‘‘(cc) improved indoor and 
outdoor 
environmental 
quality 
through enhanced indoor and out-
door air quality, thermal comfort, 
acoustics, outdoor noise pollution, 
day lighting, pollutant source con-
trol, sustainable landscaping, and 
use of building system controls 
and low- or no-emission mate-
rials, including preference for ma-
terials with no added carcinogens 
that are classified as Group 1 
Known Carcinogens by the Inter-
national Agency for Research on 
Cancer; and 
‘‘(dd) such other criteria as 
the Secretary determines to be ap-
propriate; and 
‘‘(V) national recognition within 
the building industry. 
‘‘(iii) 5-YEAR
EVALUATION.—At least 
once every 5 years, the Secretary shall con-
duct a study to evaluate and compare avail-
able third-party green building rating sys-
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tems and levels, taking into account the cri-
teria listed in clause (ii). 
‘‘(D) APPLICABILITY
AND
UPDATING
OF 
STANDARDS.— 
‘‘(i) APPLICABILITY.—Except as pro-
vided in clause (ii) of this subparagraph, 
the national Green Communities criteria 
and green building rating systems and lev-
els referred to in clauses (i) and (ii) of sub-
paragraph (A) that are in effect for pur-
poses of this paragraph are such criteria 
and systems, and levels as in existence upon 
the date of the enactment of the Green Re-
sources for Energy Efficient Neighborhoods 
Act of 2010. 
‘‘(ii) UPDATING.—The Secretary may, 
by regulation, adopt and apply, for pur-
poses of this paragraph, future amendments 
and supplements to, and editions of, the na-
tional Green Communities criteria, any 
standard or standards that the Secretary 
has determined to be substantially equiva-
lent to such criteria, and the green building 
ratings systems and levels identified by the 
Secretary pursuant to subparagraph (C).’’. 
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(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 sub-
paragraph (M); and 
(3) by inserting after subparagraph (K) the fol-
lowing new subparagraph: 
‘‘(L) the extent to which the proposed revi-
talization plan— 
‘‘(i) in the case of residential construc-
tion, complies with the nonmandatory items 
of the national Green Communities criteria 
identified in paragraph (4)(A)(i), or any 
substantially equivalent standard or stand-
ards 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 para-
graph; and 
‘‘(ii) in the case of nonresidential con-
struction, complies with the components of 
the green building rating systems and levels 
identified by the Secretary pursuant to 
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paragraph (4)(C), but only to the extent 
such compliance exceeds the minimum level 
required under such systems and levels; 
and’’. 
SEC. 18. CONSIDERATION OF ENERGY EFFICIENCY IM-
PROVEMENTS IN APPRAISALS. 
(a) APPRAISALS IN CONNECTION WITH FEDERALLY 
RELATED TRANSACTIONS.— 
(1) REQUIREMENT.—Section 1110 of the Finan-
cial 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 fol-
lowing new paragraph: 
‘‘(2) that such appraisals be performed in ac-
cordance 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;’’. 
(2) REVISION OF APPRAISAL STANDARDS.—Each 
Federal financial institutions regulatory agency shall, 
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in accordance with sections 1107 and 1111 (12 
U.S.C. 3336, 3340) and in coordination with Federal 
officials, including the Secretary of Energy, the Ad-
ministrator of the Environmental Protection Agency, 
and the Administrator of the General Services Ad-
ministration, 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 sub-
section. 
(b) ENSURING CONSIDERATION OF ENERGY-EFFICIENT 
FEATURES WHEN REACHING CONCLUSIONS OF MARKET 
VALUE.—Section 1110 of the Financial Institutions Re-
form, Recovery, and Enforcement Act of 1989 (12 U.S.C. 
