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S 702 - Promoting Purchase of Energy-Efficient Homes - New Jersey Key Vote

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NOTE: THIS IS A SUBSTITUTE BILL, MEANING THE LANGUAGE OF THE ORIGINAL BILL HAS BEEN REPLACED. THE DEGREE TO WHICH THE SUBSTITUTE BILL TEXT DIFFERS FROM THE PREVIOUS VERSION OF THE TEXT CAN VARY GREATLY.

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Title: Promoting Purchase of Energy-Efficient Homes

Vote Smart's Synopsis:

Vote to pass a bill that creates a program for down-payment assistance for homebuyers looking to purchase enhanced energy efficient homes.

Highlights:

-Authorizes the Commissioner of Community Affairs, in consultation with the Board of Public Utilities (BPU), to adopt energy-efficient building codes that exceed national standards (Sec. 1). -Authorizes the Commissioner of Community Affairs to amend the state energy sub-code in order to enhance building construction requirements that result in energy savings over a seven-year period (Sec. 2). -Provides new home buyers with down payment assistance for the purchase of an energy efficient home, provided that the buyer's household income does not exceed 110 percent of the county median income (Sec. 3). -Mandates that the total down payment made on a new energy efficient home may not exceed 20 percent of the purchase price, including any down payment assistance the buyer received (Sec. 3). -Takes effect immediately (Sec. 4).

NOTE: THIS IS A SUBSTITUTE BILL, MEANING THE LANGUAGE OF THE ORIGINAL BILL HAS BEEN REPLACED. THE DEGREE TO WHICH THE SUBSTITUTE BILL TEXT DIFFERS FROM THE PREVIOUS VERSION OF THE TEXT CAN VARY GREATLY.

Full Bill Text

Title: Promoting Purchase of Energy-Efficient Homes

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