[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6078 Introduced in House (IH)]







110th CONGRESS
  2d Session
                                H. R. 6078

  To encourage energy efficiency and conservation and development of 
renewable energy sources for housing, commercial structures, and other 
           buildings, and to create sustainable communities.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              May 15, 2008

Mr. Perlmutter (for himself, Mr. Hodes, Mr. Frank of Massachusetts, Mr. 
 Markey, Mrs. McCarthy of New York, Mr. Kagen, Mr. Braley of Iowa, Mr. 
Murphy of Connecticut, Mr. Blumenauer, Mr. Wilson of Ohio, Mr. Ellison, 
  Ms. Shea-Porter, Mr. Welch of Vermont, Mr. Cleaver, Mr. Olver, Mr. 
Emanuel, Mr. Salazar, Mr. Sarbanes, Mr. Inslee, Mr. Udall of Colorado, 
Mr. Andrews, and Ms. Tsongas) introduced the following bill; which was 
            referred to the Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
  To encourage energy efficiency and conservation and development of 
renewable energy sources for housing, commercial structures, and other 
           buildings, and to create sustainable communities.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE AND TABLE OF CONTENTS.

    (a) Short Title.--This Act may be cited as the ``Green Resources 
for Energy Efficient Neighborhoods Act of 2008'' or the ``GREEN Act of 
2008''.
    (b) Table of Contents.--The table of contents for this Act is as 
follows:

Sec. 1. Short title and table of contents.
Sec. 2. Minimum HUD energy efficiency standards and standards for 
                            additional credit.
Sec. 3. Energy efficiency and conservation demonstration program for 
                            multifamily housing projects assisted with 
                            project-based rental assistance.
Sec. 4. Additional credit for Fannie Mae and Freddie Mac housing goals 
                            for energy efficient mortgages.
Sec. 5. Authority of housing-related government-sponsored enterprises 
                            with respect to energy-efficient and 
                            location-efficient mortgages and reporting.
Sec. 6. Energy-efficient mortgage and location-efficient mortgage goals 
                            for Fannie Mae and Freddie Mac.
Sec. 7. FHA energy-efficient housing requirement.
Sec. 8. Energy efficient mortgages education and outreach campaign.
Sec. 9. Collection of information on energy-efficient and location 
                            efficient mortgages through Home Mortgage 
                            Disclosure Act.
Sec. 10. Ensuring availability of homeowners insurance for homes not 
                            connected to electricity grid.
Sec. 11. Mortgage incentives for energy-efficient multifamily housing.
Sec. 12. Energy efficiency certifications for housing with mortgages 
                            insured by FHA.
Sec. 13. Assisted housing energy loan program.
Sec. 14. Making it green.
Sec. 15. Residential energy efficiency block grant program.
Sec. 16. Including sustainable development in comprehensive housing 
                            affordability strategies.
Sec. 17. Grant program to increase sustainable low-income community 
                            development capacity.
Sec. 18. Utilization of energy performance contracts in HOPE VI.
Sec. 19. HOPE VI green developments requirement.
Sec. 20. Community Reinvestment Act credits for energy efficient 
                            mortgages and green building efforts.
Sec. 21. Consideration of energy-efficiency improvements in appraisals.
Sec. 22. Assistance for Housing Assistance Council.
Sec. 23. Rural housing and economic development assistance.
Sec. 24. Revolving fund for loans to States and Indian tribes to carry 
                            out renewable energy sources activities.
Sec. 25. Green banking centers.

SEC. 2. MINIMUM HUD ENERGY EFFICIENCY STANDARDS AND STANDARDS FOR 
              ADDITIONAL CREDIT.

    (a) Minimum HUD Standard.--
            (1) Residential structures.--A residential single family or 
        multifamily structure shall be considered to comply with the 
        energy efficiency requirements under this subsection if--
                    (A) the structure complies with the applicable 
                provisions of the American Society of Heating, 
                Refrigerating, and Air-Conditioning Engineers Standard 
                90.1-2007, as such standard is in effect for purposes 
                of this section pursuant subsection (c);
                    (B) the structure complies with the applicable 
                provisions of the 2006 International Energy 
                Conservation Code, as such standard is in effect for 
                purposes of this section pursuant subsection (c);
                    (C) in the case only of an existing structure, the 
                energy consumption for the structure has been reduced 
                by at least 30 percent from the previous level of 
                consumption, as determined in accordance with energy 
                audits performed both before and after any 
                rehabilitation or improvements undertaken to reduce 
                such consumption; or
                    (D) the structure complies with the applicable 
                provisions of such other energy efficiency 
                requirements, standards, checklists, or ratings systems 
                as the Secretary may, by regulation, adopt and apply, 
                for purposes of this section for specific types of 
                residential single family or multifamily structures or 
                otherwise, except that the Secretary shall make a 
                determination regarding whether to adopt and apply any 
                such requirements, standards, checklists, or rating 
                system for purposes of this section not later than the 
                expiration of the 180-day period beginning upon 
                submission of any written request, made in such form as 
                the Secretary shall provide, for such adoption and 
                application.
            (2) Nonresidential structures.--The Secretary of Housing 
        and Urban Development shall, by regulation, identify and adopt, 
        for purposes of this section, energy efficiency requirements, 
        standards, checklists, or rating systems applicable to 
        nonresidential structures. A nonresidential structure shall be 
        considered to comply with the energy efficiency requirements 
        under this subsection if the structure complies with the 
        applicable provisions of any such energy efficiency 
        requirements, standards, checklist, or rating systems 
        identified and adopted by the Secretary pursuant to this 
        paragraph, as such standards are in effect for purposes of this 
        section pursuant to subsection (c).
    (b) Additional Credit for Further Compliance With Energy Efficiency 
and Conservation or Green Building Standards.--
            (1) In general.--In addition to compliance with the energy 
        efficiency requirements under subsection (a), a residential or 
        nonresidential structure shall be considered to comply with the 
        energy efficiency and conservation standards under this 
        subsection, or with the green building standards under this 
        subsection, to the extent that such structure complies with the 
        applicable provisions of the standards under in paragraph (2) 
        or (3), respectively (as such standards are in effect for 
        purposes of this section, pursuant to subsection (c)), in a 
        manner that is not required for compliance with the energy 
        efficiency requirements under subsection (a).
            (2) Energy efficiency and conservation standards.--The 
        energy efficiency and conservation standards under this 
        paragraph are as follows:
                    (A) Residential structures.--With respect to 
                residential structures:
                            (i) New construction.--For new 
                        construction, the Energy Star standards 
                        establish by the Environmental Protection 
                        Agency, as such standards are in effect for 
                        purposes of this subsection pursuant to 
                        subsection (c);
                            (ii) Existing structures.--For existing 
                        structures, a reduction in energy consumption 
                        from the previous level of consumption for the 
                        structure, as determined in accordance with 
                        energy audits performed both before and after 
                        any rehabilitation or improvements undertaken 
                        to reduce such consumption, that exceeds the 
                        reduction necessary for compliance with the 
                        energy efficiency requirement under subsection 
                        (a)(1)(C).
                    (B) Nonresidential structures.--With respect to 
                nonresidential structures, such energy efficiency and 
                conservation requirements, standards, checklists, or 
                rating systems for nonresidential structures as the 
                Secretary shall, by regulation, identify and adopt, for 
                purposes of this paragraph.
            (3) Green building standards.--The green building standards 
        under this paragraph are as follows:
                    (A) The national Green Communities criteria 
                checklist for residential construction that provides 
                criteria for the design, development, and operation of 
                affordable housing, as such checklist is in effect for 
                purposes of this section pursuant to subsection (c).
                    (B) The Gold Version of the LEED for New 
                Construction rating system, the LEED for Core and Shell 
                rating system, the LEED for Commercial Interiors rating 
                system, as applicable, as such systems are in effect 
                for purposes of this section pursuant to subsection 
                (c).
                    (C) The Green Globes assessment and rating system 
                of the Green Buildings Initiative.
                    (D) For manufactured housing, the most recent 
                version of the National Fire Protection Association 
                standard 501, and energy star rating with respect to 
                fixtures, appliances, and equipment in such housing, as 
                such standard is in effect for purposes of this section 
                pursuant to subsection (c).
                    (E) Any other requirements, standards, checklists, 
                or rating systems for green building or sustainability 
                as the Secretary may, by regulation, identify and adopt 
                for purposes of this paragraph, except that the 
                Secretary shall make a determination regarding whether 
                to adopt and apply any such requirements, standards, 
                checklist, or rating system for purposes of this 
                section not later than the expiration of the 180-day 
                period beginning upon submission of any written 
                request, made in such form as the Secretary shall 
                provide, for such adoption and application.
            (4) Green building.--For purposes of this subsection, the 
        term ``green building'' means, with respect to standards for 
        structures, standards to require use of sustainable design 
        principles to reduce the use of nonrenewable resources, 
        minimize the impact of development on the environment, and to 
        improve indoor air quality.
            (5) Energy audits.--The Secretary of Housing and Urban 
        Development, in consultation with any advisory committees 
        established pursuant to section 3(c)(2) of this Act, shall 
        establish standards and requirements for energy audits for 
        purposes of paragraph (2)(A)(ii).
    (c) Applicability and Updating of Standards.--
            (1) Applicability.--Except as provided in paragraph (2), 
        the requirements, standards, checklists, and rating systems 
        referred to in subsections (a) and (b) that are in effect for 
        purposes of this section are such requirements, standards, 
        checklists, and systems are as in existence upon the date of 
        the enactment of this Act.
            (2) Updating.--The Secretary may, by regulation, adopt and 
        apply, for purposes of this section, future amendments and 
        supplements to, and editions of, the requirements, standards, 
        checklists, and rating systems referred to in subsections (a) 
        and (b).

SEC. 3. ENERGY EFFICIENCY AND CONSERVATION DEMONSTRATION PROGRAM FOR 
              MULTIFAMILY HOUSING PROJECTS ASSISTED WITH PROJECT-BASED 
              RENTAL ASSISTANCE.

