U.S. Rep. Ed Perlmutter (D-Colo.) has rolled out legislation that could result in lower-interest loans for people who purchase energy-efficient homes or retrofit existing residences with green features.
Under the bill, Fannie Mae and Freddie Mac would gain as much as a 25-percent credit toward their federal goal of serving low- and moderate-income buyers by repurchasing mortgages on environmentally friendly buildings.
This would create an incentive for lenders to pursue green lending because they would know they can easily resell the loans, said Perlmutter, adding that they could also pass the savings on to borrowers.
It's a promising idea, but it's not a sure thing yet. Home builders have expressed concern about the proposal because the additional requirements could increase construction costs; and Fannie Mae is worried about a requirement that would force it to have different percentages of "green mortgages" by various benchmark dates.
This is quite simply a step in the right direction for everyone involved. For certain home builders to complain about an increase in construction costs, I have to ask: "Why would that matter?"
Are they going to have to fork over the additional costs? If anything, they can tack on the expenses -- like they so normally and vehemently do -- and leave the worry to the financier.
Ultimately, Fannie and Freddie Mae would win under the proposed legislation, and the homeowner would intrinsically benefit with eventual tax deductions and, more importantly, the self-assurance that they are "Going Green."
It sounds like a win-win to me, but leave it to greedy developers to ruin the positive vibes.
//Phil De La Cruz
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