Fannie Mae is offering several different loan products to encourage borrowers to include energy efficiency measures in a renovation scope. Loans are available for new construction, rehab, and as a supplemental financing source. Below is a quick summary of each loan product:
Green Building Certification:
Fannie Mae is granting a 10 basis point reduction in the interest rate of a multifamily refinance, acquisition, or supplemental mortgage loan for properties with a recognized green certification. These certifications include Energy Star, LEED, and Enterprise Communities, among others.
Fannie Mae is offering a 10 basis point reduction for multifamily loans, and up to 5% more loan proceeds. A portion of the financing must be used for energy and water efficiency improvements. Properties must achieve at least 20% savings.
Green Preservation Plus:
For affordable, multifamily properties, the Green Preservation Plus loan (formerly the Green Refinance Plus) allows a 5% higher than applicable LTV limitation for the mortgage loan, and a 5 basis point reduction of the interest rate. Energy efficiency improvement costs must equal 5% of the original mortgage loan amount.
For more info:
Andrew Calise, Energy Efficiency Group Manager 207 939 8974
Or learn more here.