    (a) Authority.--The Secretary of Housing and Urban Development 
shall conduct a program to demonstrate the effectiveness of funding a 
portion of the costs of carrying out energy efficiency and conservation 
and green building measures for multifamily housing projects for which 
project-based rental assistance is provided under a covered multifamily 
assistance program by providing additional adjustments in maximum 
monthly rents, additional project rental assistance, or additional 
assistance under the Native American Housing Assistance and Self-
Determination Act of 1996, for dwelling units in such projects that are 
provided such assistance.
    (b) Goals.--The demonstration program under this section shall be 
carried out in a manner that--
            (1) protects the financial interests of the Federal 
        Government;
            (2) reduces the proportion of funds provided by the Federal 
        Government and by owners and residents of multifamily housing 
        projects that are used for costs of utilities for the projects;
            (3) encourages energy efficiency and conservation by owners 
        and residents of multifamily housing projects and installation 
        of renewable energy improvements, such as improvements 
        providing for use of solar, wind, geothermal, or biomass energy 
        sources;
            (4) creates incentives for project owners to carry out such 
        energy efficiency renovations and improvements by allowing a 
        portion of the savings in operating costs resulting from such 
        renovations and improvements to be retained by the project 
        owner, notwithstanding otherwise applicable limitations on 
        dividends;
            (5) promotes the installation, in existing residential 
        buildings, of energy-efficient and cost-effective improvements 
        and renewable energy improvements, such as improvements 
        providing for use of solar, wind, geothermal, or biomass energy 
        sources;
            (6) tests the efficacy of a variety of energy efficiency 
        measures for multifamily housing projects of various sizes and 
        in various geographic locations;
            (7) tests methods for addressing the various, and often 
        competing, incentives that impede owners and residents of 
        multifamily housing projects from working together to achieve 
        energy efficiency or conservation; and
            (8) creates a database of energy efficiency and 
        conservation, and renewable energy, techniques, energy savings 
        management practices, and energy efficiency and conservation 
        financing vehicles.
    (c) Approaches.--In carrying out the demonstration program under 
this section, the Secretary may--
            (1) enter into agreements with the Building America Program 
        of the Department of Energy, the Partnership for Advancing 
        Technology in Housing of the Department of Housing and Urban 
        Development, and other consensus committees under which such 
        programs, partnerships, or committees assume some or all of the 
        functions, obligations, and benefits of the Secretary with 
        respect to energy savings;
            (2) establish advisory committees to advise the Secretary 
        and any such third party partners on technological and other 
        developments in the area of energy efficiency and the creation 
        of an energy efficiency and conservation credit facility and 
        other financing opportunities, which committees shall include 
        representatives of homebuilders, realtors, nonprofit housing 
        organizations, environmental protection organizations, 
        renewable energy organizations, and advocacy organizations for 
        the elderly and persons with disabilities;
            (3) approve, for a period not to exceed 10 years, 
        additional adjustments in the maximum monthly rents, additional 
        project rental assistance, or additional assistance under the 
        Native American Housing Assistance and Self-Determination Act 
        of 1996, as applicable, for dwelling units in multifamily 
        housing projects that are provided project-based rental 
        assistance under a covered multifamily assistance program, in 
        such amounts as may be necessary to amortize a portion of the 
        cost of energy efficiency and conservation measures for such 
        projects;
            (4) develop a competitive process for the award of such 
        additional assistance for multifamily housing projects seeking 
        to implement energy efficiency, renewable energy sources, or 
        conservation measures; and
            (5) waive or modify any existing statutory or regulatory 
        provision that would otherwise impair the implementation or 
        effectiveness of the demonstration program under this section, 
        including provisions relating to methods for rent adjustments, 
        comparability standards, maximum rent schedules, and utility 
        allowances, except that the Secretary may not waive any 
        statutory or regulatory requirement relating to fair housing, 
        nondiscrimination, labor standards, or the environment.
    (d) Requirement.--During the 3-year period beginning upon the date 
of the enactment of this Act, the Secretary shall carry out 
demonstration programs under this section with respect to not fewer 
than 50,000 dwelling units.
    (e) Selection.--
            (1) Scope.--In order to provide a broad and representative 
        profile for use in designing a program which can become 
        operational and effective nationwide, the Secretary shall carry 
        out the demonstration program under this section with respect 
        to dwelling units located in a wide variety of geographic areas 
        and project types assisted by the various covered multifamily 
        assistance programs and using a variety of energy efficiency 
        and conservation and funding techniques to reflect differences 
        in climate, types of dwelling units and technical and 
        scientific methodologies, and financing options. The Secretary 
        shall ensure that the geographic areas included in the 
        demonstration program include dwelling units on Indian lands 
        (as such term is defined in section 2601 of the Energy Policy 
        Act of 1992 (25 U.S.C. 3501).
            (2) Priority.--The Secretary shall provide priority for 
        selection for participation in the program under this section 
        based on the extent to which, as a result of assistance 
        provided under the program for the multifamily housing project, 
        the project will comply with--
                    (A) the energy efficiency standard under section 
                2(a); and
                    (B) the energy efficiency and conservation 
                standards, and the green building standards, under 
                section 2(b) of such Act.
    (f) Use of Existing Partnerships.--The Secretary shall--
            (1) utilize the Partnership for Advancing Technology in 
        Housing of the Department of Housing and Urban Development to 
        the extent feasible in carrying out this section and to provide 
        education and outreach regarding the program under this 
        section; and
            (2) consult with the Secretary of Energy, the Administrator 
        of the Environmental Protection Agency, and the Secretary of 
        the Army regarding utilizing the Building America Program of 
        the Department of Energy, the Energy Star Program, and the Army 
        Corps of Engineers, respectively, to the extent feasible in 
        carrying out this section and to provide education and outreach 
        regarding the program under this section.
    (g) Reports.--
            (1) Annual.--During the 3-year period beginning upon the 
        date of the enactment of this Act, the Secretary shall submit a 
        report to the Congress annually that describes and assesses the 
        demonstration program under this section.
            (2) Final.--Not later than six months after the expiration 
        of the 3-year period described in subsection (d), the Secretary 
        shall submit a final report to the Congress assessing the 
        demonstration program, which--
                    (A) shall assess the potential for expanding the 
                demonstration program on a nationwide basis; and
                    (B) shall include descriptions of--
                            (i) the size of each multifamily housing 
                        project for which assistance was provided under 
                        the program;
                            (ii) the geographic location of each 
                        project assisted, by State and region;
                            (iii) the criteria used to select the 
                        projects for which assistance is provided under 
                        the program;
                            (iv) the energy efficiency and conservation 
                        measures and financing sources used for each 
                        project that is assisted under the program;
                            (v) the difference, before and during 
                        participation in the demonstration program, in 
                        the amount of the monthly assistance payments 
                        under the covered multifamily assistance 
                        program for each project assisted under the 
                        program;
                            (vi) the average length of the term of the 
                        such assistance provided under the program for 
                        a project;
                            (vii) the aggregate amount of savings 
                        generated by the demonstration program and the 
                        amount of savings expected to be generated by 
                        the program over time on a per-unit and 
                        aggregate program basis;
                            (viii) the functions performed in 
                        connection with the implementation of the 
                        demonstration program that were transferred or 
                        contracted out to any third parties;
                            (ix) an evaluation of the overall successes 
                        and failures of the demonstration program; and
                            (x) recommendations for any actions to be 
                        taken as a result of the such successes and 
                        failures.
            (3) Contents.--Each annual report pursuant to paragraph (1) 
        and the final report pursuant to paragraph (2) shall include--
                    (A) a description of the status of each multifamily 
                housing project selected for participation in the 
                demonstration program under this section; and
                    (B) findings from the program and recommendations 
                for any legislative actions.
    (h) Definitions.--For purposes of this section, the following 
definitions shall apply:
            (1) Covered multifamily assistance program.--The term 
        ``covered multifamily assistance program'' means--
                    (A) the program under section 8 of the United 
                States Housing Act of 1937 (42 U.S.C. 1437f) for 
                project-based rental assistance;
                    (B) the program under section 202 of the Housing 
                Act of 1959 (12 U.S.C. 1701q) for assistance for 
                supportive housing for the elderly;
                    (C) the program under section 811 of the Cranston-
                Gonzalez National Affordable Housing Act (42 U.S.C. 
                8013) for supportive housing for persons with 
                disabilities; and
                    (D) the program for assistance under the Native 
                American Housing Assistance and Self-Determination Act 
                of 1996 (25 U.S.C. 4111).
            (2) Secretary.--The term ``Secretary'' means the Secretary 
        of Housing and Urban Development.
    (i) Regulations.--Not later than the expiration of the 180-day 
period beginning on the date of the enactment of this Act, the 
Secretary shall issue any regulations necessary to carry out this 
section.

SEC. 4. ADDITIONAL CREDIT FOR FANNIE MAE AND FREDDIE MAC HOUSING GOALS 
              FOR ENERGY EFFICIENT MORTGAGES.

    Section 1336(a) of the Housing and Community Development Act of 
1992 (12 U.S.C. 4566(a)) is amended--
            (1) in paragraph (2), by inserting ``, except as provided 
        in paragraph (4),'' after ``which''; and
            (2) by adding at the end the following new paragraph:
            ``(5) Additional credit.--
                    ``(A) In general.--In assigning credit toward 
                achievement under this section of the housing goals for 
                mortgage purchase activities of the enterprises, the 
                Director shall assign--
                            ``(i) more than 125 percent credit, for 
                        such purchases that both--
                                    ``(I) comply with the requirements 
                                of such goals; and
                                    ``(II) support housing that meets 
                                the energy efficiency standards under 
                                section 2(a) of the Green Resources for 
                                Energy Efficient Neighborhoods Act of 
                                2008; and
                            ``(ii) credit in addition to credit under 
                        clause (i), for purchases that both--
                                    ``(I) comply with the requirements 
                                of such goals, and
                                    ``(II) support housing that 
                                complies with the energy efficiency and 
                                conservation standards, or the green 
                                building standards, under section 2(b) 
                                of such Act, or both,
                        and such additional credit shall be given based 
                        on the extent to which the housing supported 
                        with such purchases complies with such 
                        standards.
                    ``(B) Treatment of additional credit.--The 
                availability of additional credit under this paragraph 
                shall not be used to increase any housing goal, 
                subgoal, or target established under this subpart.''.

SEC. 5. AUTHORITY OF HOUSING-RELATED GOVERNMENT-SPONSORED ENTERPRISES 
              WITH RESPECT TO ENERGY-EFFICIENT AND LOCATION-EFFICIENT 
              MORTGAGES AND REPORTING.

