17 Jun '11, 1pm

HUD has unveiled a green refinancing program,

The Department of Housing and Urban Development (HUD) announced a new program that will allow owners of existing affordable rental housing developments to refinance into new mortgages that include funding for energy-efficient upgrades. Under Green Refinance Plus, the Federal Housing Administration (FHA) and Fannie Mae will share the risk on loans to refinance existing rent-restricted projects while allowing owners to borrow additional funds to make the green retrofits. HUD Secretary Shaun Donovan and Ken Bacon, vice president for multifamily business at Fannie Mae, announced the new program May 31 at Eden Issei Terrace, a 100-unit affordable seniors housing development in Hayward, Calif. Owned by Eden Housing, the nearly 30-year-old property recently underwent a rehab that included the addition of water-saving fixtures and solar panels. Green Refinance Plus is intended to ...

Full article: http://www.ecohomemagazine.com/news/2011/06-june/hud-unve...

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