Since fall 2023, AFREF and partners have been part of an ongoing Campaign for Lower Home Energy Costs. The goal is for The Federal Housing Finance Agency (FHFA) to require new homes with mortgages backed by Fannie Mae and Freddie Mac to be built to modern energy codes. FHFA should use its existing authority to align with other federal agencies that are strengthening their efficiency requirements for mortgages they back.

In April, 2024: HUD and USDA announced the adoption of updated minimum energy standards for new single and multifamily homes. This New Biden Rule Will Save Americans $2 Billion On Utility Bills (Huffington Post) – Doing so would “decrease burdensome energy costs for future homeowners and renters, which in turn may help lower default risks and loan delinquency rates, and set forth a path to stabilize our shaky housing financial system,” said Jessica Garcia, senior policy analyst for climate finance at Americans for Financial Reform Education Fund. “Implementing up-to-date energy codes will help ease the financial strain on homeowners and renters across the country as they fight to remain housed,” Garcia said. “We are encouraged by HUD’s decision, and urge the Federal Housing Finance Agency to follow suit and swiftly adopt the latest energy efficiency codes.”

In May, 2024: AFREF organized a letter signed by 125 affordable housing, consumer, health, energy efficiency, environmental, business, and other organizations at the national, state, and local levels which urged the FHFA to adopt energy efficiency standards.

In June, 2024: 5,644 of our supporters across the country called on FHFA to follow HUD and USDA’s leadership, and adopt strong energy efficiency standards for all new homes backed by Fannie Mae and Freddie Mac to help homeowners and renters across the U.S. save on energy bills now and into the future.