‘‘(iii) measures to limit the exposure 
of the Secretary to financial risk in the 
event of default, such as— 
‘‘(I) the collection of a credit sub-
sidy fee from the borrower as a loan 
loss reserve, taking into account the 
limitation on credit support under 
subsection (d); 
‘‘(II) minimum debt-to-income 
levels of the borrower; 
‘‘(III) minimum levels of value 
relative to outstanding mortgage or 
other debt on a building eligible for 
credit support; 
‘‘(IV) allowable thresholds for the 
percent of the efficiency obligation rel-
ative to the amount of any mortgage 
or other debt on an eligible building; 
‘‘(V) analysis of historic and an-
ticipated occupancy levels and rental 
income of an eligible building; 
‘‘(VI) requirements of third-party 
contractors to guarantee energy sav-
ings that will result from a retrofit 
project, and whether financing on the 
VerDate Mar 15 2010 
03:00 Oct 15, 2011
Jkt 019060
PO 00000
Frm 00005
Fmt 6652
Sfmt 6201
E:\BILLS\H3221.IH
H3221
PWALKER on DSK5TPTVN1PROD with BILLS
efficiency 
obligation 
will 
amortize 
from the energy savings; 
‘‘(VII) requirements that the ret-
rofit project incorporate protocols to 
measure and verify energy savings; 
and 
‘‘(VIII) recovery of payments 
equally by the Secretary and the ret-
rofit. 
‘‘(3) EFFICIENCY OBLIGATIONS.—The financing 
mechanisms qualified by the Secretary under para-
graph (2)(B) may include— 
‘‘(A) loans, including loans made by the 
Federal Financing Bank; 
‘‘(B) power purchase agreements, including 
energy efficiency power purchase agreements; 
‘‘(C) energy services agreements, including 
energy performance contracts; 
‘‘(D) property assessed clean energy bonds 
and other tax assessment-based financing mech-
anisms; 
‘‘(E) aggregate on-meter agreements that 
finance retrofit projects; and 
‘‘(F) any other efficiency obligations the 
Secretary determines to be appropriate. 
VerDate Mar 15 2010 
03:00 Oct 15, 2011
Jkt 019060
PO 00000
Frm 00006
Fmt 6652
Sfmt 6201
E:\BILLS\H3221.IH
H3221
PWALKER on DSK5TPTVN1PROD with BILLS
‘‘(4) PRIORITIES.—In carrying out this section, 
the Secretary shall prioritize— 
‘‘(A) the maximization of energy savings 
with the available credit support funding; 
‘‘(B) the establishment of a clear applica-
tion and approval process that allows private 
building owners, lenders, and investors to rea-
sonably expect to receive credit support for 
projects that conform to guidelines; 
‘‘(C) the distribution of projects receiving 
credit support under this section across States 
or geographical regions of the United States; 
and 
‘‘(D) projects designed to achieve whole- 
building retrofits. 
‘‘(d) LIMITATION.—Notwithstanding section 1702(c), 
the Secretary shall not issue credit support under this sec-
tion in an amount that exceeds— 
‘‘(1) 90 percent of the principal amount of the 
efficiency obligation that is the subject of the credit 
support; or 
‘‘(2) $25,000,000 for any single project. 
‘‘(e) AGGREGATION OF PROJECTS.—To the extent 
provided in the guidelines developed in accordance with 
subsection (c), the Secretary may issue credit support on 
VerDate Mar 15 2010 
03:00 Oct 15, 2011
Jkt 019060
PO 00000
Frm 00007
Fmt 6652
Sfmt 6201
E:\BILLS\H3221.IH
H3221
PWALKER on DSK5TPTVN1PROD with BILLS
a portfolio, or pool of projects, that are not required to 
be geographically contiguous, if each efficiency obligation 
in the pool fulfills the requirements described in this sec-
tion. 
‘‘(f) APPLICATION.— 
‘‘(1) IN GENERAL.—To be eligible to receive 
credit support under this section, the applicant shall 
submit to the Secretary an application at such time, 
in such manner, and containing such information as 
the Secretary determines to be necessary. 
