June 1, 2011
According to an FHA press release, “Approximately every 10-to-15 years, owners of existing multifamily affordable properties typically refinance their mortgages.” The release goes on to say that those who purchased older buildings may find it difficult to get approved for “additional financing to maintain or improve the physical condition of their properties, including making energy-efficient upgrades.”
That’s where the FHA’s new program comes in. U.S. Housing and Urban Development Secretary Shaun Donovan has announced Green Refinance Plus, a joint program offered between the Federal Housing Administration (FHA) and Fannie Mae. Green Refinance Plus allow owners of “existing affordable rental housing properties to refinance into new mortgages that include funding for energy- and water-saving upgrades, along with other needed property renovations.”
In the press release, HUD Secretary Shaun Donovan was quoted saying,
Joe Wallace has been specializing in military and personal finance topics since 1995. His work has appeared on Air Force Television News, The Pentagon Channel, ABC and a variety of print and online publications. He is a 13-year Air Force veteran and a member of the Air Force Public Affairs Alumni Association. He was Managing editor for www.valoans.com for (8) years and is currently the Associate Editor for FHANewsblog.com.
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