    (a) Fannie Mae Purchase Authority.--The Federal National Mortgage 
Association Charter Act is amended--
            (1) in section 302(b) (12 U.S.C. 1717(b)), by adding at the 
        end the following new paragraph:
    ``(7) The mortgages specified in this subsection that the 
corporation is authorized to purchase, sell, service, lend on the 
security of, and otherwise deal in, shall include any such mortgages 
that are energy-efficient mortgages or location-efficient mortgages (as 
such terms are defined in section 1334A of Housing and Community 
Development Act of 1992).''; and
            (2) in section 309 (12 U.S.C. 1723a)--
                    (A) in subsection (m)--
                            (i) in paragraph (1)--
                                    (I) by redesignating subparagraphs 
                                (D) and (E) as subparagraphs (E) and 
                                (F), respectively; and
                                    (II) by inserting after 
                                subparagraph (C) the following new 
                                subparagraph:
            ``(D) whether a particular mortgage purchased is an energy-
        efficient or location-efficient mortgage (as such terms are 
        defined in section 1334A of Housing and Community Development 
        Act of 1992);''; and
                            (ii) in paragraph (2)(D), by inserting 
                        before the closing parenthesis the following: 
                        ``, and whether the mortgage is an energy-
                        efficient or location-efficient mortgage (as 
                        such terms are defined in section 1334A of 
                        Housing and Community Development Act of 
                        1992)''; and
                    (B) in subsection (n)(2)(C), by inserting before 
                the semicolon the following: ``and the extent to which 
                the mortgages on single family and multifamily housing 
                purchased by the corporation are energy-efficient or 
                location efficient mortgages (as such terms are defined 
                in section 1334A of Housing and Community Development 
                Act of 1992)''.
    (b) Freddie Mac Purchase Authority.--The Federal Home Loan Mortgage 
Corporation Act is amended--
            (1) in section 305(a) (12 U.S.C. 1454), by adding at the 
        end the following new paragraph:
    ``(6) The mortgages specified in this subsection that the 
Corporation is authorized to purchase, sell, service, lend on the 
security of, and otherwise deal in, shall include any such mortgages 
that are energy-efficient mortgages or location-efficient mortgages (as 
such terms are defined in section 1334A of Housing and Community 
Development Act of 1992).''; and
            (2) in section 307 (12 U.S.C. 1456)--
                    (A) in subsection (e)--
                            (i) in paragraph (1)--
                                    (I) by redesignating subparagraphs 
                                (D) and (E) as subparagraphs (E) and 
                                (F), respectively; and
                                    (II) by inserting after 
                                subparagraph (C) the following new 
                                subparagraph:
            ``(D) whether a particular mortgage purchased is an energy-
        efficient or location-efficient mortgage (as such terms are 
        defined in section 1334A of Housing and Community Development 
        Act of 1992);''; and
                            (ii) in paragraph (2)(D), by inserting 
                        before the closing parenthesis the following: 
                        ``, and whether the mortgage is an energy-
                        efficient or location-efficient mortgage (as 
                        such terms are defined in section 1334A of 
                        Housing and Community Development Act of 
                        1992)''; and
                    (B) in subsection (f)(2)(C), by inserting before 
                the semicolon the following: ``and the extent to which 
                the mortgages on single family and multifamily housing 
                purchased by the Corporation are energy-efficient or 
                location efficient mortgages (as such terms are defined 
                in section 1334A of Housing and Community Development 
                Act of 1992)''.
    (c) Federal Home Loan Bank Advance Authority.--Section 10 of the 
Federal Home Loan Bank Act (12 U.S.C. 143) is amended--
            (1) in subsection (a), by adding at the end the following 
        new paragraph:
            ``(7) Energy-efficient and location-efficient residential 
        mortgages.--Funds from a long-term advance under this section 
        provided to a member for residential housing finance under 
        paragraph (2)(A), or to a community financial institution 
        pursuant to paragraph (2)(B), may be used for energy-efficient 
        mortgages or location-efficient mortgages (as such terms are 
        defined in section 1334A of Housing and Community Development 
        Act of 1992). The Board shall require each Federal Home Loan 
        Bank to submit reports to the Board annually setting forth the 
        extent of financing of energy-efficient mortgages and location-
        efficient mortgages by members using advances under this 
        section, and the Board shall submit a report to the Congress 
        annually compiling such information.''.

SEC. 6. ENERGY-EFFICIENT MORTGAGE AND LOCATION-EFFICIENT MORTGAGE GOALS 
              FOR FANNIE MAE AND FREDDIE MAC.

    (a) Purposes.--
            (1) Fannie mae.--Section 301 of the Federal National 
        Mortgage Association Charter Act (12 U.S.C. 1716) is amended--
                    (A) in paragraph (4), by striking ``and'' at the 
                end;
                    (B) in paragraph (5), by striking the period at the 
                end and inserting ``; and''; and
                    (C) by adding at the end the following new 
                paragraph:
            ``(6) promote and facilitate the use of energy-efficient 
        mortgages and location-efficient mortgages.''.
            (2) Freddie mac.--Subsection (b) of section 301 of the 
        Federal Home Loan Mortgage Corporation Act (12 U.S.C. 1451 
        note) is amended--
                    (A) in paragraph (3), by striking ``and'' at the 
                end;
                    (B) in paragraph (5), by striking the period at the 
                end and inserting ``; and''; and
                    (C) by adding at the end the following new 
                paragraph:
            ``(5) to promote and facilitate the use of energy-efficient 
        mortgages and location-efficient mortgages.''.
    (b) Goals for Mortgage Purchases.--
            (1) In general.--The Housing and Community Development Act 
        of 1992 is amended by inserting after section 1334 (12 U.S.C. 
        4564) the following new section:

``SEC. 1334A. ENERGY-EFFICIENT AND LOCATION-EFFICIENT MORTGAGES GOALS.

    ``(a) In General.--The Director shall establish annual goals for 
the purchase by each enterprise of mortgages, for single-family, owner-
occupied housing, of each of the following types:
            ``(1) Energy-efficient mortgages.
            ``(2) Location-efficient mortgages.
    ``(b) Targets.--The annual goals under this section for each 
enterprise shall be as follows:
            ``(1) Energy-efficient mortgages.--For energy efficient 
        mortgages--
                    ``(A) during the years 2012 through 2016, 5 percent 
                of the mortgages for single-family, owner-occupied 
                homes that are purchased during each such year by the 
                enterprise;
                    ``(B) during the years 2017 through 2021, 10 
                percent of such mortgages that are purchased during 
                each such year by the enterprise; and
                    ``(C) during 2022 and each year thereafter, 25 
                percent of such mortgages that are purchased during 
                each such year by the enterprise.
            ``(2) Location-efficient mortgages.--For location-efficient 
        mortgages--
                    ``(A) during the years 2012 through 2016, 3 percent 
                of the mortgages for single-family, owner-occupied 
                homes that are purchased during each such year by the 
                enterprise;
                    ``(B) during the years 2017 through 2021, 6 percent 
                of such mortgages that are purchased during each such 
                year by the enterprise; and
                    ``(C) during 2022 and each year thereafter, 10 
                percent such mortgages that are purchased during each 
                such year by the enterprise.
    ``(c) Plan and Reports.--The Director shall require each 
enterprise--
            ``(1) not later than January 1, 2012, to develop and submit 
        to the Director a plan that provides by 2020 for the use and 
        purchase of energy-efficient mortgages in a manner designed to 
        help achieve, in single-family homes financed with mortgages 
        purchased by the enterprise, a 50 percent reduction in 
        aggregate home energy use of fossil fuels (compared to the 
        level of such use as of the date of the enactment of the Green 
        Resources for Energy Efficient Neighborhoods Act of 2008) 
        through reduced use of such fuels or transition to reliance on 
        renewable energy resources, such as wind, solar, geothermal, or 
        biomass, or any combination thereof; and
            ``(2) submit a report to the Congress annually that--
                    ``(A) describes the extent of mortgage purchases 
                described in subsection (b)(1) and of compliance with 
                the goal established pursuant to such subsection;
                    ``(B) describes the extent of mortgage purchases 
                described in subsection (b)(2) and of compliance with 
                the goal established pursuant to such subsection; and
                    ``(C) the progress being made by the enterprise in 
                carrying out the plan developed pursuant to paragraph 
                (1) and toward the goal described in such paragraph.
    ``(d) Reports.--Not later than December 31 of each year from 2012 
through 2022, the Secretary of Housing and Urban Development shall 
submit to the Congress a report that--
            ``(1) identifies the potential markets for energy-efficient 
        and location-efficient mortgages for single-family and 
        multifamily housing and any existing barriers to wider use of 
        such products; and
            ``(2) identifies any correlations between defaults on 
        mortgages for single-family or multifamily housing and the 
        extent of the energy efficiency and location efficiency of such 
        housing.
    ``(e) Definitions.--For purposes of this section, the following 
definitions shall apply:
            ``(1) The term `energy efficient mortgage' means a mortgage 
        loan under which the income of the borrower, for purposes of 
        qualification for such loan, is considered to be increased by 
        not less than $1 for each $1 of savings projected to be 
        realized by the borrower as a result of cost-effective energy 
        saving construction or improvements (including use of renewable 
        energy sources, such as geothermal, biomass, and wind, solar 
        hot water heaters, solar-assisted air conditioners and 
        ventilators, super-insulation, energy-saving windows, 
        insulating glass and film, and radiant barrier) for the home 
        for which the loan is made.
            ``(2) The term `location efficient mortgage' means a 
        mortgage loan under which the income of the borrower, for 
        purposes of qualification for such loan, is considered to be 
        increased by not less than $1 for each $1 of savings projected 
        to be realized by the borrower because the location of the home 
        for which loan is made results in decreased transportation 
        costs for the household of the borrower.''.
            (2) Reports, enforcement, and conforming amendments.--Title 
        XIII of the Housing and Community Development Act of 1992 is 
        amended--
                    (A) in subsection (b) of section 1324 (12 U.S.C. 
                4542(b))--
                            (i) in paragraph (4), by striking ``and 
                        1334'' and inserting ``1334, and 1334A'';
                            (ii) by redesignating paragraphs (4) 
                        through (7) as paragraphs (5) through (8), 
                        respectively; and
                            (iii) by inserting after paragraph (3) the 
                        following new paragraph:
            ``(4) aggregate and analyze appropriate data to assess the 
        compliance of each enterprise with the energy-efficient and 
        location-efficient mortgages goals;'';
                    (B) in subsection (a) of section 1331 (12 U.S.C. 
                4561(a))--
                            (i) by striking ``and'' before ``a central 
                        cities''; and
                            (ii) by inserting before the period at the 
                        end of the first sentence the following: ``, 
                        and energy-efficient and location-efficient 
                        mortgages goals pursuant to section 1334A'';
                    (C) in section 1335 (12 U.S.C. 4565)--
                            (i) in the matter in subsection (a) that 
                        precedes paragraph (1)--
                                    (I) by striking ``and'' before 
                                ``the central cities''; and
                                    (II) by inserting after ``section 
                                1334,'' the following: ``, and the 
                                energy-efficient and location-efficient 
                                mortgages goals pursuant to section 
                                1334A'';
                            (ii) in subsection (b), by striking ``and 
                        1334'' and inserting ``, 1334, and 1334A''; and
                    (D) in section 1336 (12 U.S.C. 4566)--
                            (i) in paragraph (1) of subsection (a), by 
                        striking ``and 1334'' and inserting ``, 1334, 
                        and 1334A''; and
                            (ii) by striking ``or 1334'' each place 
                        such term appears and inserting ``, 1334, or 
                        1334A''.

