November 5, 2024 4:45 pm
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Fannie introduces financing option for green home improvements

Green House

Green HouseBy Jacob Passy | National Mortgage News

Fannie Mae has created a new financing option for multifamily properties looking to undergo energy- and water-cost saving improvements.

In exchange for investing in environmentally friendly improvements, Fannie Mae’s new Green Rewards program will deliver property owners extra loan proceeds and a lower all-in interest rate. The program is now available nationwide to both conventional and affordable multifamily properties as well as for cooperatives, senior, military and student housing properties, according to a press release Thursday.

A portion of project energy- and water-cost savings is factored into the loan’s underwriting as part of Green Rewards. This allows for greater loan proceeds to result than a typical loan. Additionally, Green Rewards lowers the all-in interest rate by 10 basis points for further savings.

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