With this kind of loan, the much higher quality American Superhome™ would be able to financially compete with ordinary wooden homes. This higher quality includes a superstructure of ultra energy efficient, nearly indestructible ceramic concrete superstructure and is built vertically on 3 levels including a 2,500 sf 2nd floor luxury home with 500 sf professional chef kitchen and a private elevator; a 2,500 sf 1st floor professional home business level, and a 3rd floor, 3,000 sf organic/hydroponic greenhouse for homegrown vegetables and fruits. Above the 3rd floor is a special solar/rainwater harvesting canopy called a SPARC system with 3,000 sf of PV solar panels for a total of 8,000 sf of living area, and will sell for about $600,000 Including land. With a standard mortgage of 5% for 30 years, the monthly payments would be about $3,220/mo. – beyond the range of all but a few Americans. If the same home were to be financed with the Veteran's Green Bank™ at 1% for 60 years it would cost only $1,108/mo. - well within the financial range of almost all Americans.
are further financial advantages to the American Superhome™
owner: These homes have no electric
utility bill, no gasoline costs (with an electric car), virtually
no food expenses, very little maintenance, and a very small home
insurance bill. These kinds of cost of living savings could radically
change the financial picture for individual American families and for
us as a Nation. Ownership of these Superhomes is the first step in the 'Fundamental Wealth' program we have created for our veterans.
The Outline for a Federally Chartered, Non-profit, Affirmative Action Veteran's Green Bank:
1. Such a 'Veteran's Green Bank' can be chartered with just the President's signature and the cooperation of the Board of the Federal Reserve Bank. It does not need to go through Congress.
2. The non-profit, affirmative action 'Veteran's Green Bank™' would be chartered to borrow directly from the Federal Reserve Bank (exactly the same as the big banks do) – except at a rate of 1% for 60 years and would also be specially chartered to pass this loan directly through to the homeowner.
3. These would be loans paid back to America. They are not non-repayable programs such as government grants or loans that come out of the taxpayer's pockets.
4. Being able to offer 'Veteran's Green Bank™' loans to their customers should be a prize open to any American owned home builder provided they meet or exceed the standards we are setting with our American Superhome™.
5. Qualifications for a 'Veteran's Green Bank' Loan
a. All homes must supply 100% of the energy needs of the home through rooftop solar including 100% of the heating and cooling. They must be completely stand-alone self-sufficient in household energy.
b. In addition, all homes must be able to supply enough surplus electricity to power an electric hybrid car for a minimum average of 100 miles per day.
c. All homes must eliminate the use of wood as structure elements saving what remains of our forests and forests worldwide.
d. All homes must be engineered to withstand all structural damage from even the most severe natural disasters from hurricanes, tornadoes, storm surge, flooding, and wildfires. Such homes should be engineered to last for centuries – not for just 30 years.
e. They must offer substantial solutions to the pending national water crisis through water conservation in farming and in domestic uses.
f. All homes must include home gardening and offer substantial solutions to the pending food crisis that will follow in the wake of rising fuel prices and coming scarcity.
g. All homes must be environmentally neutral. The impact on the environment and on the native wildlife must be minimal and repair of damaged environments must be a priority.
h. The owner of the home must be an American citizen.
6. The 'Veteran's Green Bank' makes pass through mortgage loans only – no credit loans. Credit is left up to normal commercial banks. The 'Veteran's Green Bank™' is not a solution to the current banking and credit crisis – only to the future of energy independent building in America.
7. A 'Veteran's Green Bank™' loan will be transferable (i.e. the American Superhome™ can be sold or traded), but cannot be refinanced and cannot be encumbered with other loans for the life of the loan. Also, the loan remains with the home for the life of the loan, but the ownership of the home can change with the approval of the ‘Veteran's Green Bank™’
8. Preventing Foreclosures. American Superhome™ owners are encouraged to prepay the mortgage payments as security against the loss of their home to foreclosure rather than paying down the principal. Many of the people that used the money from the sale of their previous home as a down payment on a new home lost that equity when home prices fell. Prepaying the mortgage, on the other hand, gives the homeowner several advantages; First, a prepaid mortgage acts as a cushion against hard times. If a home owner were to use the same money from the sale of their previous home and put it into prepayments on a American Superhome™, they could have a 5, 10 or 20 year cushion to fall back on as part of a long term retirement program that cannot be taken away. Second, it helps to rebuild credit that may have been damaged in the current financial crisis. A person with several years of prepaid mortgage (especially with a American Superhome™) is an excellent credit risk. Third, it prevents homeowners from spending the equity in their home (one of the primary causes of today’s foreclosures) and encourages Americans to develop ‘Fundamental Wealth’ – the free and clear ownership of a self-sufficient Home.
The Benefits of a 'Veteran's Green Bank' to America
The effect of signing the 'Veteran's Green Bank' into existence is immediate and personal. Every American can identify with this program – young or old, rich or poor, homeowner or not, and it re-establishes the credit of those damaged by financial turmoil – even if they suffer a foreclosure and their home has been taken away.
1. Nearly every working American Citizen who can afford $1,108/mo. (using the example above of our standard $600,000 American Superhome™) can afford to live in the most advanced, energy independent, healthy, and safe home in the World.
2. A ‘Veteran's Green Bank’ mortgage is a loan that is repaid directly back to America. Economy recovery money, government grants, or even badly needed infrastructure repair is money that is not repaid back to America.
3. If, as an example, $1 trillion were to be committed to ‘Veteran's Green Bank™’ mortgages:
a. This $1 trillion would provide ‘Veteran's Green Bank™’ mortgages for one million American families. (The government rescue programs do not provide homes for American citizens.)
b. This $1 trillion would go directly back into the economy creating as many as 15 million new American jobs, one million new small businesses, and 25,000 new family farms by the end of this decade as well as creating thousands of new small businesses supplying products and services for use in the new American Superhomes™ ranging from concrete supply to kitchen cabinets and from photovoltaic panels (an estimated $60 billion per year business) to rooftop gardens – jobs and businesses that can stay in America and pay taxes back into the government – an excellent investment.
c. Building American Superhomes™ would offer high paying employment opportunities directly to more than a million American service men and women.
d. The Veteran's Green Bank™ would revive the ailing construction industry.
e. One million American Superhomes™ would create a new demand for at least one million new electric cars over the next 10 years running 100% on solar power generated by the American Superhome™. This represents $45 billion in revenues to the American auto industry. In addition, the planned 25,000 Noah's Ark Global Village Farms™ scheduled to be built in this next decade all across the Nation could act as 'filing stations' for recharging these electric cars.
f. There would be 1 million American Superhomes™ that would not be contributing to Global Warming and to the pollution of our water, land and air.
4. American SuperHome™ loans are a solid equity investment for America. In addition, the Veteran's Green Bank™ does not invest in risky Wall Street investments or issue consumer credit loans, and hence will not be subject to financial potential stock market or banking collapses.
5. The effects of this program are felt immediately and can be seen in the faces of American citizens and families instead of billions put into vague government programs that few understand or trust.
6. The 'Veteran's Green Bank' as a very attractive non-partisan political solution on many levels.
It is a stable and permanent solution
to the economy, energy independence,
water and food crises, and the environment and it requires
no government ‘bail out’ money now or in the future
Author of The Veteran's Green Bank