July 4, 2010(Washington Post) An Obama administration program to promote energy efficiency in homes appears to have met insurmountable resistance from financial regulators who are worried about its effect on residential mortgages, federal and local officials said Saturday.
As a result, the government has begun telling municipalities to think of other ways to use the millions in economic stimulus funds that had been set aside for the green initiative, officials said.
"Millions of dollars that would otherwise be invested and help out the local economy are on hold," said Ben Pearlman, a county commissioner in Boulder, Colo.
The program is emblematic of President Obama's effort to build the economy by reducing reliance on fossil fuels. It provides loans for such improvements as solar panels or new windows, and then allows homeowners to repay the money over many years through surcharges on property tax bills.
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