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 August 27, 2009

New Bill Proposes Energy Improvement Incentives
This past June, a bill intended to help make home energy improvements possible for home buyers passed in the U.S. House of Representatives. In order to be enacted, the bill must pass through the Senate this fall.
Entitled the American Clean Energy and Security Act of 2009; the legislation would require Fannie Mae to offer borrowers discounts on mortgages which include additional cash intended for home energy efficiency upgrades.

Several major lending institutions across the nation are already offering these incentives. Bank of America and J.P. Morgan Chase are two of the largest and offer savings on closing costs for properties that include Energy Star-rated appliances.

The FHA (Federal Housing Authority) offers a loan plan to borrowers which enable them to include the costs of energy efficiency upgrading into the balance of their loan. The additional amount borrowed for the upgrade is not figured into the amount the borrower qualifies for.