Mais conteúdo relacionado Semelhante a Fannie Mae & WegoWise webinar 10-27-2016 (20) Fannie Mae & WegoWise webinar 10-27-20162. © 2016 Fannie Mae. Trademarks of Fannie Mae. 2
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Today’s Speakers
Karyn Sper
Program Manager, Green Financing
Business, Fannie Mae
Dan Teague
Vice President of Business Development,
WegoWise
4. © 2016 Fannie Mae. Trademarks of Fannie Mae. 4
Fannie Mae Mission and Portfolio
Fannie Mae provides liquidity, stability, and affordability to
the secondary mortgage market
Fannie Mae’s Multifamily provides financing for:
Market Rate, Affordable, Seniors, Student, Military, Manufactured Housing,
and Cooperative properties
Approximately 19% of all U.S. Multifamily Mortgage Debt outstanding as of
Q1 2016
Property
Owner
DUS®
Lender
Fannie
Mae
Multifamily
MBS
Investors
$
Loan
$
Mortgage
$
MBS
5. © 2016 Fannie Mae. Trademarks of Fannie Mae. 5
Our Green Financing Framework
Fannie Mae Multifamily Green Financing targets a
positive, measureable impact to
each pillar of the Triple Bottom Line.
Financial
• Lower credit risk
• Higher cash flows
• Higher property value
Social
• Greater affordability for
tenants
• Higher quality, more durable
housing
• Healthier housing
Environmental
• Lower use of energy, water,
and natural resources
• Greater resiliency to natural
disasters
6. © 2016 Fannie Mae. Trademarks of Fannie Mae. 6
2012-2015
• Piloted Green Financing products
• Launched Green MBS
• Developed ENERGY STAR Score for
Multifamily with US EPA
• Developed High Performance Building
Module scope
2016
Delivered $1.6B
through
September 2016
Building the foundation for Multifamily
Green Financing
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Simplifying
the Path to
Green
Financing
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Green Rewards provides real financial value
Fannie Mae Green Rewards features
Pricing incentive Up to 39 bps off fixed rate conventional pricing
HPB (Energy and Water Audit) Report Cost 100% paid by Fannie Mae
Credit to Underwritten NCF (optional)
75% of owner projected cost savings and/or
25% of tenant projected cost savings
Additional Loan Proceeds Up to additional 5%, subject to LTV constraints
Green Improvement Escrows
Escrow capital for improvements generally at 100%
of cost
Min. Green Improvement Budget/Unit None
Energy collection requirements for HPB
10% sampling of tenant data required only if
underwriting tenant projected cost savings
9. © 2016 Fannie Mae. Trademarks of Fannie Mae. 9
Green Rewards Additional Terms
Fannie Mae Green Rewards
Minimum Targeted Reduction 20% reduction in energy or water use
Eligibility
Conventional, MAH, seniors, students, military,
coop. MHC excluded.
Pricing Fixed and Variable Rate
DSCR / LTV Standard program requirements
High Performance Building Module Vendors Any vendor that meets Form 4099 requirements
Capital Improvements
Must be completed within 12 month of loan close.
Lender must include list in Repair Agreement.
