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Green-Certified Multifamily Sees Fannie Mae Drop Rates

Green-Certified Multifamily Sees Fannie Mae Drop Rates
Fannie Mae proclaimed their commitment to a more eco-friendly and green multifamily industry by announcing in February that they will be offering special, discounted or lower interest rates on any of the loans they make to any certified energy-efficient multifamily properties. The idea of offering deep discounts to property owners who are willing to improve their properties’ energy performance doesn’t just make for a more sound investment in our future; this move is also designed to see the overall quality and affordability of these multifamily properties improve in the long run. Fannie has agreed to lower the interest rates on any loans they make that either refinances, acquires, or is made as a supplemental multifamily mortgage loan on any qualifying green property by 10 basis points. Fannie’s new program is designed to push multifamily builders and investors to seek more energy efficient alternatives for their new and existing projects. This push is seen as a much needed incentive for decision makers who might be on the fence about building or converting over to green energy and efficiencies. This comes at a time when gaining green certification means becoming eligible for a number of green funding opportunities and a variety of rebate programs designed to help balance the additional costs of executing any new energy conversions. Because of this cost offset – which can sometimes equal the total cost of the conversion - more commercial investors and owners are choosing to gain Energy Star, LEED, and/or one of the other certifications available for ene......
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