‘‘(2) CONTENTS.—An application submitted 
under this section shall include assurances by the 
applicant that— 
‘‘(A) each contractor carrying out the 
project meets minimum experience level criteria, 
including local retrofit experience, as deter-
mined by the Secretary; 
‘‘(B) the project is reasonably expected to 
achieve energy savings, as set forth in the appli-
cation using any methodology that meets the 
standards described in the program guidelines; 
‘‘(C) the project meets any technical cri-
teria described in the program guidelines; 
VerDate Mar 15 2010 
03:00 Oct 15, 2011
Jkt 019060
PO 00000
Frm 00008
Fmt 6652
Sfmt 6201
E:\BILLS\H3221.IH
H3221
PWALKER on DSK5TPTVN1PROD with BILLS
‘‘(D) the recipient of the credit support 
and the parties to the efficiency obligation will 
provide the Secretary with— 
‘‘(i) any information the Secretary re-
quests to assess the energy savings that re-
sult from the project, including historical 
energy usage data, a simulation-based 
benchmark, and detailed descriptions of 
the building work, as described in the pro-
gram guidelines; and 
‘‘(ii) permission to access information 
relating to building operations and usage 
for the period described in the program 
guidelines; and 
‘‘(E) any other assurances that the Sec-
retary determines to be necessary. 
‘‘(3) DETERMINATION.—Not later than 90 days 
after receiving an application, the Secretary shall 
make a final determination on the application, which 
may include requests for additional information. 
‘‘(g) FEES.— 
‘‘(1) IN GENERAL.—In addition to the fees re-
quired by section 1702(h)(1), the Secretary may 
charge reasonable fees for credit support provided 
under this section. 
VerDate Mar 15 2010 
03:00 Oct 15, 2011
Jkt 019060
PO 00000
Frm 00009
Fmt 6652
Sfmt 6201
E:\BILLS\H3221.IH
H3221
PWALKER on DSK5TPTVN1PROD with BILLS
‘‘(2) AVAILABILITY.—Fees collected under this 
section shall be subject to section 1702(h)(2). 
‘‘(h) UNDERWRITING.—The Secretary may delegate 
the underwriting activities under this section to 1 or more 
entities that the Secretary determines to be qualified. 
‘‘(i) STATUS REPORT.—Not later than 1 year after 
commencement of the program, the Secretary shall submit 
to the Congress a report that describes in reasonable de-
tail— 
‘‘(1) the manner in which this section is being 
carried out; 
‘‘(2) the number and type of projects sup-
ported; 
‘‘(3) the types of funding mechanisms used to 
provide credit support to projects; 
‘‘(4) the energy savings expected to result from 
projects supported by this section; 
‘‘(5) any tracking efforts the Secretary is using 
to calculate the actual energy savings produced by 
the projects; and 
‘‘(6) any plans to improve the tracking efforts 
described in paragraph (5). 
‘‘(j) BUY AMERICAN REPORT.—The Secretary shall 
submit to the Congress an annual report that estimates 
VerDate Mar 15 2010 
03:00 Oct 15, 2011
Jkt 019060
PO 00000
Frm 00010
Fmt 6652
Sfmt 6201
E:\BILLS\H3221.IH
H3221
PWALKER on DSK5TPTVN1PROD with BILLS
the percentage of American-made materials used in con-
ducting retrofit activities funded pursuant to this section. 
‘‘(k) FUNDING.— 
‘‘(1) AUTHORIZATION
OF
APPROPRIATIONS.— 
There are authorized to be appropriated to carry out 
this section $15,000,000,000 for the period encom-
passing fiscal years 2012 through 2021. 
‘‘(2) ADMINISTRATIVE COSTS.—Not more than 
1 percent of any amounts made available to the Sec-
retary for carrying out this section may be used by 
the Secretary for administrative costs incurred in 
carrying out this section.’’. 
Æ 
VerDate Mar 15 2010 
03:00 Oct 15, 2011
Jkt 019060
PO 00000
Frm 00011
Fmt 6652
Sfmt 6301
E:\BILLS\H3221.IH
H3221
PWALKER on DSK5TPTVN1PROD with BILLS