WASHINGTON, April 29, 2015 /PRNewswire/ -- The U.S. Environmental Protection Agency (EPA) has recognized Fannie Mae with a 2015 ENERGY STAR® Partner of the Year – Energy Efficiency Program Delivery Award for its outstanding efforts to increase adoption of energy-efficient policies and practices in multifamily housing. Fannie Mae's accomplishments were recognized at an awards ceremony dinner in Washington on April 20, 2015.
Fannie Mae, an ENERGY STAR partner since 2011, was honored for its work in helping multifamily owners make their properties more environmentally sustainable by reducing energy and water consumption, which in turn reduces expenses and improves overall property quality.
"This award recognizes Fannie Mae's commitment to quality, affordable and sustainable rental housing in every market, every day," said Jeffery Hayward, Executive Vice President for Multifamily, Fannie Mae. "Fannie Mae is leading the way in providing industry tools, such as the ENERGY STAR score, and Green financing for smart property improvements that reduce energy use, lower utility costs for owners and tenants, and preserve long term property value."
Fannie Mae's accomplishments in promoting energy efficiency policies and practices include gathering nationwide multifamily data resulting in the EPA's newest ENERGY STAR Score, the 1 – 100 ENERGY STAR Score for Multifamily Housing. Fannie Mae integrated the ENERGY STAR Score into the standard multifamily mortgage processes in order to allow owners and lenders to assess a property's energy performance as part of its financial performance.
"Before the score's launch, it was difficult, if not impossible, to compare the energy performance of a 1950s vintage multifamily property located in a city with a 1970s garden-style property located in the suburbs," said Chrissa Pagitsas, Director of Fannie Mae Multifamily's Green Initiative. "With the ENERGY STAR Score for Multifamily Housing, owners can look at the ENERGY STAR score of each property and get immediate insight into which one is performing better. And, more importantly, owners can decide where to invest in energy cost-reducing property improvements."
Since its inception in 1992, ENERGY STAR and its partners have helped prevent more than two billion metric tons of greenhouse gas emissions. In 2013 alone, ENERGY STAR and its partners provided more than $11 billion in societal benefits due to reducing damages from climate change.
"Fannie Mae is helping transform the market for energy efficiency by leading in implementing ENERGY STAR programs," said EPA Administrator Gina McCarthy. "Using ENERGY STAR resources, Fannie Mae is broadening access to energy-saving approaches that grow the economy and protect the climate."
In addition to leading efforts to develop the new 1 – 100 ENERGY STAR Score for Multifamily Housing, Fannie Mae announced in February that multifamily properties with a Green Building Certification such as LEED or ENERGY STAR will receive a 10 basis point reduction in the interest rate on new loans. Fannie Mae also reduced the all-in interest rate on Green Preservation Plus loans by 10 basis points. Green Preservation Plus supports the preservation of affordable housing, and provides up to an additional five percent in loan proceeds to affordable housing owners seeking to make energy and water efficiency upgrades. Fannie Mae is the market leader in providing green solutions to the multifamily industry, providing over $130 million in Green Financing since 2012.
For more information on Fannie Mae's Multifamily Green Initiative, please visit www.fanniemaegreeninitiative.com. For a complete list of 2015 winners and information, and more information about ENERGY STAR's awards program, visit www.energystar.gov/awardwinners.
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ENERGY STAR® is the simple choice for energy efficiency achievements. For more than 20 years, people across America have looked to EPA's ENERGY STAR program for guidance on how to save energy, save money, and protect the environment. Behind each blue label is a product, building, or home that is independently certified to use less energy and cause fewer of the emissions that contribute to climate change. Today, ENERGY STAR is the most widely recognized symbol for energy efficiency in the world, helping families and businesses save $300 billion on utility bills, while reducing greenhouse gas emissions by two billion metric tons since 1992. Join the millions who are already making a difference at energystar.gov.
SOURCE Fannie Mae