AN ENERGY AND COST SAVING SOLUTION FOR PROPERTY IMPROVEMENTS
For multifamily property owners who have considered making energy and water-saving upgrades but who couldn't finance the upfront costs, now is the time. The New York City Multifamily Property Improvements to Reduce Energy (M-PIRE) Loan provides additional financing opportunities for property owners within NYC's five boroughs.
The Fannie Mae Multifamily Green Initiative is designed to improve the energy and water efficiency, enhance the financial and environmental sustainability, and extend the useful life of the country's multifamily housing stock. This mission benefits entities and individuals with a vested interest in the affordability and stability of market rate and affordable multifamily rental properties, from borrowers and lenders to tenants and investors.
Fannie Mae Multifamily Mortgage Business (MMB) launched the Green Initiative in June 2010. The goal of the Multifamily Green Initiative is to make the buildings we finance more energy efficient because more energy efficient properties cost less to operate, are more affordable to tenants, are less subject to energy cost fluctuations, and have the added benefit of reducing energy consumption and greenhouse gas emissions. MMB is using a systematic approach to accomplish this goal, addressing each point in the mortgage finance life cycle from origination through underwriting, servicing, asset management, and even workouts.
Since the launch of the initiative, we have had significant accomplishments, including the introduction of Green Refinance Plus, the first Multifamily Loan product designed to make affordable properties more energy and water efficient. We have received tremendous positive recognition and support from borrowers, lenders, policy makers, and industry groups, such as ULI, NMHC, National Housing Trust, HUD, the Department of Energy, United Dominion Realty Trust, and Equity Residential. MMB is in a position to build on our early success to make a transformative change to the multifamily mortgage market by including energy considerations into the underwriting, financing and asset management of a multifamily asset.
The Fannie Mae Multifamily Green Initiative Team is implementing projects that support the pillars of the strategy. A subset of these projects includes:
For more information email the Fannie Mae Multifamily Green Initiative Team.