US Senate
http://www.govtrack.us/congress/bill.xpd?bill=s112-1737
[From GovTrack.us] The SAVE Act is proposed legislation to improve the accuracy of mortgage underwriting used by Federal mortgage agencies by ensuring that energy costs are included in the underwriting process to reduce the amount of energy consumed by homes, to facilitate the creation of energy efficiency retrofit and construction jobs, and for other purposes.
Status: This bill is in the first step in the legislative process. Explanation: Introduced bills and resolutions first go to committees that deliberate, investigate, and revise them before they go to general debate. The majority of bills and resolutions never make it out of committee. [Last Updated: Oct 20, 2011 6:15AM]
[From the Institute for Market Transformation] Championed by Sens. Michael Bennet [D-CO] and Johnny Isakson [R-GA], and supported by leading business groups, homebuilders, and energy efficiency advocates, the SAVE Act would achieve the following:
- Enable federal mortgage programs to improve the quality of mortgage underwriting and provide an accurate picture of repayment risk and the expected costs of homeownership
- Greatly accelerate the supply of and demand for energy-efficient new homes
- Quickly return any incremental cost for homebuyers due to home efficiency improvements
- Encourage the purchase of energy-efficient homes that reduce utility bills for American homeowners and reduce the vast amount of energy consumed in homes
- Consistently and accurately account for energy efficiency in appraisals, enabling builders and homeowners to invest in energy-saving features
- Put people in the construction and manufacturing sectors back to work renovating and building energy-efficient homes and products
