09 Jun '11, 3pm

Green Refinance Program to Help Affordable Housing Owners Upgrade Energy

The U.S. Housing and Urban Development Department (HUD) announced a new refinancing program that could boost energy efficiency in older affordable housing. Owners of older multifamily affordable properties often find it difficult to get financing to maintain or improve the physical condition of their properties, including making energy-efficient upgrades. Owners of newer properties typically refinance their mortgages every 10-15 years to make improvements. The Green Refinance Plus program, to be administered by HUD's Federal Housing Administration (FHA) and Fannie Mae, will make that financing available to owners of older properties. They anticipate approximately $100 million in initial refinance volume with an average loan amount of $3.5 to $5 million. FHA and Fannie Mae will share the risk on loans to refinance existing rent-restricted projects, and owners will be able t...

Full article: http://www.sustainablebusiness.com/index.cfm/go/news.disp...

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HUD has unveiled a green refinancing program,

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The Department of Housing and Urban Development (HUD) announced a new program that will allow owners of existing affordabl...

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