Freddie Mac encourages multifamily owners to get green
McLEAN, Va. – Freddie Mac yesterday launched its Green Advantage initiative. The program is designed to help multifamily property owners make their properties more energy and water efficient.
Under Green Advantage, borrowers can choose either Green Up or Green Up Plus to get better pricing and increase their Freddie Mac loan amounts to finance energy and water efficiency improvements on multifamily properties.
Green Up enables borrowers with qualifying properties to increase the amount of their eligible Freddie Mac multifamily loan by up to 50 percent of projected energy and water savings.
Under Green Up Plus, borrowers can increase the loan amount by up to 75 percent of the projected savings.
Savings are calculated through a Green Assessment (or Green Assessment Plus for Green Up Plus applicants), an evaluation of green opportunities, estimated costs, and projected savings.
Both Green Up and Green Up Plus require a minimum projected savings of at least 15 percent (water or energy usage) and give borrowers up to two years to complete the improvements.
For more on this program, click here.
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