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housing market through the use of Energy Efficient Mortgages and Location Efficient Mortgages while ensuring that the benefits of green buildings are accessible to Americans of all income levels.
He cites Fannie Mae's Location Efficient Mortgage program, which was launched in August 2002 to encourage homeownership by linking housing and public transportation resources, and "Built-Wise: Building Utah Intelligently, Learning to Wisely Impact our Supply of Energy," a loan program aimed to increase the supply of energy-efficient homes in the state.
The new lending program, the Location Efficient Mortgage (LEM), is designed to provide urban homebuyers as much as $50,000 more than their suburban counterparts to account for the "extra" savings that people who live in compact neighborhoods experience by driving less.
One-quarter (24%) of city officials say that there is marginal to no support in their cities for financial or regulatory incentives, including tax incentives, location efficient mortgages, and transfer of development rights.
The Location Efficient Mortgage program encourages Seattle residents to use mass transit, and offers homebuyers a financial incentive to live and work in the city.