3339), as amended by subsection (a) of this section, is fur-
ther amended— 
(1) in paragraph (3) (as so redesignated by sub-
section (a)(1)(B) of this section), by striking the pe-
riod and inserting ‘‘; and’’; and 
(2) by inserting after such paragraph (3) the fol-
lowing: 
‘‘(4) that State-certified and licensed appraisers 
have timely access, whenever practicable, to informa-
tion from the lender relevant to an appraisal of the 
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energy and water efficiency or conserving improve-
ments or features of a property, such as labels or rat-
ings of buildings and installed appliances, blueprints, 
construction costs, incentives regarding energy- and 
water-efficient components and systems installed in a 
property, and third-party verifications or representa-
tions of energy and water efficiency performance of a 
property, observing all financial privacy requirements 
adhered to by certified and licensed appraisers, in-
cluding section 501 of the Gramm–Leach–Bliley Act 
(15 U.S.C. 6801); unless the property owner consents 
to the lender, an appraiser shall not have access to the 
commercial of financial information of the owner that 
is privileged or confidential.’’. 
(c) TRANSACTIONS REQUIRING STATE CERTIFIED AP-
PRAISERS.—Section 1113 of the Financial Institutions Re-
form, Recovery, and Enforcement Act of 1989 (12 U.S.C. 
3342) is amended— 
(1) in paragraph (1), by inserting before the 
semicolon the following: ‘‘or any real property with 
energy-efficiency or energy-conserving improvements 
or features’’; and 
(2) in paragraph (2) by inserting after ‘‘com-
plexity’’ the following: ‘‘(such as identifying and sup-
porting the contribution to market value of energy-ef-
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ficiency or energy-conserving improvements or fea-
tures)’’. 
SEC. 19. HOUSING ASSISTANCE COUNCIL. 
The Secretary shall require the Housing Assistance 
Council— 
(1) to encourage each organization that receives 
loan assistance from the Council with any amounts 
made available from the Secretary to provide that 
any structures and buildings developed or assisted 
under projects, programs, and activities funded with 
such amounts complies with the energy efficiency 
standards under section 4(a) of this Act; and 
(2) to establish incentives to encourage each such 
organization to provide that any such structures and 
buildings comply with the energy efficiency and con-
servation standards, and the green building stand-
ards, under section 4(b) of such Act. 
SEC. 20. RURAL HOUSING AND ECONOMIC DEVELOPMENT 
ASSISTANCE. 
The Secretary shall— 
(1) require each tribe, agency, organization, cor-
poration, and other entity that receives any assistance 
from the Office of Rural Housing and Economic De-
velopment of the Department of Housing and Urban 
Development to provide that any structures and 
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buildings developed or assisted under activities funded 
with such amounts complies with the energy efficiency 
standards under section 4(a) of this Act; and 
(2) establish incentives to encourage each such 
tribe, agency, organization, corporation, and other en-
tity to provide that any such structures and buildings 
comply with the enhanced energy efficiency and con-
servation standards, and the green building stand-
ards, under section 4(b) of such Act. 
SEC. 21. LOANS TO STATES AND INDIAN TRIBES TO CARRY 
OUT RENEWABLE ENERGY SOURCES ACTIVI-
TIES. 
(a) ESTABLISHMENT OF FUND.—There is established 
in the Treasury of the United States a fund, to be known 
as the ‘‘Alternative Energy Sources State Loan Fund’’. 
(b) EXPENDITURES.— 
(1) IN GENERAL.—Subject to paragraph (2), on 
request by the Secretary, the Secretary of the Treas-
ury shall transfer from the Fund to the Secretary 
such amounts as the Secretary determines are nec-
essary to provide loans under subsection (c)(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 adminis-
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trative expenses of the Department of Housing and 
Urban Development to carry out this section. 
(c) 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 sin-
gle-family and multifamily housing, commercial 
properties, and public buildings to provide— 
(A) renewable energy sources for such struc-
tures, such as wind, wave, solar, biomass, or geo-
thermal energy sources, including incentives to 
companies and businesses 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, di-
rectly or through an appropriate State or tribal agen-
cy, shall submit to the Secretary an application at 
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such time, in such manner, and containing such in-
formation 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 deter-
mines 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-con-
serving improvements and features, developed 
pursuant to assistance under the program result 
in compliance of the structure so improved with 
the energy efficiency standards under section 
4(a) of this Act; and 
(B) includes such compliance and audit re-
quirements as the Secretary determines are nec-
essary 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 re-
ceived a loan under this subsection. 
