Freddie Mac recently announced a continued commitment to the Green Advantage program by shifting focus to workforce housing. Green Advantage offers better pricing and more funds for 7-10 year, fixed-rate loans on workforce housing properties when the borrower commits to energy-saving improvements.
Freddie Mac defines workforce housing as a property in which at least 50% of the rents are affordable based on Area Median Income. Freddie Mac will reimburse up to $4,000 (previously $3,500) for a Green Assessment or Green Assessment Plus Report. This reimbursement applies whether or not the loan qualifies as green, as long as the loan closes with Freddie Mac.
In addition, a borrower may underwrite up to 50% of projected owner-paid energy and/or water savings based on a Green Assessment Report and up to 75% of projected owner-paid energy and/or water savings based on a Green Assessment Plus Report. Interested borrowers with eligible properties must order a green report from a qualified provider.
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