SEC. 7. FHA ENERGY-EFFICIENT HOUSING REQUIREMENT.

    (a) Requirement.--Title V of the National Housing Act is amended by 
adding after section 542 (12 U.S.C. 1735f-20) the following new 
section:

``SEC. 543. ENERGY-EFFICIENT HOUSING REQUIREMENT.

    ``(a) In General.--Subject only to sufficient authority to insure 
mortgages under this Act having an aggregate outstanding principal 
obligation in the amount provided under this subsection, in carrying 
out this Act the Secretary shall ensure that, at all times after 
December 31, 2012, the aggregate outstanding principal obligation of 
mortgages on single-family housing meeting the energy efficiency 
standards under section 2(a) of the Green Resources for Energy 
Efficient Neighborhoods Act of 2008 that are insured by the Secretary 
is not less than $1,000,000,000.
    ``(b) Authorization of Appropriations.--There is authorized to be 
appropriated such sums as may be necessary for any additional costs (as 
such term is defined in section 502 of the Federal Credit Reform Act of 
1990 (2 U.S.C. 661a)) under this Act resulting from compliance with 
subsection (a).''.
    (b) Reporting on Defaults.--Section 540(b)(2) of the National 
Housing Act (12 U.S.C. 1735f-18(b)(2)) is amended by adding at the end 
the following new paragraph:
            ``(3) With respect to each collection period that commences 
        after December 31, 2011, the total number of mortgages on 
        single-family housing meeting the energy efficiency standards 
        under section 2(a) of the Green Resources for Energy Efficient 
        Neighborhoods Act of 2008 that are insured by the Secretary 
        during the applicable collection period, the number of defaults 
        and foreclosures occurring on such mortgages during such 
        period, the percentage of the total of such mortgages insured 
        during such period on which defaults and foreclosure occurred, 
        and the rate for such period of defaults and foreclosures on 
        such mortgages compared to the overall rate for such period of 
        defaults and foreclosures on mortgages for single-family 
        housing insured by the Secretary.''.

SEC. 8. ENERGY EFFICIENT MORTGAGES EDUCATION AND OUTREACH CAMPAIGN.

    Section 513 of the Housing and Community Development Act of 1992 
(42 U.S.C. 12712 note) is amended by adding at the end the following 
new subsection:
    ``(g) Education and Outreach Campaign.--The Secretary, in 
consultation and coordination with the Secretary of Energy, the 
Secretary of Education, and the Administrator of the Environmental 
Protection Agency, shall carry out a public awareness, education, and 
outreach campaign to inform and educate residential lenders and 
prospective borrowers regarding the availability, benefits, advantages, 
and terms of energy efficient mortgages made available pursuant to this 
section, energy efficient mortgages that meet the requirements of 
section 1334A of this Act, and other mortgages, including mortgages for 
multifamily housing, that have energy improvement features and to 
publicize such availability, benefits, advantages, and terms. Such 
actions may include entering into a contract with an appropriate entity 
to publicize and market such mortgages through appropriate media.''.

SEC. 9. COLLECTION OF INFORMATION ON ENERGY-EFFICIENT AND LOCATION 
              EFFICIENT MORTGAGES THROUGH HOME MORTGAGE DISCLOSURE ACT.

    (a) In General.--Section 304(b)(1) of the Home Mortgage Disclosure 
Act of 1975 (12 U.S.C. 2803(b)(1)) is amended--
            (1) in paragraph (3), by striking ``and'' at the end;
            (2) in paragraph (4), by striking the period at the end and 
        inserting a semicolon; and
            (3) by adding at the end the following new paragraphs:
            ``(5) the number and dollar amount of mortgage loans for 
        single-family housing and for multifamily housing that are 
        energy-efficient mortgages (as such term is defined in section 
        1334A of Housing and Community Development Act of 1992); and
            ``(6) the number and dollar amount of mortgage loans for 
        single-family housing and for multifamily housing that are 
        location-efficient mortgages (as such term is defined in 
        section 1334A of Housing and Community Development Act of 
        1992).''.
    (b) Applicability.--The amendment made by subsection (a) shall 
apply with respect to the first calendar year that begins after the 
expiration of the 30-day period beginning on the date of the enactment 
of this Act.

SEC. 10. ENSURING AVAILABILITY OF HOMEOWNERS INSURANCE FOR HOMES NOT 
              CONNECTED TO ELECTRICITY GRID.

    (a) In General.--In the case of any covered structure (as such term 
is defined in subsection (d)), it shall be unlawful for any insurer to 
deny homeowners insurance coverage for the structure, or to otherwise 
discriminate in the issuance, cancellation, amount of such coverage, or 
conditions of such coverage for the structure, based solely and without 
any additional actuarial risks upon the fact that the structure is not 
connected to, or able to receive electricity service from, any 
wholesale or retail electric power provider.
    (b) Consideration of Actuarial Risk.--Subsection (a) may not be 
construed to prevent any insurer from charging rates for homeowners 
insurance coverage for a structure that are based on a good faith 
actuarial analysis of the risk associated with the structure not being 
connected to, or able to receive electricity service from, any 
wholesale or retail electric power provide. Any good faith analysis of 
such risk shall include analysis of the manner in which electric power 
for the structure is provided.
    (c) Insuring Homes and Related Property in Indian Areas.--
Notwithstanding any other provision of law, covered structures located 
in Indian areas (as such term is defined in section 4 of the Native 
American Housing Assistance and Self-Determination Act of 1996 (25 
U.S.C. 4103)) and constructed or maintained using assistance, loan 
guarantees, or other authority under the Native American Housing 
Assistance and Self-Determination Act of 1996 may be insured by any 
tribally owned self-insurance risk pool approved by the Secretary of 
Housing and Urban Development.
    (d) Covered Structure.--For purposes of this section, the term 
``covered structure'' means a residential structure that--
            (1) consists of one to four dwelling units;
            (2) is provided power, heat, or electricity from renewable 
        energy sources (such as solar, wind, geothermal, or biomass) or 
        a fuel cell; and
            (3) is not connected to any wholesale or retail electrical 
        power grid.

SEC. 11. MORTGAGE INCENTIVES FOR ENERGY-EFFICIENT MULTIFAMILY HOUSING.

    (a) In General.--The Secretary of Housing and Urban Development 
shall establish incentives for increasing the energy efficiency of 
multifamily housing that is subject to a mortgage to be insured under 
title II of the National Housing Act (12 U.S.C. 1709 et seq.) so that 
the housing meets the energy efficiency standards under section 2(a) of 
this Act and incentives to encourage compliance of such housing with 
the energy efficiency and conservation standards, and the green 
building standards, under section 2(b) of this Act.
    (b) Incentives.--Such incentives--
            (1) shall include, for any such multifamily housing that 
        complies with the energy efficiency standards under section 
        2(a), providing a discount on the chargeable premiums for the 
        mortgage insurance for such housing from the amount otherwise 
        chargeable for such mortgage insurance; and
            (2) may include--
                    (A) allowing mortgages to exceed the dollar amount 
                limits otherwise applicable under law to the extent 
                such additional amounts are used to finance 
                improvements or measures designed to meet the standards 
                referred to in subsection (a); and
                    (B) reducing the amount that the owner of such 
                multifamily housing meeting the standards referred to 
                in subsection (a) is required to contribute.

SEC. 12. ENERGY EFFICIENCY CERTIFICATIONS FOR HOUSING WITH MORTGAGES 
              INSURED BY FHA.

    Section 526(a) of the National Housing Act (12 U.S.C. 1735f-4(a)) 
is amended--
            (1) in subsection (a)--
                    (A) by striking ``, other than manufactured 
                homes,'' each place such term appears; and
                    (B) by inserting after the period at the end the 
                following: ``The energy performance requirements 
                developed and established by the Secretary under this 
                section for manufactured homes shall require such homes 
                to comply with the most recent version of the National 
                Fire Protection Association standard 501, and shall 
                require energy star rating for wall fixtures, 
                appliances, and equipment in such housing''
            (2) by inserting ``(1)'' after ``(a)'';
            (3) by adding at the end the following new paragraphs:
            ``(2) The Secretary shall require, with respect to any 
        single- or multi-family residential housing subject to a 
        mortgage insured under this Act, that any approval or 
        certification of the housing for meeting any energy efficiency 
        or conservation criteria, standards, or requirements pursuant 
        to this title and any approval or certification required 
        pursuant to this title with respect to energy conserving 
        improvements or any renewable energy sources, such as wind, 
        solar energy geothermal, or biomass, shall be conducted only by 
        an individual certified by a home energy rating system provider 
        who has been accredited to conduct such ratings by the Home 
        Energy Ratings System Council, the Residential Energy Services 
        Network, or such other appropriate national organization, as 
        the Secretary may provide. If any organization makes a request 
        to the Secretary for approval to accredit individuals to 
        conduct energy efficiency or conservation ratings, the 
        Secretary shall review and approve or disapprove such request 
        not later than the expiration of the 6-month period beginning 
        upon receipt of such request.
            ``(3) The Secretary shall periodically examine the method 
        used to conduct inspections for compliance with the 
        requirements under this section, analyze various other 
        approaches for conducting such inspections, and review the 
        costs and benefits of the current method compared with other 
        methods.''; and
            (4) in subsection (b), by striking ``, other than a 
        manufactured home,''.

SEC. 13. ASSISTED HOUSING ENERGY LOAN PROGRAM.

