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
| Aug 11, 2010
Bovis Lend Lease, Webcor among nation's largest multifamily contractors, according to BD+C's Giants 300 report
A ranking of the Top 50 Multifamily Contractors based on Building Design+Construction's 2009 Giants 300 survey. For more Giants 300 rankings, visit http://www.BDCnetwork.com/Giants
| Aug 11, 2010
Looney Ricks Kiss Architects wins industry honors for mixed-use, multifamily, and residential designs
Looney Ricks Kiss Architects won four Aurora Awards for its architectural designs during the recent Southeast Building Conference in Orlando, including a Grand Aurora Award for a Mixed Use Multi Family community located in the West Village area of Dallas.
| Aug 11, 2010
Jacobs, Arup, AECOM top BD+C's ranking of the nation's 75 largest international design firms
A ranking of the Top 75 International Design Firms based on Building Design+Construction's 2009 Giants 300 survey. For more Giants 300 rankings, visit http://www.BDCnetwork.com/Giants
| Aug 11, 2010
See what $3,000 a month will get you at Chicago’s Aqua Tower
Magellan Development Group has opened three display models for the rental portion of Chicago’s highly anticipated Aqua Tower, designed by Jeanne Gang. Lease rates range from $1,498 for a studio to $3,111 for a two-bedroom unit with lake views.
| Aug 11, 2010
Architecture Billings Index flat in May, according to AIA
After a slight decline in April, the Architecture Billings Index was up a tenth of a point to 42.9 in May. As a leading economic indicator of construction activity, the ABI reflects the approximate nine to twelve month lag time between architecture billings and construction spending. Any score above 50 indicates an increase in billings.
| Aug 11, 2010
Construction employment declined in 333 of 352 metro areas in June
Construction employment declined in all but 19 communities nationwide this June as compared to June-2008, according to a new analysis of metropolitan-area employment data released today by the Associated General Contractors of America. The analysis shows that few places in America have been spared the widespread downturn in construction employment over the past year.
| Aug 11, 2010
Jacobs, Hensel Phelps among the nation's 50 largest design-build contractors
A ranking of the Top 50 Design-Build Contractors based on Building Design+Construction's 2009 Giants 300 survey. For more Giants 300 rankings, visit http://www.BDCnetwork.com/Giants
| Aug 11, 2010
Arup, SOM top BD+C's ranking of the country's largest mixed-use design firms
A ranking of the Top 75 Mixed-Use Design Firms based on Building Design+Construction's 2009 Giants 300 survey. For more Giants 300 rankings, visit http://www.BDCnetwork.com/Giants
