Retrofit your home "Green"

FHA, Fannie Mae Launch Energy Efficiency Retrofit Program

The U.S. Housing and Urban Development Department (HUD) announced on May 31 its Green Refinance Plus, a program between HUD's Federal Housing Administration (FHA) and Fannie Mae to boost energy efficiency in older affordable housing. The program will allow owners of existing affordable rental housing properties to refinance into new mortgages that include funding for energy- and water-saving upgrades, along with other needed property renovations.

Under the program, FHA and Fannie Mae will share the risk on loans to refinance existing rent-restricted projects while permitting owners to borrow additional funds to make energy-saving improvements to their properties. Owners of existing multifamily affordable properties typically refinance their mortgages every 10 to 15 years. In older apartment buildings, however, owners are often hard-pressed to find additional financing to maintain or improve the physical condition of their properties, including making energy-efficient upgrades. Soon, Fannie Mae and its participating lenders will begin accepting applications to refinance owners' debt and improve the energy efficiency of their properties.

The initiative is intended to refinance the expiring mortgages of Low Income Housing Tax Credit properties, and other affordable projects, and to lower annual operating costs by reducing energy consumption. Fannie Mae and HUD anticipate approximately $100 million in initial refinance volume with an average loan amount of $3.5 to $5 million. See the HUD press release and a fact sheet about the Green Refinance program.

Compliments,

U.S. Dept of Energy

Investing in a Green Home

Environmentalism Makes a Market for Itself

Take this as a fact for your future: green homes will soon be more valuable than non-green homes of a similar ilk. There are countless reasons why you should invest in a green home today, and an increasing demand for green products has spawned an exponentially expanding “green market.” Green-for-green, if you will. As green homes increase in demand, they will become a profitable investment, and so will the companies that contribute to the construction, design, and research of these homes. Here are some of the many benefits of going green:

Less Maintenance & Higher Resale Value

Green building exceeds basic building code requirements by using premium materials that are more durable and often of a higher quality. Green Building methods (better construction, attention to detail) enhance a home’s performance and reduce maintenance and replacement costs, kicking your home’s value up through quality construction.

Increased Quality of Life

A smart, tight design makes green homes significantly more comfortable and efficient than other homes. Green construction also encourages use of products and materials that reduce or eliminate sources of indoor pollution, keeping the air safe and healthy for everyone. Healthier paints, adhesives, and stricter emission and ventilation requirements help to achieve a healthy home.

A Solid Investment and a Better Mortgage

Green homes are more energy efficient and can result in utility bills being up to 65% lower. Green building promotes sustainable communities, a diverse economy and reduces our impact on the environment. Not only are green homes a solid investment, but going green can also snag you an Energy Efficient Mortgage or EEM, which makes it easier for borrowers to qualify for loans to purchase homes with specific energy-efficiency improvements.

EcoBrokers

EcoBrokers deal specifically with green homes, and organizations like the AEEREP (www.aeerep.org) are uniting to stimulate the green market through education and exposure of green principles throughout the world. After all, the benefits are tangible when you live in a green home: energy costs are lower, homes are more comfortable, and a smaller carbon footprint is left by your home.