the energy efficiency standards under section 4(a) of this Act; andCommentsClose CommentsPermalink
(2) establish incentives to encourage each such tribe, agency, organization, corporation, and other entity to provide that any such structures and buildings comply with the enhanced energy efficiency and conservation standards, and the green building standards, under section 4(b) of such Act.CommentsClose CommentsPermalink
SEC. 23. REVOLVING FUND FOR LOANS TO STATES AND INDIAN TRIBES TO CARRY OUT RENEWABLE ENERGY SOURCES ACTIVITIES.
(a) Establishment of Fund- There is established in the Treasury of the United States a revolving fund, to be known as the ‘Alternative Energy Sources State Revolving Fund’.CommentsClose CommentsPermalink
(b) Credits- The Fund shall be credited with--CommentsClose CommentsPermalink
(1) any amounts appropriated to the Fund pursuant to subsection (g);CommentsClose CommentsPermalink
(2) any amounts of principal and interest from loan repayments received by the Secretary pursuant to subsection (d)(7); andCommentsClose CommentsPermalink
(3) any interest earned on investments of amounts in the Fund pursuant to subsection (e).CommentsClose CommentsPermalink
(c) Expenditures-CommentsClose CommentsPermalink
(1) IN GENERAL- Subject to paragraph (2), on request by the Secretary, the Secretary of the Treasury shall transfer from the Fund to the Secretary such amounts as the Secretary determines are necessary to provide loans under subsection (d)(1).CommentsClose CommentsPermalink
(2) ADMINISTRATIVE EXPENSES- Of the amounts in the Fund, not more than 5 percent shall be available for each fiscal year to pay the administrative expenses of the Department of Housing and Urban Development to carry out this section.CommentsClose CommentsPermalink
(d) Loans to States and Indian Tribes-CommentsClose CommentsPermalink
(1) IN GENERAL- The Secretary shall use amounts in the Fund to provide loans to States and Indian tribes to provide incentives to owners of single-family and multifamily housing, commercial properties, and public buildings to provide--CommentsClose CommentsPermalink
(A) renewable energy sources for such structures, such as wind, wave, solar, biomass, or geothermal energy sources, including incentives to companies and business to change their source of energy to such renewable energy sources and for changing the sources of energy for public buildings to such renewable energy sources;CommentsClose CommentsPermalink
(B) energy efficiency and energy-conserving improvements and features for such structures; orCommentsClose CommentsPermalink
(C) infrastructure related to the delivery of electricity and hot water for structures lacking such amenities.CommentsClose CommentsPermalink
(2) ELIGIBILITY- To be eligible to receive a loan under this subsection, a State or Indian tribe, directly or through an appropriate State or tribal agency, shall submit to the Secretary an application at such time, in such manner, and containing such information as the Secretary may require.CommentsClose CommentsPermalink
(3) CRITERIA FOR APPROVAL- The Secretary may approve an application of a State or Indian tribe under paragraph (2) only if the Secretary determines that the State or tribe will use the funds from the loan under this subsection to carry out a program to provide incentives described in paragraph (1) that--CommentsClose CommentsPermalink
(A) requires that any such renewable energy sources, and energy efficiency and energy-conserving improvements and features, developed pursuant to assistance under the program result in compliance of the structure so improved with the energy efficiency standards under section 4(a) of this Act; andCommentsClose CommentsPermalink
(B) includes such compliance and audit requirements as the Secretary determines are necessary to ensure that the program is operated in a sound and effective manner.CommentsClose CommentsPermalink
(4) PREFERENCE- In making loans during each fiscal year, the Secretary shall give preference to States and Indian tribes that have not previously received a loan under this subsection.CommentsClose CommentsPermalink
(5) MAXIMUM AMOUNT- The aggregate outstanding principal amount from loans under this subsection to any single State or Indian tribe may not exceed $500,000,000.CommentsClose CommentsPermalink