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(5) MAXIMUM
AMOUNT.—The aggregate out-
standing 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 sub-
section 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 in-
terest rate charged by the Federal Reserve Bank of 
New York to commercial banks and other depository 
institutions for very short-term loans under the pri-
mary credit program, as most recently published in 
the Federal Reserve Statistical Release on selected in-
terest rates (daily or weekly), and commonly referred 
to as the H.15 release, preceding the date of a deter-
mination for purposes of applying this paragraph. 
(7) LOAN REPAYMENT.—The Secretary shall re-
quire full repayment of each loan made under this 
section. 
(d) 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, re-
quired to meet needs for current withdrawals. 
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(2) OBLIGATIONS OF UNITED STATES.—Invest-
ments may be made only in interest-bearing obliga-
tions of the United States. 
(e) REPORTS.— 
(1) REPORTS
TO
SECRETARY.—For each year 
during the term of a loan made under subsection (c), 
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 Sep-
tember 30 of each year that loans made under sub-
section (c) are outstanding, the Secretary shall submit 
a report to the Congress describing the total amount 
of such loans provided under subsection (c) to each el-
igible State and Indian tribe during the fiscal year 
ending on such date, and an evaluation on effective-
ness of the Fund. 
(f) AUTHORIZATION OF APPROPRIATIONS.—There is 
authorized to be appropriated to the Fund $5,000,000,000. 
(g) 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 Na-
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tive American Housing Assistance and Self-Deter-
mination Act of 1996 (25 U.S.C. 4103). 
(2) STATE.—The term ‘‘State’’ means each of the 
several States, the Commonwealth of Puerto Rico, the 
District of Columbia, the Commonwealth of the North-
ern Mariana Islands, Guam, the Virgin Islands, 
American Samoa, the Trust Territories of the Pacific, 
or any other possession of the United States. 
SEC. 22. GAO REPORTS ON AVAILABILITY OF AFFORDABLE 
MORTGAGES. 
(a) STUDY.—The Comptroller General of the United 
States shall periodically, as necessary to comply with sub-
section (b), examine the impact of this Act and the amend-
ments made by this Act on the availability of affordable 
mortgages in various areas throughout the United States, 
including cities having older infrastructure and limited 
space for the development of new housing. 
(b) REPORTS.—The Comptroller General shall submit 
reports under this subsection to the Committee on Financial 
Services of the House of Representatives and the Committee 
on Banking, Housing, and Urban Affairs of the Senate that 
shall include— 
(1) a detailed statement of the most recent find-
ings pursuant to subsection (a); and 
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(2) if the Comptroller General finds that this Act 
or the amendments made by this Act have directly or 
indirectly resulted in consequences that limit the 
availability or affordability of mortgages in any area 
or areas within the United States, including any city 
having older infrastructure and limited space for the 
development of new housing, any recommendations 
for any additional actions at the Federal, State, or 
local levels that the Comptroller General considers 
necessary or appropriate to mitigate such effects. 
The first report under this subsection shall be submitted not 
later than the expiration of the 3-year period beginning on 
the date of the enactment of this Act and thereafter, the 
Comptroller General shall submit a report pursuant to a 
joint request for such a report made by the Chairman and 
Ranking Members of the Committee on Financial Services 
of the House of Representatives and of the Committee on 
Banking, Housing, and Urban Affairs of the Senate. 
SEC. 23. PUBLIC HOUSING ENERGY COST REPORT. 
(a) COLLECTION
OF INFORMATION
BY HUD.—The 
Secretary of Housing and Urban Development shall obtain 
from each public housing agency, by such time as may be 
necessary to comply with the reporting requirement under 
subsection (b), information regarding the energy costs for 
public housing administered or operated by the agency. For 
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each public housing agency, such information shall include 
the monthly energy costs associated with each separate 
building and development of the agency, for the most re-
cently completed 12-month period for which such informa-
tion is available, and such other information as the Sec-
retary determines is appropriate in determining which 
public housing buildings and developments are most in need 
of repairs and improvements to reduce energy needs and 
costs and become more energy efficient. 
(b) REPORT.—Not later than the expiration of the 12- 
month period beginning on the date of the enactment of this 
Act, the Secretary of Housing and Urban Development shall 
submit a report to the Congress setting forth the informa-
tion collected pursuant to subsection (a). 
