It's A Good Time To Be Green
Green Financing for Multifamily Housing
For just over a year, the Fannie Mae Green Rewards and Freddie Mac Green Advantage programs have been running at full speed. Both programs offer attractive benefits, in the form of pricing discounts and underwriting of cost savings, to borrowers looking to purchase or refinance a multifamily property. Borrowers are incentivized to make energy- and water-saving improvements to their properties, and the benefit is multifaceted. Borrowers both save money over the ...
A Look Into A Vapor Mitigation Project
Nova Consulting Group, Inc., provided a potential property buyer in Boise, Idaho, with Phase I environmental due diligence services in August 2017. This led to a discovery that the property had used a Perchloroethylene (Perc) machine for spot-cleaning rugs for the past 40 years. The machine was still on site.
The owner of the property (with the original client’s permission) then hired Nova to do a Phase II investigation that measured sub-slab vapor and indoor air ...
Freddie Mac announced earlier this month their Multifamily Green Advantage program, a suite of offerings rewarding borrowers who improve their properties to save energy and water with discounted loan pricing.
Tipping the scales for financing upgrades to multifamily housing toward sustainability, this new program from Freddie Mac has the potential to unleash large amounts of capital for green building improvements. This is very good news for green building.
Property owners who commit to reduce energy and water consumption by at least 15 percent ...
Investors expect 2016 to be another great year for commercial real estate, as noted in KPMG LLP‘s 2016 Real Estate Industry Outlook Survey.
Succinctly put, Phil Marra, national real estate funds leader with KPMG, told Commercial Property Executive, “Respondents to our survey remain cautiously optimistic about the real estate investment environment in 2016.”
KPMG queried senior executives across the industry, and on the topic of real estate fundamentals in 2016…well, there couldn’t be a more positive group. A whopping 91 percent of respondents expect ...
Freddie Mac's Green Rebate offering encourages borrowers on first mortgages to use the U.S. Environmental Protection Agency’s ENERGY STAR® Portfolio Manager® tool to assess the energy performance of their multifamily properties, as a first step in identifying opportunities for improvements. As an incentive to borrowers to make this assessment, Freddie Mac will now provide a rebate of $5,000 for new loans when the ENERGY STAR Score for the property is reported, regardless of the score achieved.
All multifamily buildings with greater than 20 units are eligible ...
The City Council of Kansas City, Missouri, passed an Energy Empowerment Ordinance addressing energy use in existing municipal, commercial, and residential buildings by requiring energy benchmarking. Under the ordinance, building owners will be required to track whole-building energy and water use and report it to the city annually.
Participating buildings will be phased in, starting with municipal buildings over 10,000 square feet in 2016 and expanding to include private commercial and multifamily residential buildings over 100,000 square feet in 2017. All private ...
A new study from the Institute for Market Transformation (IMT) reports that green leases have the potential to save the U.S. office market $3.3 billion annually—cutting energy consumption by up to 22%. “Green leases address energy saving problems by aligning landlord and tenants incentives so that both win when the building is upgraded to be more efficient,” said Cliff Majersik, Executive Director of IMT, a nonprofit based in Washington, DC that focuses on improving energy efficiency in buildings. “This report quantifies ...
The city council has unanimously passed a comprehensive energy and water efficiency policy that will reduce energy use in large buildings, drive down carbon emissions, and create more transparency in the real estate market. The ordinance contains required annual benchmarking and transparency, as well as required audits every ten years and voluntary retrocomissioning.
Logistically, participating buildings will be phased into benchmarking compliance. Municipal buildings over 10,000 square feet and non-city covered buildings over 50,000 square feet will be required to submit their ...
The Portland City Council held a hearing last week on a new Energy Performance Reporting Policy and will make a decision whether to approve it on April 22. A spokesman for the city said, “it looks positive” that the new mandated energy reporting for commercial buildings will be approved.
If so, Portland will become the 12th city in the nation to institute such a policy. In Portland’s case, the policy would replace a voluntary program for building owners to track their energy ...
Owners of large commercial buildings (greater than 50,000 square feet) can now report their 2014 energy and water usage by visiting www.phila.gov/benchmarking and clicking Get STarted. All buildings must report by June 30, 2015.
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Philadelphia passed the Energy Conservation Ordinance in 2012. Building Owners are required to benchmark building energy use.
The Energy Conservation Ordinance passed on June 1, 2012. Non-residential buildings of more than 50,000 square feet are required to benchmark energy and water consumption through Energy Star’s Portfolio ...