§5511a Solar Assistance Financing Entity

Summary

The Secretary of Housing and Urban Development must create a Solar Assistance Financing Entity inside HUD. Its job is to help pay for solar and renewable energy projects and equipment for certain buildings. Eligible buildings include single‑family homes (1–4 units) and larger apartment buildings, commercial buildings used mainly for business (not for making raw raw materials or products), schools, hospitals, farm buildings used only for harvesting, storage, or drying of crops, and other building types the Entity approves. Help can come as loans, grants, cuts to loan principal, prepaid interest, buying or selling loans, loan guarantees, downpayment help, rebates, and other incentives. The Entity can require or encourage programs to add public or private funds and may favor programs that do. It must give assistance through State energy agencies that make State energy conservation plans or other authorized groups. The HUD Secretary, with the Energy Secretary, must issue needed rules no later than the expiration of the 12‑month period beginning on October 28, 1992, and the rules must allow maximum flexibility. Congress authorized $10,000,000 for fiscal year 1993 and $10,420,000 for fiscal year 1994, available until spent.