Administrator
Freddie Mac
Program name
Green Up® and Green Up Plus®
Program summary
Borrowers who commit to saving at least 30% in energy and/or water usage may get better pricing or additional funds to make these improvements.
Applicable building size
5 or more residential units.
Opportunity
Improvements must be able to reduce whole-property energy consumption by at least 15% and reduce either energy and/or water whole-property consumption by an additional 15% for a total of 30% reduction in whole-property energy and water consumption.
- Green Up®: Improvements based on the Green Assessment, a straight-forward property analysis to find improvement opportunities. Will underwrite up to 50% of projected energy savings.
- Green Up Plus®: Improvements based on the Green Assessment Plus, based on an ASHRAE Level 2 energy audit to find improvement opportunities. Will underwrite up to 75% of projected energy savings.
Funding
- Incentive/funding details. Works with 7- and 10-year fixed-rate Freddie Mac Multifamily Optigo loans, backed by properties with rents at affordable and workforce housing levels.
- Contract structure. See term sheet for details.
- Amount (max, min, average). Varies by property type.
- Simple payback. Varies based on efficiency improvements selected.
- Tax and balance sheet. See term sheet for details.
- Pairing with other sources. See term sheet for details.
Process
- When in the project process an application should be started/completed. Borrowers have up to two years to complete the improvements.
- Level of effort required. Part of standard loan application process.
- Length of time to receive funding. Typical timeline for multifamily financing.
Additional information
- Advantages. Offers better pricing and more loan proceeds; will underwrite a portion of the projected energy savings.
- Ownership types or organizations are best suited for the program. Property owners looking to acquire or refinance a multifamily property.
- Program fit for customer. A property owner looking for better pricing and more funding to improve a property with rents at affordable and workforce housing levels.
Take action
Visit the Freddie Mac website.