Press > Press Releases > Bank of America Approves Novato's Virginia Grove Development for its Energy-Efficient Green Mortgage
Bank of America Approves Novato's Virginia Grove Development for its Energy-Efficient Green Mortgage
September 12, 2007
Buyers of homes in Novato's Virginia Grove will be able to apply for discounted financing through Bank of America's Energy Efficient Green Mortgage.
September 12, 2007, Novato, CA
Buyers of the remaining five homes in Novato’s Virginia Grove will be able to apply for financing through Bank of America’s Energy Efficient Green Mortgage, according to Laura Levine, COO of Northbay Family Homes, who is one of the homes’ exclusive realty agents.
Homebuyers who qualify for this program will receive a reduced interest rate or a cash payment towards costs of $1,000, according to Bank of America sources.
While many banks are constricting lending guidelines, Bank of America announced last spring that it would infuse $20 billion into the nation’s economy to support environmentally sustainable products and technology, including funding mortgages for the purchase of environmentally-friendly homes. Bank of America Vice-president Jan Askew has worked with Levine for months to make Virginia Grove the first North Bay development to qualify to utilize the energy-efficient home mortgage.
The homes, located in the 1800 block of Virginia Avenue in Novato, were built by HartMarin, a builder of single-family detached homes that focuses on protecting the environment while improving social conditions. The two-story, 3-bedroom, 2.5-bath homes range from 1,100 square feet to just over 1,300 square feet and are priced from the low 600s. Each is pre-wired for photovoltaic panels and is built with passive solar features, which have the double benefit of reducing utility bills all year while having fewer detrimental effects on the environment.
The State of California has established uniform standards for “green” building practices. California’s system awards points for each environmentally-friendly feature that a builder incorporates into a structure. Points are awarded for such items as energy-efficient appliances, passive solar heating and cooling, use of sustainable building materials, low-water-usage plumbing fixtures and the like.
Virginia Grove exceeds California’s Energy Efficiency Standards for Residential and Nonresidential Buildings (commonly referred to as Title 24) by 26 percent per home, “and that¹s not counting the passive solar temperature-balancing system that is built into each home,” states Rob B. Hart, CEO of HartMarin.
Askew agrees: “HartMarin’s Virginia Grove development exceeds Bank of America’s criteria for “green” construction by double the green building points needed to qualify as an environmentally-friendly development.”
“The State of California has for years required energy conservation measures for all construction, and some months ago Novato passed a residential Green Building Ordinance, “ says Jeanne MacLeamy, the Mayor of the City of Novato who is also an architect. “Virginia Grove, a privately developed neighborhood housing project with affordable homes close to downtown, has pushed the ‘green construction envelope’ by far exceeding all governmental requirements.”
Novato’s Green Building Ordinance awards “Gold Status” to buildings that receive 60 points. When rated by Novato standards, Virginia Grove received more than 100 points.
Perhaps most surprisingly, HartMarin built Virginia Grove “green” without increasing its per-square-foot costs. “From the grass-paved bio-swales to detached affordable housing, Virginia Grove brings together more new ideas than have ever been tried before by a private developer in the North Bay with no public funds, no tax credits and no subsidies,” says Hart.
HartMarin’s goals dovetail with those of Northbay Family Homes, which for the past 30 years has been a leader in providing workforce housing in the North Bay.
Northbay Family Homes works closely with private sector homebuilders, property owners and lenders as well as cities and counties to ensure greater access to affordable homeownership opportunities. To inquire about Virginia Grove, or receive more information about affordable homebuilding in northern California, call Levine at (415) 382-2533 or e-mail laura@nfh.org or call Carrie Pierson at (415) 382-2545 or e-mail carrie@nfh.org.