HUD, Fannie Mae Announce New: Green Refinance Program for Affordable Properties

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Tax Credit Advisor, July 2011: The U.S. Department of Housing and Urban Development and Fannie Mae have unveiled a new program to refinance existing affordable multifamily rental housing properties and provide funds to pay for energy and water efficiency upgrades.

The Green Refinance Plus program, being offered through Fannie Mae’s network of Delegated Underwriting and Servicing (DUS) and Special Affordable lenders, is an enhancement of the standard Fannie Mae/Federal Housing Administration (FHA) Risk Sharing program. However, it permits lower debt service coverage and higher loan-to-value ratios to generate extra loan proceeds to finance property rehabilitation and energy retrofits. Read More…