York Financial Group and Atlantic Energy Solutions Team Up to Tackle Residential Energy Opportunities
March 24 2009 - 10:38AM
Marketwired
Atlantic Energy Solutions, Inc. (PINKSHEETS: AESO) and York
Financial Group have implemented their strategic plan to
rehabilitate homes that are preparing for sale in ten geographic
markets across the country. The companies announced the first
demonstration project in the Florida residential market at last
week's Legislative Conference of the National Association of
Hispanic Real Estate Professionals (NAHREP) and the Asian Real
Estate Association of America (AREAA).
Atlantic and York have gained the necessary support from housing
and bank authorities for residential underwriting to include total
housing maintenance expenses such as electric, gas, and water. The
companies forwarded to Fannie Mae three distinct programs in order
to help 1,000 families achieve their goals of homeownership.
1. The first program, in combination with housing grants
announced by the Department of Housing and Urban Development (HUD)
www.hud.gov, will underwrite 100 new homebuyers with tougher
qualifying standards, including energy costs, in determining
whether the buyer qualifies. The grants are part of Congress' July
30 Housing and Economic Recovery Act that set out $4 billion to
rehabilitate foreclosed, vacant and abandoned properties through
the emergency Neighborhood Stabilization Program (NSP).
2. The second program will help 400 families improve their homes
in advance of the sale, with typical energy efficiency improvements
such as new energy efficient doors and windows, Energy Star
appliances, blown insulation, and a solar component. The expected
average cost for each home will be $25k and a $10MM "Energy
Efficient Green Real Estate Fund" is being established to
facilitate this.
3. The third program will train 500 prospective homebuyers with
an 8 hour HUD recommended pre-purchase counseling program that
includes additional training on energy efficiency. York will
contract with select local HUD certified Housing Counselors to
offer this expanded counseling program.
In association with local non-profit agencies, real estate
brokerages and trade associations such as NAHREP and AREAA, the
companies will foster a collaborative exchange of ideas and engage
and train these groups in the programs so that their members can
access the timely and productive opportunities in the clean, green
industry. York improves technical capacities for governments,
banks, non-profits and other real estate businesses while Atlantic
Energy will provide energy assessment and audit services on all
homes, including design, finance and construction oversight for the
installation of comprehensive energy efficient improvements.
While designing the system to solve the crisis in housing and
America's dependence on foreign oil, York Financial Group principal
Ken York realized that many minds working together are better than
a few. Said York, "Now is the best time to establish greater
standards for residential underwriting because housing values will
be increased with energy efficiencies in place."
With the help of Atlantic, home buyers will enjoy newly created
equity and the surrounding community gets long-term financial
benefits from increased building values. According to Atlantic
Energy CEO Tim Brock, "There will be 5 million jobs created in the
next five years in the clean, green industry and more than 3
million will be traditional blue collar jobs as the construction
industry transitions to newer and updated standards with this
residential model program."
About Atlantic Energy Solutions, Inc.
Atlantic Energy Solutions is a globally accredited Energy
Efficiency and Resource Company and member of NAESCO
(www.Naesco.org) that identifies, implements, and finances energy
efficiency projects designed to improve the overall efficiency of
energy, water usage and renewable resources, reducing our
dependency on foreign oil and diminishing our carbon footprint.
Headquartered in Saratoga Springs, NY and with satellite offices in
Fairfield, NJ and Orlando, FL, Atlantic Energy Solutions assesses
the energy demands and usages of municipal, corporate and
industrial complexes to improve conservation and apply measures to
bolster savings at the consumer level.
This press release contains statements, which may constitute
"forward-looking statements" within the meaning of the Securities
Act of 1933 and the Securities Exchange Act of 1934, as amended by
the Private Securities Litigation Reform Act of 1995. Those
statements include statements regarding the intent, belief or
current expectations of Atlantic Energy Solutions Inc., and members
of its management as well as the assumptions on which such
statements are based. Prospective investors are cautioned that any
such forward-looking statements are not guarantees of future
performance and involve risks and uncertainties, and that actual
results may differ materially from those contemplated by such
forward-looking statements. Important factors currently known to
management that could cause actual results to differ materially
from those in forward-statements include, but are not limited to,
fluctuation of operating results, the ability to compete
successfully and the ability to complete before-mentioned
transactions. The company undertakes no obligation to update or
revise any forward-looking statements.
CONTACT: Rich Inza ir@atlanticenergy.net 1-866-788-1600
www.atlanticenergy.net
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