Bill Text: NY A00621 | 2009-2010 | General Assembly | Introduced

---

Bill Title: An act to amend the public authorities law, in relation to allowing increased loan amounts for costs related to energy efficiency improvements

Sponsorship: Slight Partisan Bill (Democrat 26-9)

Status: (Introduced - Dead) 2010-01-06 - referred to housing [A00621 Detail]

Download: New_York-2009-A00621-Introduced.html

---

                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                          621
                              2009-2010 Regular Sessions
                                 I N  A S S E M B L Y
                                      (PREFILED)
                                    January 7, 2009
                                      ___________
       Introduced  by M. of A. KAVANAGH, COLTON, DINOWITZ, ENGLEBRIGHT, GORDON,
         JAFFEE, MILLMAN, REILLY, J. RIVERA, SPANO,  TITONE,  BACALLES,  FINCH,
         McDONOUGH, RAIA, TOBACCO, WALKER, O'DONNELL, HOOPER -- Multi-Sponsored
         by -- M. of A. BOYLAND, CAMARA, DelMONTE, DIAZ, GIGLIO, GUNTHER, JOHN,
         LENTOL,  LUPARDO, MAYERSOHN, MOLINARO, PEOPLES, PERRY, ROBINSON, SALA-
         DINO, SCHIMEL, THIELE, WEISENBERG -- read once  and  referred  to  the
         Committee on Housing
       AN  ACT  to  amend  the  public authorities law, in relation to allowing
         increased loan amounts for costs related to energy efficiency improve-
         ments
         THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section  1.  The  public  authorities  law  is amended by adding a new
    2  section 2429-g to read as follows:
    3    S 2429-G. ENERGY EFFICIENT MORTGAGES. 1.  IN  ADDITION  TO  ANY  OTHER
    4  MORTGAGE  THAT  THE  AGENCY  IS  AUTHORIZED TO MAKE, THE AGENCY MAY MAKE
    5  ENERGY EFFICIENT MORTGAGES.
    6    2. AN ENERGY EFFICIENT MORTGAGE IS  SUBJECT  TO  THE  SAME  TERMS  AND
    7  CONDITIONS  AS  ANY OTHER MORTGAGE ISSUED BY THE AGENCY, EXCEPT THAT THE
    8  AGENCY MAY PROVIDE THE LOAN IN AN AMOUNT IN EXCESS OF THE PURCHASE PRICE
    9  TO COVER THE COSTS OF HOME IMPROVEMENTS THAT  WOULD  MAKE  THE  BUILDING
   10  MORE ENERGY EFFICIENT.
   11    3.  TO  BE ELIGIBLE FOR INCLUSION IN AN ENERGY EFFICIENT MORTGAGE, THE
   12  ENERGY EFFICIENT IMPROVEMENTS MUST BE COST EFFECTIVE, MEANING  THAT  THE
   13  TOTAL  COST  OF THE IMPROVEMENTS IS LESS THAN THE TOTAL PRESENT VALUE OF
   14  THE ENERGY SAVED OVER THE USEFUL LIFE OF THE ENERGY  EFFICIENT  IMPROVE-
   15  MENT.
   16    4.  THE  COST  OF  THE  ENERGY IMPROVEMENTS AND ESTIMATE OF THE ENERGY
   17  SAVINGS SHALL BE DETERMINED BY A HOME ENERGY RATING REPORT. SUCH  REPORT
   18  SHALL BE ISSUED BY A HOME ENERGY RATING SYSTEM OR ENERGY CONSULTANT.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD01030-01-9
       A. 621                              2
    1    5.  THE  COST  OF HAVING AN ENERGY RATING PERFORMED MAY BE INCLUDED AS
    2  PART OF THE ENERGY EFFICIENT MORTGAGE.
    3    6.  THE  LENDER  WILL  PLACE  ALL  MONEYS  RELATED TO ENERGY EFFICIENT
    4  IMPROVEMENTS IN AN ESCROW ACCOUNT. THE LENDER WILL REIMBURSE THE BORROW-
    5  ER FOR ANY EXPENSE RELATED TO THE ENERGY EFFICIENT  IMPROVEMENTS  UP  TO
    6  THE  AMOUNT  IN THE ESCROW ACCOUNT UPON AN INSPECTION THAT VERIFIES THAT
    7  THE IMPROVEMENTS HAVE BEEN PERFORMED AND  THAT  THE  ANTICIPATED  ENERGY
    8  SAVINGS WILL BE ACHIEVED.
    9    S 2. This act shall take effect immediately.