Conservation Bank Act

[AI summary unavailable — showing source text] Conservation Bank Act - Establishes a Conservation Bank to provide subsidies for below-market interest rate and principal-deferred loans made to owners or builders of commercial and residential structures for the purchase and installation of energy conservation measures. Declares that the Bank shall be in the Government National Mortgage Association (GNMA) and have succession until September 30, 1984. Directs the General Accounting Office to conduct periodic audits of the Bank. Empowers the Secretary of Housing and Urban Development to fix and amend the levels of loan subsidies given by the Bank. Specifies that such subsidies shall not exceed six percent below the current maximum interest rate on insured mortgages under the National Housing Act, and the interest rate paid by borrowers on such loans. Enumerates factors to be considered by the Bank in subsidizing loans including prevailing interest rates, other Federal incentives for conservation, energy costs, and the level of subsidies needed to induce installation of energy conservation measures. Directs the Bank, beginning in fiscal year 1980, to provide subsidies to financial institutions which extend below-market interest rate …