1. Definitions. As used in this section, the following terms shall have the following meanings:

1. (a) "Green residential building standards" means standards, guidelines, a rating system, and/or criteria relating to design and building techniques established or promulgated by the authority pursuant to this section, which are intended to: (i) promote smart growth and smart site planning; (ii) reduce greenhouse gas emissions; (iii) achieve energy efficiency and reduce energy consumption; (iv) facilitate the incorporation of environmentally responsible products; (v) promote the efficient use of natural resources; (vi) promote the conservation of materials and resources; (vii) reduce waste; and (viii) create a healthy indoor living environment.
2. (b) "Owner" means a person who owns a residential building on the date that: (i) a certificate of occupancy is issued to such building in the case of a new residential building; or (ii) substantial renovations to an existing residential building are completed pursuant to standards and criteria established by the authority.
3. (c) "Qualified occupied square footage" means the habitable spaces of a residential building pursuant to standards and criteria established by the authority, and shall not include storage areas, mechanical rooms, utility rooms, and attic and crawl spaces.
4. (d) "Residential building" means a single family home or multi-family home with less than twelve dwelling units pursuant to standards and criteria established by the authority.
5. (e) "Substantial renovations" mean significant improvements or restorations to, or substantial replacement or repair of materials, systems or components of, a residential building pursuant to standards and criteria established by the authority.

3. Incentive payments. (a) As part of the green residential building program created pursuant to this section, the authority is authorized to provide for and award incentive payments to:

1. (i) qualified owners of new residential buildings that the authority determines have been constructed pursuant to applicable green residential building standards, and that satisfy other program standards and criteria as established by the authority, and who have received a certificate of occupancy for such building on and after January first, two thousand ten, and before October thirty-first, two thousand thirteen; and
2. (ii) qualified owners of existing residential buildings that the authority determines have undergone substantial renovations pursuant to applicable green residential building standards, and that satisfy other applicable program standards and criteria as established by the authority, where the renovations to such building are completed on and after January first, two thousand ten, and before October thirty-first, two thousand thirteen. In determining the amount of an incentive payment, the authority is authorized to consider whether the person who is eligible to receive the incentive payment has received, will be receiving or is eligible to receive financial assistance or incentives from any other source for the construction or renovations that are the subject of an incentive payment.

3. (b) No incentive payment made pursuant to this subdivision shall exceed:

   1. (i) with respect to a residential building with two or fewer dwelling units, an amount equal to the product of the amount of qualified occupied square footage, not to exceed two thousand square feet, and three dollars and seventy-five cents;
   2. (ii) with respect to a residential building with greater than two dwelling units but fewer than six dwelling units, an amount equal to the product of the amount of qualified occupied square footage, not to exceed three thousand square feet, and three dollars and seventy-five cents;
   3. (iii) with respect to a residential building with at least six dwelling units, an amount equal to the product of the amount of qualified occupied square footage, not to exceed four thousand square feet, and three dollars and seventy-five cents; and
4. (c) In addition to the limitations on incentive payments set forth in paragraph (b) of this subdivision, no qualified owner shall receive more than one hundred twenty thousand dollars in qualified incentive payments during any calendar year.

5. Reporting. No later than September first, two thousand eleven and September first of each year thereafter, the president shall prepare and furnish a written report to the governor, the temporary president of the senate, and the speaker of the assembly concerning the authority's activities under this section. Such report shall include, but shall not be limited to:

1. (a) the name and address of each recipient of incentive payments made by the authority pursuant to this section during the preceding calendar year;
2. (b) the amount of any incentive payment made to each such person; and
3. (c) a description of the project and the work performed that earned the incentive payment.