    (a) Authority.--The Secretary of Housing and Urban Development (in 
this section referred to as the ``Secretary'') shall carry out a 
program under this section to facilitate the financing of cost-
effective capital improvements for covered assisted housing projects to 
improve the energy efficiency and conservation of such projects.
    (b) Loans.--The program under this section shall provide for a 
privately financed loan to be made for a covered assisted housing 
project, which shall--
            (1) finance capital improvements for the project that meet 
        such requirements as the Secretary shall establish, and may 
        involve contracts with third parties to perform such capital 
        improvements;
            (2) have a term to maturity of not more than 20 years, 
        which shall be based upon the duration necessary to realize 
        cost savings sufficient to repay the loan;
            (3) be secured by a mortgage subordinate to the mortgage 
        for the project that is insured under the National Housing Act; 
        and
            (4) provide for a reduction in the remaining principal 
        obligation under the loan based on the actual resulting cost 
        savings realized from the capital improvements financed with 
        the loan.
    (c) Underwriting Standards.--The Secretary shall establish 
underwriting requirements for loans made under the program under this 
section, which shall--
            (1) require the cost savings projected to be realized from 
        the capital improvements financed with the loan, during the 
        term of the loan, to exceed the costs of repaying the loan;
            (2) allow the contractor involved in designing capital 
        improvements to be financed with a loan under the program to 
        carry out such capital improvements; and
            (3) include such energy, audit, property, financial, 
        ownership, and approval requirements as the Secretary considers 
        appropriate.
    (d) Treatment of Savings.--The program under this section shall 
provide that the project owner shall receive the full financial benefit 
from any reduction in the cost of utilities resulting from capital 
improvements financed with a loan made under the program.
    (e) Covered Assisted Housing Projects.--For purposes of this 
section, the term ``covered assisted housing project'' means a housing 
project that--
            (1) is financed by a loan or mortgage that is--
                    (A) insured by the Secretary under subsection 
                (d)(3) or (d)(4) of section 221 of the National Housing 
                Act (12 U.S.C. 1715l), and bears interest at a rate 
                determined under the proviso of section 221(d)(5) of 
                such Act; or
                    (B) insured or assisted under section 236 of the 
                National Housing Act (12 U.S.C. 1715z-1); and
            (2) at the time a loan under this section is made, is 
        provided project-based rental assistance under section 8 of the 
        United States Housing Act of 1937 (42 U.S.C. 1437f) for 50 
        percent or more of the dwelling units in the project.
Such term does not include any housing project owned or held by the 
Secretary, or that is subject to a mortgage held by the Secretary.
    (f) Pilot Program.--Not later than the expiration of the 12-month 
period beginning on the date of the enactment of this Act, the 
Secretary shall implement and commence the program under this section 
on a pilot basis, which shall involve not fewer than 3 and not more 
than 5 lenders.

SEC. 14. MAKING IT GREEN.

    (a) Partnerships With Tree-Planting Organizations.--The Secretary 
shall establish and provide incentives for developers of housing for 
which any financial assistance is provided by the Secretary for 
development, maintenance, operation, or other costs, to enter into 
agreements and partnerships with tree-planting organizations, 
nurseries, and landscapers to certify that trees, shrubs, grasses, and 
other plants are planted in the proper manner, are provided adequate 
maintenance, and survive for at least three years after planting or are 
replaced.
    (b) Plan for Assisted Housing.--In the case of any new or 
substantially improved housing for which financial assistance is 
provided by the Secretary for the development, construction, 
maintenance, rehabilitation, improvement, operation, or costs of the 
housing, the Secretary shall require the development of a plan that 
provides for--
            (1) in the case of new construction and improvements, 
        siting of such housing and improvements in a manner that 
        provides for energy efficiency and conservation to the extent 
        feasible, taking into consideration location and project type;
            (2) not less than 50 percent of the total area of paved 
        surfaces at the site of such housing to be shaded, consist of 
        greenspace, be covered by solar energy panels or greenroofs, or 
        be part of a geothermal piping system;
            (3) how any construction, rehabilitation, or other 
        development will affect and minimize the effects of 
        construction, rehabilitation, or other development on the 
        condition of existing trees;
            (4) selection and installation of trees, shrubs, grasses, 
        and other plants based upon applicable design guidelines and 
        standards of the International Society for Arboriculture;
            (5) post-planting care and maintenance of the landscaping 
        relating to or affected by the housing in accordance with best 
        management practices; and
            (6) establishment of a goal for minimum greenspace or tree 
        canopy cover for the housing site for which such financial 
        assistance is provided, including guidelines and timetables 
        within which to achieve compliance with such minimum 
        requirements.
    (c) Partnerships.--In carrying out this section, the Secretary of 
Housing and Urban Development shall consult with national organizations 
dedicated to providing housing assistance and related services to low-
income families, the Alliance for Community Trees and its affiliates, 
the American Nursery and Landscape Association, the American Society of 
Landscape Architects, and the National Arbor Day Foundation, and shall 
take such actions as are appropriate to establish, and encourage the 
establishment, of such agreements and working partnerships between such 
organization and its affiliates and recipients of assistance from the 
Department of Housing and Urban Development for the development, 
maintenance, operation, or costs of housing.

SEC. 15. RESIDENTIAL ENERGY EFFICIENCY BLOCK GRANT PROGRAM.

    Title I of the Housing and Community Development Act of 1974 (42 
U.S.C. 5301 et seq.) is amended by adding at the end the following new 
section:

``SEC. 123. RESIDENTIAL ENERGY EFFICIENCY BLOCK GRANT PROGRAM.

    ``(a) In General.--To the extent amounts are made available for 
grants under this section, the Secretary of Housing and Urban 
Development shall make grants under this section to States, 
metropolitan cities and urban counties, Indian tribes, and insular 
areas to carry out energy efficiency improvements in new and existing 
single-family and multifamily housing.
    ``(b) Allocations.--
            ``(1) In general.--Of the total amount made available for 
        each fiscal year for grants under this section that remains 
        after reserving amounts pursuant to paragraph (2), the 
        Secretary shall allocate for insular areas, for metropolitan 
        cities and urban counties, and for States, an amount that bears 
        the same ratio to such total amount as the amount allocated for 
        such fiscal year under section 106 for Indian tribes, for 
        insular areas, for metropolitan cities and urban counties, and 
        for States, respectively, bears to the total amount made 
        available for such fiscal year for grants under section 106.
            ``(2) Set aside for indian tribes.--Of the total amount 
        made available for each fiscal year for grants under this 
        section, the Secretary shall allocate not less than one percent 
        to Indian tribes.
    ``(c) Grant Amounts.--
            ``(1) Entitlement communities.--From the amounts allocated 
        pursuant to subsection (b) for metropolitan cities and urban 
        counties for each fiscal year, the Secretary shall make a grant 
        for such fiscal year to each metropolitan city and urban county 
        that complies with the requirement under subsection (d), in the 
        amount that bears the same ratio such total amount so allocated 
        as the amount of the grant for such fiscal year under section 
        106 for such metropolitan city or urban county bears to the 
        aggregate amount of all grants for such fiscal year under 
        section 106 for all metropolitan cities and urban counties.
            ``(2) States.--From the amounts allocated pursuant to 
        subsection (b) for States for each fiscal year, the Secretary 
        shall make a grant for such fiscal year to each State that 
        complies with the requirement under subsection (d), in the 
        amount that bears the same ratio such total amount so allocated 
        as the amount of the grant for such fiscal year under section 
        106 for such State bears to the aggregate amount of all grants 
        for such fiscal year under section 106 for all States. Grant 
        amounts received by a State shall be used only for eligible 
        activities under subsection (e) carried out in nonentitlement 
        areas of the State.
            ``(3) Indian tribes.--From the amounts allocated pursuant 
        to subsection (b) for Indian tribes, the Secretary shall make 
        grants to Indian tribes that comply with the requirement under 
        subsection (d) on the basis of a competition conducted pursuant 
        to specific criteria, as the Secretary shall establish by 
        regulation, for the selection of Indian tribes to receive such 
        amount.
            ``(4) Insular areas.--From the amounts allocated pursuant 
        to subsection (b) for insular areas, the Secretary shall make a 
        grant to each insular area that complies with the requirement 
        under subsection (d) on the basis of the ratio of the 
        population of the insular area to the aggregate population of 
        all insular areas. In determining the distribution of amounts 
        to insular areas, the Secretary may also include other 
        statistical criteria as data become available from the Bureau 
        of Census of the Department of Labor, but only if such criteria 
        are set forth by regulation issued after notice and an 
        opportunity for comment.
    ``(d) Statement of Activities.--
            ``(1) Requirement.--Before receipt the receipt in any 
        fiscal year of a grant under subsection (c) by any grantee, the 
        grantee shall have prepared a final statement of housing energy 
        efficiency objectives and projected use of funds as the 
        Secretary shall require and shall have provided the Secretary 
        with such certifications regarding such objectives and use as 
        the Secretary may require. In the case of metropolitan cities, 
        urban counties, units of general local government, and insular 
        areas receiving grants, the statement of projected use of funds 
        shall consist of proposed housing energy efficiency activities. 
        In the case of States receiving grants, the statement of 
        projected use of funds shall consist of the method by which the 
        States will distribute funds to units of general local 
        government.
            ``(2) Public participation.--The Secretary may establish 
        requirements to ensure the public availability of information 
        regarding projected use of grant amounts and public 
        participation in determining such projected use.
    ``(e) Eligible Activities.--
            ``(1) Requirement.--Amounts from a grant under this section 
        may be used only to carry out activities for single-family or 
        multifamily housing that are designed to improve the energy 
        efficiency of the housing so that the housing complies with the 
        energy efficiency standard under section 2(a) of the Green 
        Resources for Energy Efficient Neighborhoods Act of 2008, 
        including such activities to provide energy for such housing 
        from renewable sources, such as wind, waves, solar, biomass, 
        and geothermal sources.
            ``(2) Preference for compliance beyond minimum 
        requirements.--In selecting activities to be funded with 
        amounts from a grant under this section, a grantee shall give 
        more preference to activities based on the extent to which the 
        activities will result in compliance by the housing with the 
        energy efficiency and conservation standards, and the green 
        building standards, under section 2(b) of such Act.
    ``(f) Reports.--Each grantee of a grant under this section for a 
fiscal year shall submit to the Secretary, at a time determined by the 
Secretary, a performance and evaluation report concerning the use of 
grant amounts, which shall contain an assessment by the grantee of the 
relationship of such use to the objectives identified in the grantees 
statement under subsection (d).
    ``(g) Applicability of CDBG Provisions.--Sections 109 (relating to 
nondiscrimination), 110 (relating to labor standards), and 111 
(relating to remedies for noncompliance) of the Housing and Community 
Development Act of 1974 (42 U.S.C. 5309, 5310, 5311) shall apply to 
assistance received under this section to the same extent and in the 
same manner that such sections apply to assistance received under title 
I of such Act.''.

SEC. 16. INCLUDING SUSTAINABLE DEVELOPMENT IN COMPREHENSIVE HOUSING 
              AFFORDABILITY STRATEGIES.

