U.S. Sens. Johnny Isakson, R-Ga., and Michael Bennet, D-Colo., introduced their SAVE Act legislation last week as an amendment to S.1392, the Energy Savings and Industrial Competitiveness Act of 2013.
In a press release, the senators said the legislation will encourage sellers to make home energy efficiency investments in their homes to attract future homebuyers interested in reduced energy costs. Additionally, the amendement will benefit the home construction industry, which will be able to better offer affordable, energy-efficient properties.
The amendment will allow federal mortgage loan agencies to consider a home’s energy efficiency and expected monthly energy bills when determining the homebuyer’s ability-to-pay monthly mortgage payments. According to the press release, the amendment could save homeowners more than $70,000 over the life of a 30-year mortgage.
The bill has support from a broad coalition of real estate, business, building trade and conservation groups.
"As someone who has more than 30 years of experience in the residential real estate industry and who has lived through multiple recessions, I understand that recovery in the housing market and job creation in the construction sector is pivotal to getting our economy back on track," said Sen. Isakson.
“The SAVE Act will encourage investments in energy-efficient homebuilding and help create thousands of jobs. I look forward to working with Senator Isakson to pass this amendment and bring this commonsense idea to our home lending practices," Bennet added.
