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Cap and Trade impact on housing revisited
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The thousands of pages of the "Cap and Trade" energy bill have overwhelmed most reviewers of the bill, most of whom have not had a chance to read all of it. Yesterday's post discussed the potential negative impact of a mandatory energy audit on the housing market.
It turns out that the National Association of Realtors (NAR) was way ahead of the game on this one.
The organization's lobbying efforts paid off and the final version of the bill DOES NOT include a mandatory energy audit.
Here's what NAR says: Overall, Realtors succeeded in making a number of positive changes affecting the real estate provisions of the bill.
The House-approved bill:
· Does not create a federal energy audit requirement for real property;
· Exempts existing homes and buildings from any federal guidelines for new construction energy efficiency information labels.
· Prohibits the implementation of any labeling during a sales transaction.
· Leaves the decision to states as to whether to require energy audits, disclosures, etc.
· Provides property owners with significant financial incentives, matching grants and tools to make property improvements and reduce their energy bills;
· Prohibits the Environmental Protection Agency from regulating residential and commercial buildings under the Clean Air Act;
· Eliminated an early proposal to allow citizens to sue over minor climate risks under the Clean Air Act; and
· Establishes green building incentives for HUD housing, including a loan program for renewable energy, block grants and credit for upgrades in mortgage underwriting.
So, all the anger over the mandatory energy audit may have been misplaced.
But anyone concerned about the impact of the Senate version of this bill need to stay tuned to their decisions and the potential impact of those decisions on the housing market.
Many people are particularly concerned about the variety of estimates on the impact on household utility bills, which of course impacts the affordability of homes.
Concern about "Cap and Trade" may be lessened without the mandatory energy audits ... but there are plenty of other elements to this bill to be concerned about.
Order your copy now from Capital Books: "HOMEBUYING: Tough Times, First Time, Any Time" by Michele Lerner
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