(6) LOAN TERMS- Each loan under this subsection shall have a term to maturity of not more than 10 years and shall bear interest at annual rate, determined by the Secretary, that shall not exceed interest rate charged by the Federal Reserve Bank of New York to commercial banks and other depository institutions for very short-term loans under the primary credit program, as most recently published in the Federal Reserve Statistical Release on selected interest rates (daily or weekly), and commonly referred to as the H.15 release, preceding the date of a determination for purposes of applying this paragraph.CommentsClose CommentsPermalink
(7) LOAN REPAYMENT- The Secretary shall require full repayment of each loan made under this section.CommentsClose CommentsPermalink
(e) Investment of Amounts-CommentsClose CommentsPermalink
(1) IN GENERAL- The Secretary of the Treasury shall invest such amounts in the Fund that are not, in the judgment of the Secretary of the Treasury, required to meet needs for current withdrawals.CommentsClose CommentsPermalink
(2) OBLIGATIONS OF UNITED STATES- Investments may be made only in interest-bearing obligations of the United States.CommentsClose CommentsPermalink
(f) Reports-CommentsClose CommentsPermalink
(1) REPORTS TO SECRETARY- For each year during the term of a loan made under subsection (d), the State or Indian tribe that received the loan shall submit to the Secretary a report describing the State or tribal alternative energy sources program for which the loan was made and the activities conducted under the program using the loan funds during that year.CommentsClose CommentsPermalink
(2) REPORT TO CONGRESS- Not later than September 30 of each year that loans made under subsection (d) are outstanding, the Secretary shall submit a report to the Congress describing the total amount of such loans provided under subsection (d) to each eligible State and Indian tribe during the fiscal year ending on such date, and an evaluation on effectiveness of the Fund.CommentsClose CommentsPermalink
(g) Authorization of Appropriations- There is authorized to be appropriated to the Fund $5,000,000,000.CommentsClose CommentsPermalink
(h) Definitions- For purposes of this section, the following definitions shall apply:CommentsClose CommentsPermalink
(1) INDIAN TRIBE- The term ‘Indian tribe’ has the meaning given such term in section 4 of the Native American Housing Assistance and Self-Determination Act of 1996 (
(2) STATE- The term ‘State’ means each of the several States, the Commonwealth of Puerto Rico, the District of Columbia, the Commonwealth of the Northern Mariana Islands, Guam, the Virgin Islands, American Samoa, the Trust Territories of the Pacific, or any other possession of the United States.CommentsClose CommentsPermalink
SEC. 24. GREEN BANKING CENTERS.
(a) Insured Depository Institutions- Section 8 of the Federal Deposit Insurance Act (
‘(x) ‘Green Banking’ Centers-CommentsClose CommentsPermalink
‘(1) IN GENERAL- The Federal banking agencies shall prescribe guidelines encouraging the establishment and maintenance of ‘green banking’ centers by insured depository institutions to provide any consumer who seeks information on obtaining a mortgage, home improvement loan, home equity loan, or renewable energy lease with additional information on--CommentsClose CommentsPermalink
‘(A) obtaining an home energy rating or audit for the residence for which such mortgage or loan is sought;CommentsClose CommentsPermalink
‘(B) obtaining financing for cost-effective energy-saving improvements to such property; andCommentsClose CommentsPermalink
‘(C) obtaining beneficial terms for any mortgage or loan, or qualifying for a larger mortgage or loan, secured by a residence which meets or will meet energy efficiency standards.CommentsClose CommentsPermalink
‘(2) INFORMATION AND REFERRALS- The information made available to consumers under paragraph (1) may include--CommentsClose CommentsPermalink
‘(A) information on obtaining a home energy rating and contact information on qualified energy raters in the area of the residence;CommentsClose CommentsPermalink
‘(B) information on the secondary market guidelines that permit lenders to provide more favorable terms by allowing lenders to increase the ratio on debt-to-income requirements or to use the projected utility savings as a compensating factor;CommentsClose CommentsPermalink
