Solar Energy Development Bank Act

[AI summary unavailable — showing source text] Solar Energy Development Bank Act - Establishes a Solar Energy Development Bank within the Department of Housing and Urban Development (HUD). Directs the President to appoint, with the advice and consent of the Senate, a president to manage and supervise the affairs of such bank subject to the direction of its Board of Directors. Directs the General Accounting Office to periodically audit the financial transactions of the Solar Bank. Permits the Solar Bank to impose fees or charges for its services. Stipulates that the Solar Bank be governed by a Board of Directors consisting of the Secretaries of HUD, the Treasury, and Energy. Directs the Board to adopt, amend, or repeal such regulations as are necessary or convenient for the functioning of the Solar Bank. Empowers the Board to fix the level of subsidy and the interest rate on loans subsidized by the Bank. Permits the Board to alter the level of subsidy and interest rates for new loans subsidized by the Bank. Sets forth factors for the Board to consider when altering such rates, including: (1) the prevailing market rates of interest for home mortgages, home improvement loans, and commercial loans, as well as prevailing market rate…