    Section 105(b) of the Cranston-Gonzalez National Affordable Housing 
Act of 1990 (42 U.S.C. 12705(b)) is amended--
            (1) by striking ``and'' at the end of paragraph (19);
            (2) by striking the period at the end of paragraph (20) and 
        inserting ``; and'';
            (3) and by inserting after paragraph (20) the following:
            ``(21) describe the jurisdiction's strategies to encourage 
        sustainable development for affordable housing, including 
        single-family and multifamily housing, as measured by--
                    ``(A) greater energy efficiency and use of 
                renewable energy sources, including any strategies 
                regarding compliance with the energy efficiency 
                requirements under section 2(a) of the Green Resources 
                for Energy Efficient Neighborhoods Act of 2008 and with 
                the energy efficiency and conservation standards, and 
                the green building standards, under section 2(b) of 
                such Act;
                    ``(B) increased conservation, recycling, and reuse 
                of resources;
                    ``(C) more effective use of existing 
                infrastructure;
                    ``(D) use of building materials and methods that 
                are healthier for residents of the housing, including 
                use of building materials that are free of added known 
                carcinogens that are classified as Group 1 Known 
                Carcinogens by the International Agency for Research on 
                Cancer; and
                    ``(E) such other criteria as the Secretary 
                determines, in consultation with the Secretary of 
                Energy, the Secretary of Agriculture, and the 
                Administrator of the Environmental Protection Agency, 
                are in accordance with the purposes of this 
                paragraph.''.

SEC. 17. GRANT PROGRAM TO INCREASE SUSTAINABLE LOW-INCOME COMMUNITY 
              DEVELOPMENT CAPACITY.

    (a) In General.--The Secretary of Housing and Urban Development may 
make grants to nonprofit organizations to use for any of the following 
purposes:
            (1) Training, educating, supporting, or advising an 
        eligible community development organization in improving energy 
        efficiency, resource conservation and reuse, installing or 
        constructing renewable energy improvements (such as wind, wave, 
        solar, biomass, and geothermal energy sources), and effective 
        use of existing infrastructure in affordable housing and 
        economic development activities in low-income communities, 
        taking into consideration energy efficiency requirements under 
        section 2(a) of this Act and with the energy efficiency and 
        conservation standards, and the green building standards, under 
        section 2(b) of this Act.
            (2) Providing loans, grants, or predevelopment assistance 
        to eligible community development organizations to carry out 
        energy efficiency improvements that comply with the energy 
        efficiency requirements under section 2(a) of this Act, 
        resource conservation and reuse, and effective use of existing 
        infrastructure in affordable housing and economic development 
        activities in low-income communities. In providing assistance 
        under this paragraph, the Secretary shall give more preference 
        to activities based on the extent to which the activities will 
        result in compliance with the energy efficiency and 
        conservation standards, and the green building standards, under 
        section 2(b) of this Act.
            (3) Such other purposes as the Secretary determines are in 
        accordance with the purposes of this subsection.
    (b) Application Requirement.--To be eligible for a grant under this 
section, a nonprofit organization shall prepare and submit to the 
Secretary an application at such time, in such manner, and containing 
such information as the Secretary may require.
    (c) Matching Requirement.--A grant made under this section may not 
exceed the amount that the nonprofit organization receiving the grant 
certifies, to the Secretary, will be provided (in cash or in kind) from 
non-governmental sources to carry out the purposes for which the grant 
is made.
    (d) Definitions.--For purposes of this section, the following 
definitions shall apply:
            (1) The term ``nonprofit organization'' has the meaning 
        given such term in section 104 of the Cranston-Gonzalez 
        National Affordable Housing Act (42 U.S.C. 12704).
            (2) The term ``eligible community development 
        organization'' means--
                    (A) a unit of general local government (as defined 
                in section 104 of the Cranston-Gonzalez National 
                Affordable Housing Act (42 U.S.C. 12704));
                    (B) a community housing development organization 
                (as defined in section 104 of the Cranston-Gonzalez 
                National Affordable Housing Act (42 U.S.C. 12704)); or
                    (C) an Indian tribe or tribally designated housing 
                entity (as such terms are defined in section 4 of the 
                Native American Housing Assistance and Self-
                Determination Act of 1996 (25 U.S.C. 4103)).
            (3) The term ``low-income community'' means a census tract 
        in which 50 percent or more of the households have an income 
        which is less than 80 percent of the greater of--
                    (A) the median gross income for such year for the 
                area in which such census tract is located; or
                    (B) the median gross income for such year for the 
                State in which such census tract is located.
    (e) Authorization of Appropriations.--There are authorized to be 
appropriated to the Secretary to carry out this section $10,000,000 for 
each of fiscal years 2008 through 2012.

SEC. 18. UTILIZATION OF ENERGY PERFORMANCE CONTRACTS IN HOPE VI.

    Section 24(d) of the United States Housing Act of 1937 (42 U.S.C. 
1437v(d)) is amended by adding at the end the following new paragraph:
            ``(3) Energy performance contracts.--
                    ``(A) In general.--The Secretary shall provide that 
                a public housing agency shall receive the full 
                financial benefit from any reduction in the cost of 
                utilities resulting from any contract with a third 
                party to undertake energy conservation improvements in 
                connection with a revitalization plan under this 
                section.
                    ``(B) Third party contracts.--Contracts described 
                in subparagraph (A) may include contracts for equipment 
                conversions to less costly utility sources, projects 
                with resident-paid utilities, and adjustments to frozen 
                base year consumption, including systems repaired to 
                meet applicable building and safety codes and 
                adjustments for occupancy rates increased by 
                rehabilitation.
                    ``(C) Term of contract.--The total term of a 
                contract described in subparagraph (A) shall not exceed 
                20 years to allow longer payback periods for retrofits, 
                including windows, heating system replacements, wall 
                insulation, site-based generation, advanced energy 
                savings technologies, including renewable energy 
                generation, and other such retrofits.
                    ``(D) Extension of existing contracts.--The term of 
                a contract described in subparagraph (A) that, as of 
                the date of the enactment of the Green Resources for 
                Energy Efficient Neighborhoods Act of 2008 is in 
                repayment and has a term of not more than 12 years, may 
                be extended to a term of not more than 20 years to 
                permit additional energy conservation improvements 
                without requiring the re-procurement of energy 
                performance contractors.''.

SEC. 19. HOPE VI GREEN DEVELOPMENTS REQUIREMENT.

    (a) Mandatory Component.--Section 24(e) of the United States 
Housing Act of 1937 (42 U.S.C. 1437v(e)) is amended by adding at the 
end the following new paragraph:
            ``(4) Green developments requirement.--
                    ``(A) Requirement.--The Secretary may not make a 
                grant under this section to an applicant unless the 
                proposed revitalization plan of the applicant to be 
                carried out with such grant amounts meets the following 
                requirements:
                            ``(i) Green communities criteria 
                        checklist.--All residential construction under 
                        the proposed plan complies with the national 
                        Green Communities criteria checklist for 
                        residential construction that provides criteria 
                        for the design, development, and operation of 
                        affordable housing, as such checklist is in 
                        effect for purposes of this paragraph pursuant 
                        to subparagraph (D) at the date of the 
                        application for the grant, or any substantially 
                        equivalent standard or standards as determined 
                        by the Secretary, as follows:
                                    ``(I) The proposed plan shall 
                                comply with all items of the national 
                                Green Communities criteria checklist 
                                for residential construction that are 
                                identified as mandatory.
                                    ``(II) The proposed plan shall 
                                comply with such other nonmandatory 
                                items of such national Green 
                                Communities criteria checklist so as to 
                                result in a cumulative number of points 
                                attributable to such nonmandatory items 
                                under such checklist of not less than--
                                            ``(aa) 25 points, in the 
                                        case of any proposed plan (or 
                                        portion thereof) consisting of 
                                        new construction; and
                                            ``(bb) 20 points, in the 
                                        case of any proposed plan (or 
                                        portion thereof) consisting of 
                                        rehabilitation.
                            ``(ii) Green buildings certification 
                        system.--All non-residential construction under 
                        the proposed plan complies with all minimum 
                        required levels of the green building rating 
                        systems and levels identified by the Secretary 
                        pursuant to subparagraph (C), as such systems 
                        and levels are in effect for purposes of this 
                        paragraph pursuant to subparagraph (D) at the 
                        time of the application for the grant.
                    ``(B) Verification.--
                            ``(i) In general.--The Secretary shall 
                        verify, or provide for verification, sufficient 
                        to ensure that each proposed revitalization 
                        plan carried out with amounts from a grant 
                        under this section complies with the 
                        requirements under subparagraph (A) and that 
                        the revitalization plan is carried out in 
                        accordance with such requirements and plan.
                            ``(ii) Timing.--In providing for such 
                        verification, the Secretary shall establish 
                        procedures to ensure such compliance with 
                        respect to each grantee, and shall report to 
                        the Congress with respect to the compliance of 
                        each grantee, at each of the following times:
                                    ``(I) Not later than 60 days after 
                                execution of the grant agreement under 
                                this section for the grantee.
                                    ``(II) Upon completion of the 
                                revitalization plan of the grantee.
                    ``(C) Identification of green buildings rating 
                systems and levels.--
                            ``(i) In general.--For purposes of this 
                        paragraph, the Secretary shall identify rating 
                        systems and levels for green buildings that the 
                        Secretary determines to be the most likely to 
                        encourage a comprehensive and environmentally-
                        sound approach to ratings and standards for 
                        green buildings. The identification of the 
                        ratings systems and levels shall be based on 
                        the criteria specified in clause (ii), shall 
                        identify the highest levels the Secretary 
                        determines are appropriate above the minimum 
                        levels required under the systems selected. 
                        Within 90 days of the completion of each study 
                        required by clause (iii), the Secretary shall 
                        review and update the rating systems and 
                        levels, or identify alternative systems and 
                        levels for purposes of this paragraph, taking 
                        into account the conclusions of such study.
                            ``(ii) Criteria.--In identifying the green 
                        rating systems and levels, the Secretary shall 
                        take into consideration--
                                    ``(I) the ability and availability 
                                of assessors and auditors to 
                                independently verify the criteria and 
                                measurement of metrics at the scale 
                                necessary to implement this paragraph;
                                    ``(II) the ability of the 
                                applicable ratings system organizations 
                                to collect and reflect public comment;
                                    ``(III) the ability of the 
                                standards to be developed and revised 
                                through a consensus-based process;
                                    ``(IV) An evaluation of the 
                                robustness of the criteria for a high-
                                performance green building, which shall 
                                give credit for promoting--
                                            ``(aa) efficient and 
                                        sustainable use of water, 
                                        energy, and other natural 
                                        resources;
                                            ``(bb) use of renewable 
                                        energy sources;
                                            ``(cc) improved indoor and 
                                        outdoor environmental quality 
                                        through enhanced indoor and 
                                        outdoor air quality, thermal 
                                        comfort, acoustics, outdoor 
                                        noise pollution, day lighting, 
                                        pollutant source control, 
                                        sustainable landscaping, and 
                                        use of building system controls 
                                        and low- or no-emission 
                                        materials, including preference 
                                        for materials with no added 
                                        carcinogens that are classified 
                                        as Group 1 Known Carcinogens by 
                                        the International Agency for 
                                        Research on Cancer; and
                                            ``(dd) such other criteria 
                                        as the Secretary determines to 
                                        be appropriate; and
                                    ``(V) national recognition within 
                                the building industry.
                            ``(iii) 5-year evaluation.--At least once 
                        every five years, the Secretary shall conduct a 
                        study to evaluate and compare available third-
                        party green building rating systems and levels, 
                        taking into account the criteria listed in 
                        clause (ii).
                    ``(D) Applicability and updating of standards.--
                            ``(i) Applicability.--Except as provided in 
                        clause (ii) of this subparagraph, the national 
                        Green Communities criteria checklist and green 
                        building rating systems and levels referred to 
                        in clauses (i) and (ii) of subparagraph (A) 
                        that are in effect for purposes of this 
                        paragraph are such checklist systems, and 
                        levels as in existence upon the date of the 
                        enactment of the Green Resources for Energy 
                        Efficient Neighborhoods Act of 2008.
                            ``(ii) Updating.--The Secretary may, by 
                        regulation, adopt and apply, for purposes of 
                        this paragraph, future amendments and 
                        supplements to, and editions of, the national 
                        Green Communities criteria checklist, any 
                        standard or standards that the Secretary has 
                        determined to be substantially equivalent to 
                        such checklist, and the green building ratings 
                        systems and levels identified by the Secretary 
                        pursuant to subparagraph (C).''.
    (b) Selection Criteria; Graded Component.--Section 24(e)(2) of the 
United States Housing Act of 1937 (42 U.S.C. 1437v(e)(2)) is amended--
            (1) in subparagraph (K), by striking ``and'' at the end;
            (2) by redesignating subparagraph (L) as subparagraph (M); 
        and
            (3) by inserting after subparagraph (K) the following new 
        subparagraph:
                    ``(L) the extent to which the proposed 
                revitalization plan--
                            ``(i) in the case of residential 
                        construction, complies with the nonmandatory 
                        items of the national Green Communities 
                        criteria checklist identified in paragraph 
                        (4)(A)(i), or any substantially equivalent 
                        standard or standards as determined by the 
                        Secretary, but only to the extent such 
                        compliance exceeds the compliance necessary to 
                        accumulate the number of points required under 
                        such paragraph; and
                            ``(ii) in the case of non-residential 
                        construction, complies with the components of 
                        the green building rating systems and levels 
                        identified by the Secretary pursuant to 
                        paragraph (4)(C), but only to the extent such 
                        compliance exceeds the minimum level required 
                        under such systems and levels; and''.