‘(C) information including eligibility information about, and contact information for, any conservation or renewable energy programs, grants, or loans offered by the Secretary of Housing and Urban Development, including the Energy Efficient Mortgage Program;CommentsClose CommentsPermalink
‘(D) information including eligibility information about, and contact information for, any conservation or renewable energy programs, grants, or loans offered for qualified military personal, reservists, and veterans by the Secretary of Veterans Affairs;CommentsClose CommentsPermalink
‘(E) information about, and contact information for, the Office of Efficiency and Renewable Energy at the Department of Energy, including the weatherization assistance program;CommentsClose CommentsPermalink
‘(F) information about, and contact information for, the Energy Star Program of the Environmental Protection Agency;CommentsClose CommentsPermalink
‘(G) information from, and contact information for, the Federal Citizen Information Center of the General Services Administration on energy-efficient mortgages and loans, home energy rating systems, and the availability of energy-efficient mortgage information from a variety of Federal agencies; andCommentsClose CommentsPermalink
‘(H) such other information as the agencies or the insured depository institution may determine to be appropriate or useful.’.CommentsClose CommentsPermalink
(b) Insured Credit Unions- Section 206 of the Federal Credit Union Act (
‘(x) ‘Green Banking’ Centers-CommentsClose CommentsPermalink
‘(1) IN GENERAL- The Board shall prescribe guidelines encouraging the establishment and maintenance of ‘green banking’ centers by insured credit unions to provide any member who seeks information on obtaining a mortgage, home improvement loan, home equity loan, or renewable energy lease with additional information on--CommentsClose CommentsPermalink
‘(A) obtaining an home energy rating or audit for the residence for which such mortgage or loan is sought;CommentsClose CommentsPermalink
‘(B) obtaining financing for cost-effective energy-saving improvements to such property; andCommentsClose CommentsPermalink
‘(C) obtaining beneficial terms for any mortgage or loan, or qualifying for a larger mortgage or loan, secured by a residence which meets or will meet energy efficiency standards.CommentsClose CommentsPermalink
‘(2) INFORMATION AND REFERRALS- The information made available to members under paragraph (1) may include--CommentsClose CommentsPermalink
‘(A) information on obtaining a home energy rating and contact information on qualified energy raters in the area of the residence;CommentsClose CommentsPermalink
‘(B) information on the secondary market guidelines that permit lenders to provide more favorable terms by allowing lenders to increase the ratio on debt-to-income requirements or to use the projected utility savings as a compensating factor;CommentsClose CommentsPermalink
‘(C) information including eligibility information about, and contact information for, any conservation or renewable energy programs, grants, or loans offered by the Secretary of Housing and Urban Development, including the Energy Efficient Mortgage Program;CommentsClose CommentsPermalink
‘(D) information including eligibility information about, and contact information for, any conservation or renewable energy programs, grants, or loans offered for qualified military personal, reservists, and veterans by the Secretary of Veterans Affairs;CommentsClose CommentsPermalink
‘(E) information about, and contact information for, the Office of Efficiency and Renewable Energy at the Department of Energy, including the weatherization assistance program;CommentsClose CommentsPermalink
‘(F) information from, and contact information for, the Federal Citizen Information Center of the General Services Administration on energy-efficient mortgages and loans, home energy rating systems, and the availability of energy-efficient mortgage information from a variety of Federal agencies; andCommentsClose CommentsPermalink
‘(G) such other information as the Board or the insured credit union may determine to be appropriate or useful.’.CommentsClose CommentsPermalink
SEC. 25. GAO REPORTS ON AVAILABILITY OF AFFORDABLE MORTGAGES.
