S T A T E   O F   N E W   Y O R K
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                                   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:

  Section  1.  The  public  authorities  law  is amended by adding a new
section 2429-g to read as follows:
  S 2429-G. ENERGY EFFICIENT MORTGAGES. 1.  IN  ADDITION  TO  ANY  OTHER
MORTGAGE  THAT  THE  AGENCY  IS  AUTHORIZED TO MAKE, THE AGENCY MAY MAKE
ENERGY EFFICIENT MORTGAGES.
  2. AN ENERGY EFFICIENT MORTGAGE IS  SUBJECT  TO  THE  SAME  TERMS  AND
CONDITIONS  AS  ANY OTHER MORTGAGE ISSUED BY THE AGENCY, EXCEPT THAT THE
AGENCY MAY PROVIDE THE LOAN IN AN AMOUNT IN EXCESS OF THE PURCHASE PRICE
TO COVER THE COSTS OF HOME IMPROVEMENTS THAT  WOULD  MAKE  THE  BUILDING
MORE ENERGY EFFICIENT.
  3.  TO  BE ELIGIBLE FOR INCLUSION IN AN ENERGY EFFICIENT MORTGAGE, THE
ENERGY EFFICIENT IMPROVEMENTS MUST BE COST EFFECTIVE, MEANING  THAT  THE
TOTAL  COST  OF THE IMPROVEMENTS IS LESS THAN THE TOTAL PRESENT VALUE OF
THE ENERGY SAVED OVER THE USEFUL LIFE OF THE ENERGY  EFFICIENT  IMPROVE-
MENT.
  4.  THE  COST  OF  THE  ENERGY IMPROVEMENTS AND ESTIMATE OF THE ENERGY
SAVINGS SHALL BE DETERMINED BY A HOME ENERGY RATING REPORT. SUCH  REPORT
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

  5.  THE  COST  OF HAVING AN ENERGY RATING PERFORMED MAY BE INCLUDED AS
PART OF THE ENERGY EFFICIENT MORTGAGE.
  6.  THE  LENDER  WILL  PLACE  ALL  MONEYS  RELATED TO ENERGY EFFICIENT
IMPROVEMENTS IN AN ESCROW ACCOUNT. THE LENDER WILL REIMBURSE THE BORROW-
ER FOR ANY EXPENSE RELATED TO THE ENERGY EFFICIENT  IMPROVEMENTS  UP  TO
THE  AMOUNT  IN THE ESCROW ACCOUNT UPON AN INSPECTION THAT VERIFIES THAT
THE IMPROVEMENTS HAVE BEEN PERFORMED AND  THAT  THE  ANTICIPATED  ENERGY
SAVINGS WILL BE ACHIEVED.
  S 2. This act shall take effect immediately.