SEC. 20. COMMUNITY REINVESTMENT ACT CREDITS FOR ENERGY EFFICIENT 
              MORTGAGES AND GREEN BUILDING EFFORTS.

    Section 804 of the Community Reinvestment Act of 1977 (12 U.S.C. 
2903) is amended by adding at the end the following new subsection:
    ``(d) Energy Efficient Mortgages and Green Building Efforts.--
            ``(1) Evaluation.--In assessing and taking into account, 
        under subsection (a), the record of a financial institution, 
        the appropriate Federal financial supervisory agency shall 
        consider, as a factor, capital investments, loan participation, 
        and other ventures undertaken by the institution to support or 
        enable--
                    ``(A) the use of energy efficient and energy 
                improvement mortgages by low-income, first-time, and 
                other homebuyers;
                    ``(B) compliance of housing with the energy 
                efficiency requirements under section 2 of the Green 
                Resources for Energy Efficient Neighborhoods Act of 
                2008 and with the energy efficiency and conservation 
                standards, and the green building standards, under 
                section 2(b) of such Act;
                    ``(C) neighborhood planning in a manner that is 
                consistent with environmental regulations, plans, and 
                tree ordinances;
                    ``(D) green building principles that increase the 
                efficiency of buildings and their use of energy, water, 
                and materials, and minimize building impacts on human 
                health and the environment, through better siting, 
                design, construction, operation, maintenance, and 
                specification of materials that have no added known 
                carcinogens that are classified as Group 1 Known 
                Carcinogens by the International Agency for Research on 
                Cancer and whose manufacturing processes are exempt 
                from Environmental Protection Agency regulations 
                limiting manufacturing emissions of hazardous air 
                pollutants listed in section 112(b) of the Clean Air 
                Act (42 U.S.C. 7412(b)), especially hazardous air 
                pollutants that are classified as such Group 1 Known 
                Carcinogens;
                    ``(E) generation and distribution of renewable 
                energy;
                    ``(F) creation of employment opportunities in 
                positions that involve the design, manufacture, 
                installation, operation, or maintenance of renewable 
                energy and energy efficiency technologies and 
                landscaping or by companies or organizations whose 
                mission or purpose is to improve environmental quality; 
                or
                    ``(G) funding for energy-conserving and clean 
                energy technologies.
            ``(2) Technical assistance.--To encourage and facilitate 
        activities described in subparagraphs (A) through (F) of 
        paragraph (1), each appropriate Federal financial supervisory 
        agency, the Secretary of Energy, the Secretary of Housing and 
        Urban Development, and the Secretary of Agriculture shall make 
        available and provide technical assistance to financial 
        institutions in carrying out or providing such activities.''.

SEC. 21. CONSIDERATION OF ENERGY-EFFICIENCY IMPROVEMENTS IN APPRAISALS.

    (a) Appraisals in Connection With Federally Related Transactions.--
            (1) Requirement.--Section 1110 of the Financial 
        Institutions Reform, Recovery, and Enforcement Act of 1989 (12 
        U.S.C. 3339) is amended--
                    (A) in paragraph (1), by striking ``and'' at the 
                end;
                    (B) by redesignating paragraph (2) as paragraph 
                (3); and
                    (C) by inserting after paragraph (1) the following 
                new paragraph:
            ``(2) that such appraisals be performed in accordance with 
        appraisal standards that require, in determining the value of a 
        property, consideration of any renewable energy sources for, or 
        energy-efficiency or energy-conserving improvements or features 
        of, the property; and''.
            (2) Revision of appraisal standards.--Each Federal 
        financial institutions regulatory agency shall, not later than 
        6 months after the date of the enactment of this Act, revise 
        its standards for the performance of real estate appraisals in 
        connection with federally related transactions under the 
        jurisdiction of the agency to comply with the requirement under 
        the amendments made by paragraph (1) of this subsection.
    (b) Appraiser Certification and Licensing Requirements.--Section 
1116 of the Financial Institutions Reform, Recovery, and Enforcement 
Act of 1989 (12 U.S.C. 3345) is amended--
            (1) in subsection (a), by inserting before the period at 
        the end the following: ``, and meets the requirements 
        established pursuant to subsection (f) for qualifications 
        regarding consideration of any renewable energy sources for, or 
        energy-efficiency or energy-conserving improvements or features 
        of, the property'';
            (2) in subsection (c), by inserting before the period at 
        the end the following, ``, which shall include compliance with 
        the requirements established pursuant to subsection (f) 
        regarding consideration of any renewable energy sources for, or 
        energy-efficiency or energy-conserving improvements or features 
        of, the property'';
            (3) in subsection (e), by striking ``The'' and inserting 
        ``Except as provided in subsection (f), the''; and
            (4) by adding at the end the following new subsection:
    ``(f) Requirements for Appraisers Regarding Energy-Efficiency 
Features.--The Appraisal Subcommittee shall establish requirements for 
State certification of State certified real estate appraisers and for 
State licensing of State licensed appraisers, to ensure that appraisers 
consider and are qualified to consider, in determining the value of a 
property, any renewable energy sources for, or energy-efficiency or 
energy-conserving improvements or features of, the property.''.
    (c) Guidelines for Appraising Photovoltaic Measures and Training of 
Appraisers.--Section 1122 of the Financial Institutions Reform, 
Recovery, and Enforcement Act of 1989 (12 U.S.C. 3351) is amended by 
adding at the end the following new subsection:
    ``(g) Guidelines for Appraising Photovoltaic Measures and Training 
of Appraisers.--The Appraisal Subcommittee shall, in consultation with 
the Secretary of Housing and Urban Development, the Federal National 
Mortgage Association, and the Federal Home Loan Mortgage Corporation, 
establish specific guidelines for--
            ``(1) appraising off- and on-grid photovoltaic measures for 
        compliance with the appraisal standards prescribed pursuant to 
        section 1110(2);
            ``(2) requirements under section 1116(f) for certification 
        of State certified real estate appraisers and for State 
        licensing of State licensed appraisers, to ensure that 
        appraisers consider, and are qualified to consider, such 
        photovoltaic measures in determining the value of a property; 
        and
            ``(3) training of appraisers to meet the requirements 
        established pursuant to paragraph (2) of this subsection.''.

SEC. 22. ASSISTANCE FOR HOUSING ASSISTANCE COUNCIL.

    The Secretary of Housing and Urban Development shall require the 
Housing Assistance Council--
            (1) to encourage each organization that receives assistance 
        from the Council with any amounts made available from the 
        Secretary of Housing and Urban Development to provide that any 
        structures and buildings developed or assisted under projects, 
        programs, and activities funded with such amounts complies with 
        the energy efficiency requirements under section 2(a) of the 
        Green Resources for Energy Efficient Neighborhoods Act of 2008; 
        and
            (2) to establish incentives to encourage each such 
        organization to provide that any such structures and buildings 
        comply with the energy efficiency and conservation standards, 
        and the green building standards, under section 2(b) of such 
        Act.

SEC. 23. RURAL HOUSING AND ECONOMIC DEVELOPMENT ASSISTANCE.

    The Secretary of Housing and Urban Development shall--
            (1) encourage each tribe, agency, organization, 
        corporation, and other entity that receives any assistance from 
        the Office of Rural Housing and Economic Development of the 
        Department of Housing and Urban Development to provide that any 
        structures and buildings developed or assisted under activities 
        funded with such amounts complies with the energy efficiency 
        requirements under section 2(a) of the Green Resources for 
        Energy Efficient Neighborhoods Act of 2008; and
            (2) establish incentives to encourage each such tribe, 
        agency, organization, corporation, and other entity to provide 
        that any such structures and buildings comply with the energy 
        efficiency and conservation standards, and the green building 
        standards, under section 2(b) of such Act.