(a) Study- The Comptroller General of the United States shall periodically, as necessary to comply with subsection (b), examine the impact of this Act and the amendments made by this Act on the availability of affordable mortgages in various areas throughout the United States, including cities having older infrastructure and limited space for the development of new housing.CommentsClose CommentsPermalink
(b) Triennial Reports- The Comptroller General shall submit a report once every 3 years to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate that shall include--CommentsClose CommentsPermalink
(1) a detailed statement of the most recent findings pursuant to subsection (a); andCommentsClose CommentsPermalink
(2) if the Comptroller General finds that this Act or the amendments made by this Act have directly or indirectly resulted in consequences that limit the availability or affordability of mortgages in any area or areas within the United States, including any city having older infrastructure and limited space for the development of new housing, any recommendations for any additional actions at the Federal, State, or local levels that the Comptroller General considers necessary or appropriate to mitigate such effects.CommentsClose CommentsPermalink
The first report under this subsection shall be submitted not later than the expiration of the 3-year period beginning on the date of the enactment of this Act.CommentsClose CommentsPermalink
SEC. 26. PUBLIC HOUSING ENERGY COST REPORT.
(a) Collection of Information by HUD- The Secretary of Housing and Urban Development shall obtain from each public housing agency, by such time as may be necessary to comply with the reporting requirement under subsection (b), information regarding the energy costs for public housing administered or operated by the agency. For each public housing agency, such information shall include the monthly energy costs associated with each separate building and development of the agency, for the most recently completed 12-month period for which such information is available, and such other information as the Secretary determines is appropriate in determining which public housing buildings and developments are most in need of repairs and improvements to reduce energy needs and costs and become more energy efficient.CommentsClose CommentsPermalink
(b) Report- Not later than the expiration of the 12-month period beginning on the date of the enactment of this Act, the Secretary of Housing and Urban Development shall submit a report to the Congress setting forth the information collected pursuant to subsection (a).CommentsClose CommentsPermalink
SEC. 27. INSURANCE COVERAGE FOR LOANS FOR FINANCING OF RENEWABLE ENERGY SYSTEMS LEASED FOR RESIDENTIAL USE.
(a) Purposes- The purposes of this section are--CommentsClose CommentsPermalink
(1) to encourage residential use of renewable energy systems by minimizing up-front costs and providing immediate utility cost savings to consumers through leasing of such systems to homeowners;CommentsClose CommentsPermalink
(2) to reduce carbon emissions and the use of nonrenewable resources;CommentsClose CommentsPermalink
(3) to encourage energy-efficient residential construction and rehabilitation;CommentsClose CommentsPermalink
(4) to encourage the use of renewable resources by homeowners;CommentsClose CommentsPermalink
(5) to minimize the impact of development on the environment;CommentsClose CommentsPermalink
(6) to reduce consumer utility costs; andCommentsClose CommentsPermalink
(7) to encourage private investment in the green economy.CommentsClose CommentsPermalink
(b) Authority- The Secretary of Housing and Urban Development may, upon application by an authorized renewable energy lender and in accordance with such terms and conditions as the Secretary may prescribe, consistent with the purposes of this section, make commitments to insure, and insure, loans made by such lenders to homebuilders, renewable energy installers or manufacturers, public or private corporations or partnerships, associations, trusts, or other qualified persons or entities, to finance the acquisition of renewable energy systems for lease to homeowners for use at their residences.CommentsClose CommentsPermalink
(c) Effective Date of Insurance- Insurance provided pursuant to this section for a loan shall become effective only upon the expiration of the 5-year period beginning upon the original execution of a renewable energy system lease (as such term is defined in subsection (p)) for the renewable energy system.CommentsClose CommentsPermalink
(d) Limitation on Principal Amount-CommentsClose CommentsPermalink
