When you apply for a mortgage to buy a house, how often does the lender ask detailed questions about monthly energy costs or tell the appraiser to factor in the energy-efficiency features of the house when coming up with a value?

Hardly ever. That’s because the big three mortgage players — Fannie Mae, Freddie Mac and the Federal Housing Administration, who together account for more than 90 percent of all loan volume — typically don’t consider energy costs in underwriting. Yet utility bills can be larger annual cash drains than property taxes or insurance — key items in standard underwriting — and can seriously affect a family’s ability to afford a house. [more]

Eleven Times Square, the recently completed 1.1-million-square-foot office and retail tower in Midtown, has been granted LEED Gold certification from the U.S. Green Building Council, developer SJP Properties announced today. The building, located at the intersection of Eighth Avenue and 42nd Street, incorporates the latest green technology in its design, including an advanced air filtration and ventilation system, as well as a glass curtain wall exterior that reduces heat gain and allows in natural light. “Our original vision for 11 Times Square was to create a commercial building that would effectively raise the bar for sustainable construction and design…” said Steven Pozycki, CEO of SJP Properties. TRD [more]

The slice of the billions of dollars in federal money outlined by the
Treasury Department in the stimulus package signed by President Obama
in February will come to New York City largely as incentives to improve
energy efficiency and transportation infrastructure, according to Urban
Land Institute President Richard Rosan, who spoke to a group of around
40 people today at a monthly Association of Builders and Owners of New
York luncheon. Since the city will have a maximum of only 15 percent new building
stock by the year 2030, according to the institute, federal grants and
tax breaks for environmental efficiency improvements are likely to come
to New York in the form of renovations, Rosan said, referring to the
retrofitting of existing office buildings to qualify for LEED
certification. [more]