"Today, I am rescinding this onerous rule because it literally can bring an increase of $20,000 to $31,000 per single family project."
"While proponents argued the upfront costs would be offset over time, the payback period could be decades."
"The average price of a home in some areas is $300,000, but the median price is $400,000."
"What they didn't revise, or didn't say, is that it is going to take 90 years to do that."
HUD Secretary Scott Turner announced the rescission of energy-efficiency requirements for FHA and USDA loans. A previous rule mandated compliance with the 2021 International Energy Conservation Code for new homes to qualify for these loans. The rollback targets new construction, as non-compliance with the IECC rendered homes ineligible for FHA or USDA mortgages. Turner criticized the rule for increasing project costs by $20,000 to $31,000, arguing that the long payback period could take up to 90 years, contrary to claims of recoverable upfront costs.
Read at www.housingwire.com
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