(1) LIMITATION- The principal amount of the loan insured under this section shall not exceed the residual value of the renewable energy system.CommentsClose CommentsPermalink
(2) RESIDUAL VALUE- For purposes of this subsection--CommentsClose CommentsPermalink
(A) the residual value of a renewable energy system shall be the amount that is equal to the fair market value of the future revenue stream from the sale of the expected remaining electricity production from the system, pursuant to the easement granted in accordance with subsection (e); andCommentsClose CommentsPermalink
(B) the fair market value of the future revenue stream for each year of the remaining life of the renewable energy system shall be determined based on the net present value of the renewable energy system manufacturer’s power output production warranty for the system and the forecast of regional residential electricity prices made by the Energy Information Administration of the Department of Energy.CommentsClose CommentsPermalink
(e) Easement for Sale of Remaining Electricity- The Secretary may not insure a loan for financing of renewable energy systems under this section unless the borrower under the loan ensures, in accordance with such requirements as the Secretary shall establish, consistent with the purposes of this section, that the systems financed will be leased only to homeowners that grant easements sufficient to provide for the sale of remaining electricity production from the system to a wholesale or retail electrical power grid.CommentsClose CommentsPermalink
(f) Discount or Prepayment- To encourage utilization of renewable energy systems, the Secretary shall ensure that a homebuilder’s or other investor’s discount or prepayment of a homeowner’s renewable energy system lease shall not adversely affect that homeowner’s mortgage requirements.CommentsClose CommentsPermalink
(g) Eligibility of Lenders- The Secretary may not insure a loan under this section unless the lender making the loan--CommentsClose CommentsPermalink
(1)(A) is an institution that qualifies as a green banking center pursuant to section 8(x) of the Federal Deposit Insurance Act (
(B) meets such other requirements as the Secretary shall establish for participation of renewable energy lenders in the program under this section; andCommentsClose CommentsPermalink
(2) meets such qualifications as the Secretary shall establish for all lenders for participation in the program under this section and is approved by the Secretary as meeting such qualifications.CommentsClose CommentsPermalink
(h) Certificate of Insurance- Insurance of a loan under this section shall be evidenced by a certificate of insurance coverage issued by the Secretary to the lender under the loan. Such certificate shall set forth the fair market value of the future revenue stream for each year of the remaining life of the renewable energy system as determined in accordance with subsection (d).CommentsClose CommentsPermalink
(i) Payment of Insurance-CommentsClose CommentsPermalink
(1) IN GENERAL- The Secretary shall provide for the filing of claims for insurance under this section and the payment of such claims. A claim may be paid only upon a default under the loan insured under this section and the assignment, transfer, and delivery to the Secretary of all rights and interests arising under the loan and all claims of the lender or the assigns of the lender against the borrower or others arising under the loan transaction.CommentsClose CommentsPermalink
(2) LIEN- Upon payment of a claim for insurance of a loan under this section, the Secretary shall be granted a lien on the underlying renewable energy system assets and any associated revenue stream from use of that system, which shall be superior to all other liens on such assets, and the residual value of that system and the revenue stream shall be at least equal to the unpaid balance of the loan amount covered by the certificate of insurance. The Secretary shall be entitled to any revenue generated by the renewable energy system from selling electricity to the grid when an insurance claim has been paid out.CommentsClose CommentsPermalink
(j) Assignment and Transferability of Insurance- The holder of insurance provided under this section may assign or transfer the insurance in whole or in part, to another lender, subject to such requirements as the Secretary may prescribe.CommentsClose CommentsPermalink
(k) Premiums and Charges-CommentsClose CommentsPermalink
(1) INSURANCE FEE- The Secretary shall fix and collect premiums for insurance of loans under this section, that shall be paid by the qualified applicant at the time of issuance of the certificate of insurance to the lender and shall be adequate, in the determination of the Secretary, to cover expenses and probable losses, including any costs (as such term is defined in section 502 of the Federal Credit Reform Act of 1990 (
