The Greater Atlanta Home Builders Association and Southface are pleased to announce that Fannie Mae will reward multifamily properties with a green building certification, such as EarthCraft, with a lower interest rate. EarthCraft is one of several certifications recognized under Fannie Mae’s Green Financing Solutions program, which also includes LEED, ENERGY STAR® and Enterprise’s Green Communities criteria.
For these certified properties, Fannie Mae is now granting a 10 basis point reduction in the interest rate of a multifamily refinance, acquisition or supplemental mortgage loan. For example, if the market interest rate is four percent on the multifamily loan, the new rate is 3.9 percent with this pricing break. Conventional, affordable and co-op properties are eligible.
“This is a great show of leadership by Fannie Mae,” said Dennis Creech, executive director of Southface. “We are proud that the significance of the EarthCraft program in the Southeastern region has been acknowledged by this important Fannie Mae initiative.”
“We clearly see the value in the triple-bottom line of certified green buildings: financial benefits of lower operating costs for owners and tenants; social benefits of better quality housing for renters; and environmental benefits for everyone,” says Jeffery Hayward, executive vice president for multifamily, Fannie Mae. “Our lenders are ready with financing solutions to help multifamily owners make their properties more energy and water efficient for today and for the future.” Learn more at www.fanniemaegreeninitiative.com.
A partnership between the Greater Atlanta Home Builders Association and Southface, EarthCraft was launched in 1999. To date, more than 35,000 units have been certified under the program.