SEC. 24. INSURANCE COVERAGE FOR LOANS FOR FINANC-
ING 
OF 
RENEWABLE 
ENERGY 
SYSTEMS 
LEASED FOR RESIDENTIAL USE. 
(a) PURPOSES.—The purposes of this section are— 
(1) to encourage residential use of renewable en-
ergy systems by minimizing up-front costs and pro-
viding immediate utility cost savings to consumers 
through leasing of such systems to homeowners; 
(2) to reduce carbon emissions and the use of 
nonrenewable resources; 
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(3) to encourage energy-efficient residential con-
struction and rehabilitation; 
(4) to encourage the use of renewable resources 
by homeowners; 
(5) to minimize the impact of development on 
the environment; 
(6) to reduce consumer utility costs; and 
(7) to encourage private investment in the green 
economy. 
(b) AUTHORITY.—The Secretary of Housing and 
Urban Development may, upon application by an author-
ized renewable energy lender and in accordance with such 
terms and conditions as the Secretary may prescribe, con-
sistent with the purposes of this section, make commitments 
to insure, and insure, loans made by such lenders to home-
builders, renewable energy installers or manufacturers, pub-
lic or private corporations or partnerships, associations, 
trusts, or other qualified persons or entities, to finance the 
acquisition of renewable energy systems for lease to home-
owners for use at their residences. 
(c) EFFECTIVE DATE OF INSURANCE.—Insurance pro-
vided pursuant to this section for a loan shall become effec-
tive only upon the expiration of the 5-year period beginning 
upon the original execution of a renewable energy system 
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lease (as such term is defined in subsection (o)) for the re-
newable energy system. 
(d) LIMITATION ON PRINCIPAL AMOUNT.— 
(1) LIMITATION.—The principal amount of the 
loan insured under this section shall not exceed the 
residual value of the renewable energy system. 
(2) RESIDUAL VALUE.—For purposes of this sub-
section— 
(A) the residual value of a renewable energy 
system shall be the amount that is equal to the 
fair market value of the future revenue stream 
from the sale of the expected remaining elec-
tricity production from the system, pursuant to 
the easement granted in accordance with sub-
section (e); and 
(B) the fair market value of the future rev-
enue stream for each year of the remaining life 
of the renewable energy system shall be deter-
mined based on the net present value of the re-
newable energy system manufacturer’s power 
output production warranty for the system and 
the forecast of regional residential electricity 
prices made by the Energy Information Admin-
istration of the Department of Energy. 
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(e) EASEMENT
FOR SALE
OF REMAINING ELEC-
TRICITY.—The Secretary may not insure a loan for financ-
ing of renewable energy systems under this section unless 
the borrower under the loan ensures, in accordance with 
such requirements as the Secretary shall establish, con-
sistent with the purposes of this section, that the systems 
financed will be leased only to homeowners that grant ease-
ments sufficient to provide for the sale of remaining elec-
tricity production from the system to a wholesale or retail 
electrical power grid. 
(f) DISCOUNT OR PREPAYMENT.—To encourage utili-
zation of renewable energy systems, the Secretary shall en-
sure that a homebuilder’s or other investor’s discount or 
prepayment of a homeowner’s renewable energy system lease 
shall not adversely affect that homeowner’s mortgage re-
quirements. 
(g) ELIGIBILITY OF LENDERS.—The Secretary may 
not insure a loan under this section unless the lender mak-
ing the loan— 
(1)(A) is an institution that qualifies as a green 
banking center pursuant to section 8(x) of the Federal 
Deposit Insurance Act (12 U.S.C. 1818(x)) or section 
206(x) of the Federal Credit Union Act (12 U.S.C. 
1786(x)); or 
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(B) meets such other requirements as the Sec-
retary shall establish for participation of renewable 
energy lenders in the program under this section; and 
(2) meets such qualifications as the Secretary 
shall establish for all lenders for participation in the 
program under this section and is approved by the 
Secretary as meeting such qualifications. 
(h) CERTIFICATE OF INSURANCE.—Insurance of a loan 
under this section shall be evidenced by a certificate of in-
surance coverage issued by the Secretary to the lender under 
the loan. Such certificate shall set forth the fair market 
value of the future revenue stream for each year of the re-
maining life of the renewable energy system as determined 
in accordance with subsection (d). 
