The Federal Reserve Bank of Boston has done a study on the real cost of building a green home and they have busted the myth that building green is too costly. The bank has concluded that building green doesn’t break the bank, so to speak.

The intuitive view of most people might be that building green is going to be vastly more expensive and complex than building to the most basic standards required by local code. It follows that we assume affordable housing probably isn’t going to be green. But a recent article in the Communities and Banking magazine published by the Federal Reserve Bank of Boston (FSB) this spring busts the myth that affordable housing and green housing are opposite and mutually exclusive concepts.

The myth doesn’t hold up locally either. We’ve looked at a study of green housing and the energy savings it creates for residents of the Seattle Housing Authority. And in Portland the Housing Authority built its first HOPE VI project green as well. We’ve also looked at the study of housing and health where there is growing evidence that along with materials the location of housing can have an effect on resident’s health – and health care costs. And we’ve considered the savings that building green can create for schools and their communities.