Owners of apartment buildings and cooperatives may be eligible for loans with reduced interest rates for upgrades that reduce their energy or water consumption by at least 20%, under a new Fannie Mae refinancing program.
A property owner seeking to refinance a $10 million loan with the new Green Rewards for Multifamily program could receive an additional $250,000 in a loan to make energy- and water- saving improvements that would reduce annual $140,000 energy and water costs by 30%. The owner could qualify for an interest rate reduction of 10 basis points, which would yield a savings of more than $98,000 in total interest over 10 years.
The program is intended for property owners to make smart investments that reduce energy and water expenses, generate electricity or result in a third-party green building certification, including installing ENERGY STAR certified HVAC systems, electricity-generating solar panels, water-reducing irrigation systems, or applying for a Green Building Certification, such as ENERGY STAR or U.S. Green Building Council’s Leadership in Energy and Environmental Design (LEED) certification, according to Fannie Mae.
Earlier this year, Fannie Mae unveiled another program that offers financial incentives to multifamily developers who build green properties. The Multifamily Green Building Certification Pricing Break reduces interest rates on refinancing, acquisition, and supplemental loans by 10 basis points for developers whose buildings qualify for LEED, Energy Star or Enterprise Green Communities programs.
Related Stories
High-rise Construction | Jun 15, 2015
Cornell Tech breaks ground on world's first Passive House residential high-rise
To achieve Passive House standards, Cornell Tech Residential will incorporate a number of sustainability-focused design elements. The façade, constructed of a prefabricated metal panel system, acts as a thermally insulated blanket wrapping the building structure.
Wood | Jun 2, 2015
Michael Green Architecture designs world's tallest wood building for Paris competition
“Just as Gustave Eiffel shattered our conception of what was possible a century and a half ago, this project can push the envelope of wood innovation with France in the forefront," said architect Michael Green of the project.
Multifamily Housing | Jun 1, 2015
Sacramento moves forward on multifamily project with new modular supplier
Guerdon Modular Buildings will provide modules for 118 apartments.
Multifamily Housing | May 30, 2015
Energy Department releases resources to assess building energy benchmarking policies, programs
The new handbook demonstrates methodologies using real data from New York City.
Multifamily Housing | May 28, 2015
Census Bureau: 10 U.S. cities now have one million people or more
California and Texas each have three of the one-million-plus cities.
Multifamily Housing | May 27, 2015
‘European’ living comes to The Woodlands with its first condo tower
Treviso at Waterway Square will offer a dynamic downtown setting with numerous live/work/play options.
Multifamily Housing | May 19, 2015
Zaha Hadid unveils 'interlocking lattice' design for luxury apartments in Monterrey, Mexico
Hadid's scheme was inspired by the Mexican tradition of interlocking lattice geometries.
Multifamily Housing | May 19, 2015
Study: Urban land use policies costs U.S. economy $1.6 trillion a year
The research contends that more affordable housing options can help cities generate significantly more income.
Multifamily Housing | May 17, 2015
New York City runs into affordable housing dilemma
New York City’s affordable housing policy has created attractive low-cost housing, but the price of success has been high.
Sponsored | Coatings | May 14, 2015
Prismatic coatings accent the new Altara Center
This multi-use campus will contain a university, sports facilities, medical center, and world-class shopping
