§5511a Solar Assistance Financing Entity

Summary

The Department of Housing and Urban Development (HUD) must create a Solar Assistance Financing Entity inside HUD. Its job is to help pay for solar and other renewable energy projects for eligible buildings. Eligible buildings include small homes (1–4 units), larger apartment buildings, most commercial buildings that are not mainly for manufacturing, schools, hospitals, buildings used for harvesting/storage/drying of farm crops, and other building types the Entity approves. The Entity can fund loans, grants, loan principal cuts, interest prepayments, buying and selling loans, loan guarantees, downpayment help, rebates, and other incentives. It can ask programs to add public or private money and favor programs that do. HUD must give the help through State energy agencies or other authorized groups. HUD, working with the Secretary of Energy, had to issue rules within 12 months after October 28, 1992. Congress authorized $10,000,000 for fiscal year 1993 and $10,420,000 for fiscal year 1994, available until spent.