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:
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.