(2) PROHIBITION ON OTHER CHARGES- Except as provided in paragraph (1), the Secretary may not assess any fees, including user fees, insurance premiums, or charges in connection with loan insurance provided under this section.CommentsClose CommentsPermalink
(l) Renewable Energy Lease Insurance Fund-CommentsClose CommentsPermalink
(1) ESTABLISHMENT- There is hereby established the Renewable Energy Lease Insurance Fund, which shall be available to the Secretary without fiscal year limitation, for the purpose of providing insurance under this section.CommentsClose CommentsPermalink
(2) CREDITS- The Fund shall be credited with any premiums collected under subsection (k)(1), any amounts collected by the Secretary under subsection (i)(2), and any associated interest or earnings.CommentsClose CommentsPermalink
(3) AVAILABILITY- Amounts in the Fund shall be available to the Secretary, in amounts provided in advance in appropriation Acts, for fulfilling any obligations with respect to insurance for loans provided under this section and paying administrative expenses in connection with this section. Any amounts in the Fund determined by the Secretary to be in excess of amounts currently required at the time of the determination to carry out this section may be invested in obligations of the United States.CommentsClose CommentsPermalink
(m) Full Faith and Credit- The certificate of insurance issued by the Secretary under this section shall be backed by the full faith and credit of the United States of America.CommentsClose CommentsPermalink
(n) Regulations- The Secretary shall issue such regulations as may be necessary to carry out this section. The Secretary shall issue final or interim final regulations not later than the expiration of the 180-day period beginning on the date of the enactment of this Act.CommentsClose CommentsPermalink
(o) Ineligibility for Purchase by Federal Financing Bank- Notwithstanding the provisions of the Federal Financing Bank Act of 1973 (
(p) Definitions- For purposes of this section, the following definitions apply:CommentsClose CommentsPermalink
(1) RENEWABLE ENERGY SYSTEM LEASE- The term ‘renewable system energy lease’ means an agreement between a qualified investor in a renewable energy system and a homeowner pursuant to which the homeowner grants an easement to the investor to install, maintain, use, and otherwise access the renewable energy system and leases the use of that system from the qualified investor for a specified term.CommentsClose CommentsPermalink
(2) RENEWABLE ENERGY SYSTEM- The term ‘renewable energy system’ means a system that generates energy from naturally replenished energy sources such as sunlight, wind, rain, tides or geothermal heat.CommentsClose CommentsPermalink
(3) RENEWABLE ENERGY MANUFACTURER- The term ‘renewable energy manufacturer’ means a manufacturer of renewable energy systems.CommentsClose CommentsPermalink
SEC. 28. GREEN GUARANTEES.
(a) Authority To Guarantee ‘Green Portion’ of Eligible Mortgages-CommentsClose CommentsPermalink
(1) IN GENERAL- The Secretary of Housing and Urban Development may make commitments to guarantee under this section and may guarantee, the repayment of the portions of the principal obligations of eligible mortgages that are used to finance eligible sustainable building elements for the housing that is subject to the mortgage.CommentsClose CommentsPermalink
(2) AMOUNT OF GUARANTEE- A guarantee under this section by the Secretary in connection with an eligible mortgage shall not exceed a percentage of the green portion (as such term is defined in subsection (g)) of the mortgage, as shall be established by the Secretary and may be established on a regional basis as the Secretary determines appropriate.CommentsClose CommentsPermalink
(b) Eligible Mortgages- To be considered an eligible mortgage for purposes of this section, a mortgage shall comply with all of the following requirements:CommentsClose CommentsPermalink
(1) ACQUISITION OR CONSTRUCTION OF HOUSING- The mortgage shall be made for the acquisition or construction of single- or multifamily housing and repayment of the mortgage shall be secured by an interest in such housing.CommentsClose CommentsPermalink
(2) FINANCING OF ELIGIBLE SUSTAINABLE BUILDING ELEMENTS THROUGH GREEN PORTION OF MORTGAGE- A portion of the principal obligation of the mortgage, which meets the requirements under subsection (c), shall be used only for financing the provision of eligible sustainable building elements for the housing for which the mortgage was made.CommentsClose CommentsPermalink