(i) PAYMENT OF INSURANCE.— 
(1) IN GENERAL.—The Secretary shall provide 
for the filing of claims for insurance under this sec-
tion and the payment of such claims. A claim may 
be paid only upon a default under the loan insured 
under this section and the assignment, transfer, and 
delivery to the Secretary of all rights and interests 
arising under the loan and all claims of the lender or 
the assigns of the lender against the borrower or oth-
ers arising under the loan transaction. 
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(2) LIEN.—Upon payment of a claim for insur-
ance of a loan under this section, the Secretary shall 
be granted a lien on the underlying renewable energy 
system assets and any associated revenue stream from 
use of that system, which shall be superior to all other 
liens on such assets, and the residual value of that 
system and the revenue stream shall be at least equal 
to the unpaid balance of the loan amount covered by 
the certificate of insurance. The Secretary shall be en-
titled to any revenue generated by the renewable en-
ergy system from selling electricity to the grid when 
an insurance claim has been paid out. 
(j) ASSIGNMENT AND TRANSFERABILITY OF INSUR-
ANCE.—The holder of insurance provided under this section 
may assign or transfer the insurance in whole or in part, 
to another lender, subject to such requirements as the Sec-
retary may prescribe. 
(k) PREMIUMS AND CHARGES.— 
(1) INSURANCE
FEE.—The Secretary shall fix 
and collect premiums for insurance of loans under 
this section, that shall be paid by the qualified appli-
cant at the time of issuance of the certificate of insur-
ance to the lender and shall be adequate, in the deter-
mination of the Secretary, to cover expenses and prob-
able losses, including any costs (as such term is de-
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fined in section 502 of the Federal Credit Reform Act 
of 1990 (2 U.S.C. 661a) of loan insurance under this 
section. In no event may such premium exceed 3 per-
cent of the principal obligation of the loan being in-
sured. 
(2) PROHIBITION ON OTHER CHARGES.—Except 
as provided in paragraph (1), the Secretary may not 
assess any fees, including user fees, insurance pre-
miums, or charges in connection with loan insurance 
provided under this section. 
(l) FULL FAITH AND CREDIT.—The certificate of in-
surance issued by the Secretary under this section shall be 
backed by the full faith and credit of the United States of 
America. 
(m) REGULATIONS.—The Secretary shall issue such 
regulations as may be necessary to carry out this section. 
The Secretary shall issue final or interim final regulations 
not later than the expiration of the 180-day period begin-
ning on the date of the enactment of this Act. 
(n) INELIGIBILITY FOR PURCHASE BY FEDERAL FI-
NANCING BANK.—Notwithstanding the provisions of the 
Federal Financing Bank Act of 1973 (12 U.S.C. 2281 et 
seq.) or any other provision of law, no debt obligation that 
is insured or committed to be insured by the Secretary 
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under this section shall be subject to the provisions of such 
Act. 
(o) DEFINITIONS.—For purposes of this section, the 
following definitions apply: 
(1) RENEWABLE ENERGY SYSTEM LEASE.—The 
term ‘‘renewable system energy lease’’ means an 
agreement between a qualified investor in a renewable 
energy system and a homeowner pursuant to which 
the homeowner grants an easement to the investor to 
install, maintain, use, and otherwise access the re-
newable energy system and leases the use of that sys-
tem from the qualified investor for a specified term. 
(2) RENEWABLE
ENERGY
SYSTEM.—The term 
‘‘renewable energy system’’ means a system that gen-
erates energy from naturally replenished energy 
sources such as sunlight, wind, rain, tides or geo-
thermal heat. 
(3) RENEWABLE ENERGY MANUFACTURER.—The 
term ‘‘renewable energy manufacturer’’ means a man-
ufacturer of renewable energy systems. 
SEC. 25. GREEN GUARANTEES. 
(a) AUTHORITY TO GUARANTEE ‘‘GREEN PORTION’’ 
OF ELIGIBLE MORTGAGES.— 
(1) IN GENERAL.—The Secretary of Housing and 
Urban Development may make commitments to guar-
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