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
| Apr 27, 2012
GreenExpo365.com to offer webinars on EPA’s WaterSense Program
Architects and builders interested in developing water-efficient buildings invited to attend free sessions featuring experts discussing water-efficient building practices.
| Apr 19, 2012
KTGY Group’s Arista Uptown Apartments in Broomfield, Colo. completed
First of eight buildings highlights unique amenities.
| Apr 6, 2012
Batson-Cook breaks ground on hotel adjacent to Infantry Museum & Fort Benning
The four-story, 65,000-ft property will feature 102 hotel rooms, including 14 studio suites.
| Mar 27, 2012
Precast concrete used for affordable, sustainable housing in New York
Largest affordable housing development in the nation will provide housing for close to 500,000 people.
| Mar 19, 2012
Mixed-use project redefines Midtown District in Plantation, Fla.
Stiles Construction is building the residential complex, which is one of Broward County’s first multifamily rental communities designed to achieve LEED certification from the USGBC.
| Mar 6, 2012
Country’s first Green House home for veterans completed
Residences at VA Danville to provide community-centered housing for military veterans.
| Mar 1, 2012
Reconstruction of L.A.’s Dunbar Hotel underway
Withee Malcolm Architects’ designs for the project include the complete renovation of the Dunbar Hotel and the Somerville Apartments I and II.
| Feb 15, 2012
NAHB sees gradual improvement in multifamily sales for boomers
However, since the conditions of the current overall housing market are limiting their ability to sell their existing homes, this market is not recovering as quickly as might have been expected.
| Feb 10, 2012
Atlanta Housing Authority taps Johnson Controls to improve public housing efficiency
Energy-efficiency program to improve 13 senior residential care facilities and save nearly $18 million.
| Feb 8, 2012
Nauset completes addition and renovation for Winchester senior living community
Theater, library, fitness center, and bistro enhance facility.