The House Financial Services Committee celebrated Earth Day by approving the Green Resources for Energy Efficient Neighborhoods, or GREEN Act, April 22.
The act includes a provision supported by the Appraisal Institute that would define any property with energy efficient features/improvements as a “complex” appraisal assignment that therefore would require a higher competency level, such as certification.
Further, the proposed legislation, H.R. 2336, would ensure timely delivery of relevant information about the property – such as plans and specs, green energy labels and certifications and HERS ratings – to appraisers, which to date has often been difficult for appraisers to obtain.
The GREEN Act, which was introduced by Reps. Ed Perlmutter, D-Colo., and Judy Biggert, R-Ill., also provides incentives to lenders and financial institutions that are intended to help move the nation’s housing and building stock toward greater energy efficiency, create jobs and make places to live and work more sustainable and affordable.
“In order to save green, we must go green,” Perlmutter said in a joint news release with Biggert. “By prioritizing energy efficiency practices, we can ease the woes of homeowners, lenders, financial markets, builders and our environment.”
In the past two years, the GREEN Act has passed a full House vote, but has yet to be considered by the Senate. This year, Perlmutter and Biggert made some consensus changes to the bi-partisan bill to improve its chances of going to a Senate vote.
“The (revised) GREEN Act will forge a new path for achieving energy and cost savings in our nation’s buildings, homes and offices,” said Biggert, who is also co-chair of the Congressional High-Performance Building Caucus. “It utilizes creative financing mechanisms, demonstrations, and incentives to promote the use of the latest in sustainable building designs and technologies. At the same time, it places a premium on energy efficient construction and upgrades that will revitalize investment in the green jobs of tomorrow. Speeding these technologies out of the lab and into our nation’s building supply will pay dividends for years to come for homeowners, the economy and for the environment,” she added.
The bill now moves to the House floor, where it could become part of the financial reform or energy debates.
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