The growing interest in environmental responsibility has resulted in an unprecedented amount of green building legislation pending in Washington. Ten years ago, three or four pieces of green legislation would have been a lot. In comparison, there are currently more than 20 bills in various stages of introduction and enactment in the House or the Senate. This sea change is a seemingly bi-partisan issue that has served to move legislation like the Green Resources for Energy Efficient Neighborhoods through the House.
Pending Legislation - As written, H.R. 2336 requires HUD to insure loans made by qualified lenders to finance the acquisition of renewable energy systems for use at residential properties, and directs HUD to establish a four-year, 50,000-unit pilot program. It also encourages the Federal Housing Administration (FHA) to insure at least 50,000 energy-efficient mortgages by Dec. 31, 2012. The bill enjoys broad support from builders, developers, architects, real estate agents, business and environmental groups. If passed, it will also provide for the awarding of residential block grants for energy-efficient retrofits and create partnerships to promote sustainable site planning, building orientation and landscape architecture.
Economic Impact - A report issued by the American Institute of Architects suggests that the legislation could create or save an estimated 140,000 building design and construction jobs per year. Ultimately, green growth will be responsible for an economic evolution of sorts, as companies investing in green building technology attract further attention to the industry, as workers increasingly pursue green training programs and bring these new skills to the job market, and as green homes and communities set new standards in the real estate market.
Excerpted from the October/November edition of Bowden's Market Barometer. To read this comprehensive article in its entirety, go to the website to purchase this issue.
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