Thursday, September 30, 2010

ClimateSmart Loan Program Suspended for Residential Loans

Boulder County voters passed 1A (now called the ClimateSmart Loan Program) in 2008 but rejected 1B (an expansion of the program) in 2009.

On June 29, 2010 the county commissioners canceled the residential loan portion of the program. The program is in conflict with a May ruling from Fannie Mae and Freddie Mac, two mortgage giants which own or guarantee about half of the mortgage market. Because the loan stays with the house, it is considered likely that even if the current owner doesn’t have a Fannie or Freddie mortgage, a future owner would.

Boulder County’s ClimateSmart Loan Program webpage
http://www.bouldercounty.org/bocc/cslp/

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