Feb 3, 2004
Press Release
WASHINGTON, DC - Today, the House of Representatives passed H.R. 3724, bipartisan legislation introduced by Reps. Christopher Shays (R-CT) and Carolyn B. Maloney (D-Manhattan, Queens) that allows increased FHA mortgage insurance for multifamily housing projects that include environmental improvements including solar energy systems or residential energy conservation measures.

"This legislation will encourage New York City developers to build environmentally friendly buildings," said Rep. Maloney. "Environmental improvements can add significantly to building costs. This legislation helps defray costs for greener buildings that benefit the entire community."

H.R. 3724, The Energy Efficient Housing Technical Correction Act allows developers of multifamily rental properties with more than five units to be eligible for a 20 percent increase in the maximum amount of mortgage insurance permitted by the Federal Housing Administration mortgage insurance program. The 20 percent is only allowed for projects that choose to install solar energy systems or residential energy conservation measure. The legislation now moves to the Senate.