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Incentives
Incentives Compiled by our Chapter
Forty-seven pages outlining a range of 47commercial and residential green building incentives (tax exemptions, tax credits, grants, rebates, reduced loan rates) at the federal, state and local levels. Click Here
ARRA Incentives
For the most current information on the allocation and distribution of American Recovery and Reinvestment Act funds please visit the following websites:
Recovery.gov: www.recovery.gov
Department of Education: www.ed.gov/recovery
Department of Energy: www.energy.gov/recovery
Department of Housing and Urban Development: www.hud.gov/recovery
Department of Labor: www.dol.gov/recovery
Department of Transportation: www.dot.gov/recovery
U.S. General Services Administration: www.gsa.gov/recovery
Cleveland Residential Tax Abatement
Beginning in 2010, to qualify for residential tax abatement under Cleveland's Community Reinvestment Area tax abatement program all new construction and rehabilitation projects will need to meet or exceed the Cleveland Green Building Standard which was produced by the city's Department of Community Development in February 2009.
Cleveland Green Building Handbook
Energy Efficient Mortgages / Energy Improvement Mortgages
An Energy Efficient Mortgage (EEM) is a mortgage that credits a home’s energy efficiency in the mortgage itself. EEMs give borrowers the opportunity to finance cost-effective, energy-saving measures as part of a single mortgage and stretch debt-to-income qualifying ratios on loans thereby allowing borrowers to qualify for a larger loan amount and a better, more energy-efficient home.
To obtain an EEM, a borrower typically has to have a home energy auditor conduct a home energy rating before financing is approved. This rating verifies for the lender that the home is energy-efficient.
The term EEM is commonly used to refer to all types of energy mortgages including Energy Improvement Mortgages (EIMs), which are used to purchase existing homes that will have energy efficiency improvements made to them. EEMs are typically used to purchase a new home that is already energy efficient such as an ENERGY STAR qualified home.
EIMs allow borrowers to include the cost of energy-efficiency improvements to an existing home in the mortgage without increasing the down payment. EIMs allow the borrower to use the money saved in utility bills to finance energy improvements. Both EEMs and EIMs typically require a home energy rating to provide the lender with the estimated monthly energy savings and the value of the energy efficiency measures — known as the Energy Savings Value.
EEMs (and EIMs) are sponsored by federally insured mortgage programs (FHA and VA) and the conventional secondary mortgage market (Fannie Mae and Freddie Mac). Lenders can offer conventional EEMs, FHA EEMs, or VA EEMs. |
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