Feds launch green retrofit program for multifamily housing
June 08, 2011
http://www.huffingtonpost.com/shaun-donovan/greener-homes-means-a-str_b_...) Nearly a third of HUD’s Recovery Act funds can be used for making America’s affordable housing stock more efficient, Donovan says. “With these funds, we are on track to provide 245,000 affordable homes with a range of energy improvements, while another 55,000 receive green retrofits that will save up to 40 percent in energy costs.” While FHA provides additional insurance coverage for the program, Fannie Mae will provide loan underwriting that will generate additional loan proceeds to make green improvements. A typical development will be able to access a loan with what amounts to a 5 percent premium to use for efficiency improvements. For a $5 million loan, that means an additional $250,000 will be available to support green systems and appliances, Donovan says.