Fannie Mae programs provide incentives for multifamily solar

With green lending programs that spur energy efficient construction in the multifamily sector, Fannie Mae has been supporting environmentally friendly projects for several years.

The lender’s Green Rewards Program can also be used to defray the cost of installing solar panels on multifamily properties including affordable housing projects. Fannie Mae’s Multifamily Green Rewards mortgage loan financing program is for borrowers who have elected to reduce energy and water usage of their property by a combined 30%. At least 15% of the savings must be attributed to energy savings.

The Green Rewards program already offers several benefits, such as lower interest rates, up to 5% more loan proceeds, and free Energy and Water Audit Reports. Fannie Mae recently expanded the program to include a free technical solar assessment of the property for those interested in adding solar power generation.

Fannie Mae, along with Freddie Mac and HUD, offer increasingly competitive green lending products for borrowers, lenders, and anyone involved in the acquisition or re-financing of multifamily properties.

Effective January 1, 2022, New York City requires garage owners to retain a specially designated professional engineer to conduct an assessment and file a report at least once every six years. Hoffmann Architects + Engineers offers tips and best practices on how to comply with NYC Local Law 126 parking garage inspection rules.

Mixed-Use | Oct 20, 2022

ROI on resilient multifamily construction can be as high as 72%

A new study that measured the economic value of using FORTIFIED Multifamily, a voluntary beyond-code construction and re-roofing method developed by the Insurance Institute for Business & Home Safety (IBHS), found the return can be as high as 72%.

Building Team | Oct 18, 2022

Brasfield & Gorrie chairman’s home vandalized by anti-development activists

Activists vandalized the home and vehicles of Miller Gorrie, chairman of Birmingham-based Brasfield & Gorrie, in protest of a planned $90 million, 85-acre police, fire and public safety training center in Atlanta.

Codes and Standards | Oct 17, 2022

Ambitious state EV adoption goals put pressure on multifamily owners to provide chargers

California’s recently announced ban on the sale of new gas-powered vehicles starting in 2035—and New York’s recent decision to follow suit—are putting pressure on multifamily property owners to install charging stations for tenants.

| Oct 13, 2022

Boston’s proposed net-zero emissions code has developers concerned

Developers have raised serious concerns over a proposed new energy code by the City of Boston that would require newly constructed buildings over 20,000 sf to immediately hit net-zero emissions goals.