Sec. 3. Improvements to existing multifamily housing energy efficiency programs
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Section 223 of the National Housing Act ( 12 U.S.C. 1715n ) is amended by adding at the end the following new subsection: The Secretary shall, by regulation, establish a green refinancing program for multifamily housing projects insured under subsection
(f)under which any dollar amount limitations which would otherwise apply with respect to a project may be increased by up to 20 percent for the cost of residential energy conservation measures for the project, but the Secretary shall only insure residential energy conservation measures pursuant to this subsection if the Secretary verifies that— a third-party assessment procured by the lender or borrower has been conducted of the project’s physical needs, including an energy audit and identification of cost-effective opportunities for increasing energy and water efficiency and achieving a reduction in energy and water costs, and such assessment indicates that such energy conservation measures will be cost-effective over the life of the conservation measure; and such energy conservation measures will be verified and monitored over the life of the mortgage, using such method as the Secretary determines appropriate. For purposes of this subsection, the term energy conservation measure has the meaning given such term in section 221(k)(3) ( 12 U.S.C. 1715l(k)(3) ). . Subsection
(k)of section 221 of the National Housing Act ( 12 U.S.C. 1715l(k) ) is amended— by striking and will be cost-effective over the life of the measure ; by striking
(k)With respect to any project and inserting the following: Subject to paragraph (2), with respect to any project ; and by adding at the end the following new paragraphs: The Secretary may increase the dollar amount limitations pursuant to paragraph
(1)with respect to a project due to residential energy conservation measures for the project only if the Secretary— verifies that in the case of a mortgage insured under this section financing new construction of the project, such measures will be cost-effective over the life of the measures; in the case of a mortgage insured under this section financing repair and rehabilitation of the project, verifies that a third-party assessment procured by the lender or borrower has been conducted of the project’s physical needs, including an energy audit and identification of cost-effective opportunities for increasing energy and water efficiency and achieving a reduction in energy and water costs, and such assessment indicates that the energy conservation measures to be installed will be cost-effective over the life of the measures; and ensures that the project is provided information that will enable the project to verify and monitor the energy savings achieved by the energy conservation measures on a voluntary basis. For purposes of this subsection, the term energy conservation measure means, with respect to a project, any measure that will result in a reduction in energy, water, or gas consumption for the project. . The Secretary of Housing and Urban Development shall issue guidance to implement the amendments made by this section 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, on an annual basis, make available on a publicly available website of the Department a report describing the implementation of the amendments made by this section and the programs for financing residential energy conservation measures under sections 221(k) and 223(h) of the National Housing Act ( 12 U.S.C. 1715l(k) , 1715n(h)) as amended by such amendments.
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Sec. 3
Improvements to existing multifamily housing energy efficiency programs
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