HUD, Fannie Mae Launch Refinance Program to Fund Green Retrofits for Affordable Housing

摘要

HUD and Fannie Mae have launched an FHA Green Refinance Plus program to pay for energy and water efficiency improvements for existing low-income housing tax credit and other affordable housing projects. Under the program, which is an enhancement of the Fannie Mae-FHA risk-sharing program, FHA and Fannie Mae will share the risk on loans to refinance expiring mortgages on rent-restricted projects and allow owners to borrow additional funds for green retrofits and other renovations. Initial volume for the program is expected to total $100 million, with an average loan amount of $3.5 million to $5 million.