SEC. 24. REVOLVING FUND FOR LOANS TO STATES AND INDIAN TRIBES TO CARRY 
              OUT RENEWABLE ENERGY SOURCES ACTIVITIES.

    (a) Establishment of Fund.--There is established in the Treasury of 
the United States a revolving fund, to be known as the ``Alternative 
Energy Sources State Revolving Fund''.
    (b) Credits.--The Fund shall be credited with--
            (1) any amounts appropriated to the Fund pursuant to 
        subsection (g);
            (2) any amounts of principal and interest from loan 
        repayments received by the Secretary pursuant to subsection 
        (d)(7); and
            (3) any interest earned on investments of amounts in the 
        Fund pursuant to subsection (e).
    (c) Expenditures.--
            (1) In general.--Subject to paragraph (2), on request by 
        the Secretary of Housing and Urban Development, the Secretary 
        of the Treasury shall transfer from the Fund to the Secretary 
        such amounts as the Secretary determines are necessary to 
        provide loans under subsection (d)(1).
            (2) Administrative expenses.--Of the amounts in the Fund, 
        not more than 5 percent shall be available for each fiscal year 
        to pay the administrative expenses of the Department of Housing 
        and Urban Development to carry out this section.
    (d) Loans to States and Indian Tribes.--
            (1) In general.--The Secretary shall use amounts in the 
        Fund to provide loans to States and Indian tribes to provide 
        incentives to owners of single-family and multifamily housing, 
        commercial properties, and public buildings to provide--
                    (A) renewable energy sources for such structures, 
                such as wind, wave, solar, biomass, or geothermal 
                energy sources, including incentives to companies and 
                business to change their source of energy to such 
                renewable energy sources and for changing the sources 
                of energy for public buildings to such renewable energy 
                sources;
                    (B) energy efficiency and energy conserving 
                improvements and features for such structures; or
                    (C) infrastructure related to the delivery of 
                electricity and hot water for structures lacking such 
                amenities.
            (2) Eligibility.--To be eligible to receive a loan under 
        this subsection, a State or Indian tribe, through an 
        appropriate State or tribal agency, shall submit to the 
        Secretary an application at such time, in such manner, and 
        containing such information as the Secretary may require.
            (3) Criteria for approval.--The Secretary may approve an 
        application of a State or Indian tribe under paragraph (2) only 
        if the Secretary determines that the State or tribe will use 
        the funds from the loan under this subsection to carry out a 
        program to provide incentives described in paragraph (1) that--
                    (A) requires that any such renewable energy 
                sources, and energy efficiency and energy conserving 
                improvements and features, developed pursuant to 
                assistance under the program result in compliance of 
                the structure so improved with the energy efficiency 
                requirements under section 2(a) of the Green Resources 
                for Energy Efficient Neighborhoods Act of 2008; and
                    (B) includes such compliance and audit requirements 
                as the Secretary determines are necessary to ensure 
                that the program is operated in a sound and effective 
                manner.
            (4) Preference.--In making loans during each fiscal year, 
        the Secretary shall give preference to States and Indian tribes 
        that have not previously received a loan under this subsection.
            (5) Maximum amount.--The aggregate outstanding principal 
        amount from loans under this subsection to any single State or 
        Indian tribe may not exceed $500,000,000.
            (6) Loan terms.--Each loan under this subsection shall have 
        a term to maturity of not more than 10 years and shall bear 
        interest at annual rate, determined by the Secretary, that 
        shall not exceed interest rate charged by the Federal Reserve 
        Bank of New York to commercial banks and other depository 
        institutions for very short-term loans under the primary credit 
        program, as most recently published in the Federal Reserve 
        Statistical Release on selected interest rates (daily or 
        weekly), and commonly referred to as the H.15 release, 
        preceding the date of a determination for purposes of applying 
        this paragraph.
            (7) Loan repayment.--The Secretary shall require full 
        repayment of each loan made under this section.
    (e) Investment of Amounts.--
            (1) In general.--The Secretary of the Treasury shall invest 
        such amounts in the Fund that are not, in the judgment of the 
        Secretary of the Treasury, required to meet needs for current 
        withdrawals.
            (2) Obligations of united states.--Investments may be made 
        only in interest-bearing obligations of the United States.
    (f) Reports.--
            (1) Reports to secretary.--For each year during the term of 
        a loan made under subsection (d), the State or Indian tribe 
        that received the loan shall submit to the Secretary a report 
        describing the State or tribal alternative energy sources 
        program for which the loan was made and the activities 
        conducted under the program using the loan funds during that 
        year.
            (2) Report to congress.--Not later than September 30 of 
        each year that loans made under subsection (d) are outstanding, 
        the Secretary shall submit a report to the Congress describing 
        the total amount of such loans provided under subsection (d) to 
        each eligible State and Indian tribe during the fiscal year 
        ending on such date, and an evaluation on effectiveness of the 
        Fund.
    (g) Authorization of Appropriations.--There is authorized to be 
appropriated to the Fund $5,000,000,000.
    (h) Definitions.--For purposes of this section, the following 
definitions shall apply:
            (1) Indian tribe.--The term ``Indian tribe'' has the 
        meaning given such term in section 4 of the Native American 
        Housing Assistance and Self-Determination Act of 1996 (25 
        U.S.C. 4103).
            (2) Secretary.--The term ``Secretary'' means the Secretary 
        of Housing and Urban Development.
            (3) State.--The term ``State'' means each of the several 
        States, the Commonwealth of Puerto Rico, the District of 
        Columbia, the Commonwealth of the Northern Mariana Islands, 
        Guam, the Virgin Islands, American Samoa, the Trust Territories 
        of the Pacific, or any other possession of the United States.

SEC. 25. GREEN BANKING CENTERS.

    (a) Insured Depository Institutions.--Section 8 of the Federal 
Deposit Insurance Act (12 U.S.C. 1818) by adding at the end the 
following new subsection:
    ``(x) `Green Banking' Centers.--
            ``(1) In general.--The Federal banking agencies shall 
        prescribe guidelines encouraging the establishment and 
        maintenance of `green banking' centers by insured depository 
        institutions to provide any consumer who seeks information on 
        obtaining a mortgage, home improvement loan, or home equity 
        loan with additional information on--
                    ``(A) obtaining an home energy rating or audit for 
                the residence for which such mortgage or loan is 
                sought;
                    ``(B) obtaining financing for cost-effective 
                energy-saving improvements to such property; and
                    ``(C) obtaining beneficial terms for any mortgage 
                or loan, or qualifying for a larger mortgage or loan, 
                secured by a residence which meets or will meet energy-
                efficiency standards.
            ``(2) Information and referrals.--The information made 
        available to consumers under paragraph (1) may include--
                    ``(A) information on obtaining a home energy rating 
                and contact information on qualified energy raters in 
                the area of the residence;
                    ``(B) information on the secondary market 
                guidelines that permit lenders to provide more 
                favorable terms by allowing lenders to increase the 
                ratio on debt-to-income requirements or to use the 
                projected utility savings as a compensating factor;
                    ``(C) information including eligibility information 
                about, and contact information for, any conservation or 
                renewable energy programs, grants, or loans offered by 
                the Secretary of Housing and Urban Development, 
                including the Energy Efficient Mortgage Program;
                    ``(D) information including eligibility information 
                about, and contact information for, any conservation or 
                renewable energy programs, grants, or loans offered for 
                qualified military personal, reservists, and veterans 
                by the Secretary of Veterans Affairs;
                    ``(E) information about, and contact information 
                for, the Office of Efficiency and Renewable Energy at 
                the Department of Energy, including the weatherization 
                assistance program;
                    ``(F) information about, and contact information 
                for, the Energy Star Program of the Environmental 
                Protection Agency;
                    ``(G) information from, and contact information 
                for, the Federal Citizen Information Center of the 
                General Services Administration on energy efficient 
                mortgages and loans, home energy rating systems, and 
                the availability of energy efficient mortgage 
                information from a variety of Federal agencies; and
                    ``(H) such other information as the agencies or the 
                insured depository institution may determine to be 
                appropriate or useful.''.
    (b) Insured Credit Unions.--Section 206 of the Federal Credit Union 
Act (12 U.S.C. 1786) is amended by adding at the end the following new 
subsection:
    ``(x) `Green Banking' Centers.--
            ``(1) In general.--The Board shall prescribe guidelines 
        encouraging the establishment and maintenance of `green 
        banking' centers by insured credit unions to provide any member 
        who seeks information on obtaining a mortgage, home improvement 
        loan, or home equity loan with additional information on--
                    ``(A) obtaining an home energy rating or audit for 
                the residence for which such mortgage or loan is 
                sought;
                    ``(B) obtaining financing for cost-effective 
                energy-saving improvements to such property; and
                    ``(C) obtaining beneficial terms for any mortgage 
                or loan, or qualifying for a larger mortgage or loan, 
                secured by a residence which meets or will meet energy-
                efficiency standards.
            ``(2) Information and referrals.--The information made 
        available to members under paragraph (1) may include--
                    ``(A) information on obtaining a home energy rating 
                and contact information on qualified energy raters in 
                the area of the residence;
                    ``(B) information on the secondary market 
                guidelines that permit lenders to provide more 
                favorable terms by allowing lenders to increase the 
                ratio on debt-to-income requirements or to use the 
                projected utility savings as a compensating factor;
                    ``(C) information including eligibility information 
                about, and contact information for, any conservation or 
                renewable energy programs, grants, or loans offered by 
                the Secretary of Housing and Urban Development, 
                including the Energy Efficient Mortgage Program;
                    ``(D) information including eligibility information 
                about, and contact information for, any conservation or 
                renewable energy programs, grants, or loans offered for 
                qualified military personal, reservists, and veterans 
                by the Secretary of Veterans Affairs;
                    ``(E) information about, and contact information 
                for, the Office of Efficiency and Renewable Energy at 
                the Department of Energy, including the weatherization 
                assistance program;
                    ``(F) information from, and contact information 
                for, the Federal Citizen Information Center of the 
                General Services Administration on energy efficient 
                mortgages and loans, home energy rating systems, and 
                the availability of energy efficient mortgage 
                information from a variety of Federal agencies; and
                    ``(G) such other information as the Board or the 
                insured credit union may determine to be appropriate or 
                useful.''.
                                 <all>