Details | Green Rewards Program


Funder

 

Fannie Mae

Implementer

 

Fannie Mae Lenders

Description

 

The Green Rewards financing program is available to multifamily, seniors, students, military, and cooperatives with either conventional or affordable housing. This 5 to 3no-year loan must be used for improvements that will reduce annual energy or water use by at least 20% and the improvements must be installed within a year of the loan origination for small rehabs and up to three years for large rehabs. The program provides a lower interest rate than non-green DUS financing, a free energy and water audit report, up to 5% more loan proceeds, and increased net cash flow by underwriting a portion of projected energy and water cost savings specifically 75% of the owner projected cost savings and 25% of the tenant projected costs. Some improvements eligible in this program include new ENERGY STAR appliances, energy efficiency HVACs, low-flow toilets, solar-energy systems, and others.

Funding guidance

 

Applications open

 

None

Applications close

 

None

Type

 

Secured Loan

Category

 

Financing

Territory

 

United States

Applicant type

 

For Profit  |  Private Resident

Project

 

Rehabilitation of Existing Whole Building  |  Rehabilitation of Part of an Existing Building

Sector

 

Residential

Sub-sector

 

Multi Family

Sustainability

 

Energy Efficiency in Buildings  |  Energy Management System  |  Energy Storage  |  Generation Systems  |  Water Use Reduction

Small business

 

False

Disadvantaged communities

 

False

Cost sharing amount

 

None

Cost sharing percent

 

None

Cost sharing note

 

Minimum repayment years

 

None

Maximum repayment years

 

None

Interest rate comment

 

Incentive