Solar Energy and Energy Conservation Bank Reauthorization Act of 1987

Summary

Solar Energy and Energy Conservation Bank Reauthorization Act of 1987 - Amends the Solar Energy and Energy Conservation Bank Act to extend the life of the Solar Energy and Energy Conservation Bank until September 30, 1993. (Under current law, the Bank will cease to exist after September 30, 1987.) Requires that 25 percent of the payments by the Bank to financial institutions to provide financial assistance for the installation of solar energy systems in residential, commercial, and agricultural buildings be allocated for active solar energy. Requires an equitable distribution of financial assistance between residential and multifamily residential buildings. Permits all financial institutions to apply directly to the Bank for financial assistance. Authorizes appropriations for FY 1988 through 1993 for the financial assistance program under the Solar Energy and Energy Conservation Bank Act for the purchase and installation of residential and commercial energy conserving improvements and solar energy systems. Amends the Federal National Mortgage Association Charter Act to eliminate the condition under which the Board of the Bank would not exercise its authority to purchase loans for energy conserving improvements or to purchase mortgages secured by newly constructed homes with solar energy systems.

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1 official file

• Introduced in House

  summary · EN · 11 February 1987

  Open at official source

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