(3) MAXIMUM MORTGAGE AMOUNT- The principal obligation of the mortgage (including the eligible portion of such mortgage, and such initial service charges, appraisal, inspection, and other fees as the Secretary shall approve) may not exceed the following amounts:CommentsClose CommentsPermalink
(A) SINGLE-FAMILY HOUSING- Such dollar amounts for single-family housing as the Secretary shall establish, which may be established on the basis of the number of dwelling units in the housing, as the Secretary considers appropriate.CommentsClose CommentsPermalink
(B) MULTIFAMILY HOUSING- Such dollar amounts for multifamily housing as the Secretary shall establish, which may be established on the basis of the number of dwelling units in the housing and the number of bedrooms in such dwelling units, as the Secretary considers appropriate.CommentsClose CommentsPermalink
(4) REPAYMENT- The mortgage meets such requirements as the Secretary shall establish to ensure that there is a reasonable prospect of repayment of the principal and interest on the obligation by the mortgagor.CommentsClose CommentsPermalink
(5) MORTGAGE TERMS- The mortgage shall meet such requirements with respect to loan-to-value ratio, mortgagor credit scores, debt-to-income ratio, and other underwriting standards, term to maturity, interest rates and amortization, including amortization of the green portion of the mortgage, and other mortgage terms as the Secretary shall establish.CommentsClose CommentsPermalink
(c) Limitations on Green Portion of Mortgage- The requirements under this subsection with respect to the green portion of an eligible mortgage are as follows:CommentsClose CommentsPermalink
(1) PERCENTAGE LIMITATION- Such portion shall not exceed, in the case of single-family or multifamily housing, 10 percent of the total principal obligation of the mortgage.CommentsClose CommentsPermalink
(2) DOLLAR AMOUNT LIMITATION- Such portion shall not exceed--CommentsClose CommentsPermalink
(A) in the case of single-family housing, such maximum dollar amount limitation as the Secretary shall establish, which may be established on the basis of the number of dwelling units in the housing, as the Secretary considers appropriate; andCommentsClose CommentsPermalink
(B) in the case of multifamily housing, such maximum dollar amount limitation as the Secretary shall establish, which limitation may be established on the basis of the number of dwelling units in the housing and the number of bedrooms in such dwelling units, as the Secretary considers appropriate.CommentsClose CommentsPermalink
(3) COST-EFFECTIVENESS LIMITATION- Such portion shall not exceed the total present value of the savings (as determined in accordance with subsection (d)) attributable to the incorporation of the eligible sustainable building elements to be financed with the green portion of the mortgage that are to be realized over the useful life of such elements.CommentsClose CommentsPermalink
(d) Eligible Sustainable Building Elements- The Secretary may not guarantee any eligible mortgage under this section unless the mortgagor has demonstrated, in accordance with such requirements as the Secretary shall establish, the amount of savings attributable to incorporation of the sustainable building elements to be financed with the green portion of the mortgage, as measured by the National Green Building Standard for all residential construction developed by the National Association of Home Builders and the U.S. Green Building Council, and approved by the American National Standards Institute, as updated and in effect at the time of such demonstration.CommentsClose CommentsPermalink
(e) Guarantee Fee-CommentsClose CommentsPermalink
(1) ASSESSMENT AND COLLECTION- The Secretary shall assess and collect fees for guarantees under this section in amounts that the Secretary determines are sufficient to cover the costs (as such term is defined in section 502 of the Federal Credit Reform Act of 1990 (
(2) AVAILABILITY- Fees collected under this subsection shall be deposited by the Secretary in the Treasury of the United States and shall remain available until expended, subject to such other conditions as are contained in annual appropriations Acts.CommentsClose CommentsPermalink
(f) Payment of Guarantee-CommentsClose CommentsPermalink
(1) DEFAULT-CommentsClose CommentsPermalink
(A) RIGHT TO PAYMENT- If a mortgagor under a mortgage guaranteed under this section defaults (as defined in regulations issued by the Secretary and specified in the guarantee contract) on the obligation under the mortgage--CommentsClose CommentsPermalink
(i) the holder of the guarantee shall have the right to demand payment of the unpaid amount of the guaranteed portion of the mortgage, to the extent provided under subsection (a)(2), from the Secretary; andCommentsClose CommentsPermalink
