Qualified Green Building and Sustainable Design Project Law and Legal Definition

Qualified green building and sustainable design project is a type of tax-exempt private activity bond issue. Ninety five percent or more of the net proceeds of a qualified green building and sustainable design project is used to finance qualified green building and sustainable design projects, as designated by the Secretary of the Treasury, after consultation with the Administrator of the Environmental Protection Agency. The project must be nominated by a state or local government, and the issuer must submit a detailed application to the Treasury Department for consideration, and, on approval, allocation of a specified issuance amount.