(ii) within such period as may be specified in the guarantee or related agreements, the Secretary shall pay to the holder of the guarantee, to the extent provided under subsection (a)(2), the unpaid interest on, and unpaid principal of the portion of guaranteed portion of the mortgage with respect to which the borrower has defaulted, unless the Secretary finds that there was no default by the borrower in the payment of interest or principal or that the default has been remedied.CommentsClose CommentsPermalink
(B) FORBEARANCE- Nothing in this paragraph precludes any forbearance by the holder of an eligible mortgage for the benefit of the mortgagor which may be agreed upon by the parties to the mortgage and approved by the Secretary.CommentsClose CommentsPermalink
(2) SUBROGATION-CommentsClose CommentsPermalink
(A) IN GENERAL- If the Secretary makes a payment under paragraph (1), the Secretary shall be subrogated to the rights of the recipient of the payment as specified in the guarantee or related agreements including, if appropriate, the authority (notwithstanding any other provision of law)--CommentsClose CommentsPermalink
(i) to complete, maintain, operate, lease, or otherwise dispose of any property acquired pursuant to such guarantee or related agreements; orCommentsClose CommentsPermalink
(ii) to permit the mortgagor, pursuant to an agreement with the Secretary, to continue to occupy the property subject to the mortgage, if the Secretary determines such occupancy to be appropriate.CommentsClose CommentsPermalink
(B) SUPERIORITY OF RIGHTS- The rights of the Secretary, with respect to any property acquired pursuant to a guarantee or related agreements, shall be superior to the rights of any other person with respect to the property.CommentsClose CommentsPermalink
(C) TERMS AND CONDITIONS- A guarantee agreement shall include such detailed terms and conditions as the Secretary determines appropriate to protect the interests of the United States in the case of default.CommentsClose CommentsPermalink
(3) FULL FAITH AND CREDIT- The full faith and credit of the United States is pledged to the payment of all guarantees issued under this section with respect to principal and interest.CommentsClose CommentsPermalink
(g) Definitions- For purposes of this section, the following definitions shall apply:CommentsClose CommentsPermalink
(1) ELIGIBLE MORTGAGE- The term ‘eligible mortgage’ means a mortgage that meets the requirements under subsection (b).CommentsClose CommentsPermalink
(2) GREEN PORTION- The term ‘green portion’ means, with respect to an eligible mortgage, the portion of the mortgage principal referred to in subsection (b)(2) that is attributable, as determined in accordance with regulations issued by the Secretary, to the increased costs incurred in financing provision of sustainable building elements for the housing for which the mortgage was made, as compared to the costs that would have been incurred in financing the provision of other building elements for the housing for the same purposes that are commonly or conventionally used but are not sustainable building elements.CommentsClose CommentsPermalink
(3) GUARANTEED PORTION- The term ‘guaranteed portion’ means, with respect to an eligible mortgage guaranteed under this section, the green portion of the mortgage that is so guaranteed.CommentsClose CommentsPermalink
(4) MORTGAGE- The term ‘mortgage’ has the meaning given such term in section 201 of the National Housing Act (
(5) MULTIFAMILY HOUSING- The term ‘multifamily housing’ means a residential property consisting of five or more dwelling units.CommentsClose CommentsPermalink
(6) SECRETARY- The term ‘Secretary’ means the Secretary of Housing and Urban Development.CommentsClose CommentsPermalink
(7) SINGLE-FAMILY HOUSING- The term ‘single-family housing’ means a residential property consisting of one to four dwelling units.CommentsClose CommentsPermalink
(8) SUSTAINABLE BUILDING ELEMENT- The term ‘sustainable building element’ means such building elements, as the Secretary shall define, that have energy efficiency or environmental sustainability qualities that are superior to such qualities for other building elements for the same purposes that are commonly or conventionally used.CommentsClose CommentsPermalink
(h) Authorization of Appropriations- There is authorized to be appropriated for costs (as such term is defined in section 502 of the Federal Credit Reform Act of 1990 (
(i) Regulations- The Secretary shall issue any regulations necessary to carry out this section.CommentsClose CommentsPermalink
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