Report Cost Reimbursement
Loan must commit and deliver as Green Rewards
for cost of HPB Report to be reimbursed
ENERGY STAR® Reporting
Annual reporting of ENERGY STAR Score for life
of loan
10. © 2016 Fannie Mae. Trademarks of Fannie Mae. 10
Ideal Fit for Green Rewards
Properties built 2002 and before
Value-add acquisitions
Capital investment at refinance
Master-metered and tenant sub-metered properties
Looking for extra proceeds and/or better pricing
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Reducing water costs, accessing
additional loan proceeds
Green Rewards Loan $22.8M, Refinance, Fixed Rate
Property 156 units, 1984 construction
Budget / unit $301
Improvements
Low-flow faucets
Low-flow showerheads
Low-flow toilets
Drip irrigation
ENERGY STAR® washing machines
Additional Loan Proceeds /
Underwriting
$8,253 savings underwritten;
1% additional proceeds
Energy/Water Use Reduction 4% Energy, 20% Water
12. © 2016 Fannie Mae. Trademarks of Fannie Mae. 12
Making significant investments in central
systems, accessing pricing and proceeds
Loan $5.6M, Refinance, Fixed Rate
Property 60 units, 1966 construction
Budget / unit $2,300
Improvements
Replace heating plant
Replace hot water boiler
Additional Loan Proceeds /
Underwriting
$23,550 savings underwritten;
2.7% additional proceeds
Energy/Water Use Reduction 23% Energy, 0% Water
13. © 2016 Fannie Mae. Trademarks of Fannie Mae. 13
Access more loan proceeds by underwriting
75% of owner’s cost projection savings
Loan without
Green Rewards
Green Rewards
Total Property Projected Utility Savings $0 $40,000
Owner Credit to NCF $0 $30,000 (75%)
NCF + % of Projected Savings $805,000 $835,000
DSCR 1.25 1.25
LTV 75% 77%
Value at 6% cap rate $13,420,000 $13,420,000
Loan Amount $10,000,000 $10,372,000
% Proceeds over Non-Green Loan 3.7%
Underwriting owner and/or tenant savings is optional.
14. © 2016 Fannie Mae. Trademarks of Fannie Mae. 14
Green Building Certification Pricing Break
Available for any Fannie Mae Loan on a property with a
current, eligible Green Building Certification
Conventional or Affordable, First lien or Supplemental
No restriction on interest rate type, loan term, or loan size
Eligible Green Building Certifications:
EarthCraft Multifamily
ENERGY STAR®
Enterprise Green Communities
National Green Building Standard
Green Globes
GreenPoint Rated
LEED
15. © 2016 Fannie Mae. Trademarks of Fannie Mae. 15
Green Building Certification Pricing Break
features
Preferential pricing reduces the interest rate of most loans
Up to 39 bps off fixed rate conventional pricing
Accept internationally recognized certifications
…and more
Provide longest timeframe for certification to be delivered:
not required until rate lock
No affordability is required to access the
Green Building Certification Pricing Break
16. © 2016 Fannie Mae. Trademarks of Fannie Mae. 16
Measuring Energy Performance in
Multifamily Housing
Measuring energy performance challenging for multifamily
Difficulty of obtaining whole building data
No nationwide data set available
ENERGY STAR®
Data set from 2012 Fannie Mae survey used by EPA to develop ENERGY
STAR® 1-100 Score for Multifamily Housing
Recognized as a 2015 and 2016 ENERGY STAR® Partner of the Year in
Energy Efficiency Program Delivery
Ongoing Reporting
Define relationship between financial performance and energy performance
Annual energy performance reporting required from 1000+ properties
All Green loans required to report annual energy performance
17. © 2016 Fannie Mae. Trademarks of Fannie Mae. 17
Additional Green Financing solutions
Green Preservation Plus: preserves quality Multifamily
Affordable (MAH) housing
o Features include 1.15 DSCR, up to 85% LTV, and High
Performance Building Report paid by Fannie Mae
o See Green Preservation Plus term sheet
C-PACE Consent: permits subordinated loans originated
through Commercial Property Assessed Clean Energy
programs
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• Automated data collection
• Building utility analytics
• Multifamily benchmarking
1 Million Units
600 Utility Companies
1.5 Billion Square Feet
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Benchmarking Data: Green Financing
Compliance
Automated data
collection
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Q&A
Submit questions through GoToWebinar
Karyn Sper
Program Manager, Green Financing
Business, Fannie Mae
Dan Teague
Vice President of Business Development,
WegoWise
21. © 2016 Fannie Mae. Trademarks of Fannie Mae. 21
Contact Information
Karyn Sper
Program Manager, Multifamily Green Financing Business
Karyn_Sper@Fanniemae.com
Dan Teague
Vice President of Business Development
Dteague@WegoWise.com
Notas do Editor WegoWise is an energy efficiency platform, which holds the largest database of multifamily utility data in the world (pulling utility performance data from over one million units).
Collect energy & water data can to take advantage of green financing
So, now that you know you can achieve pricing breaks for improving the efficiency of your buildings by 20% and obtaining green certifications, how can you measure that and comply with green certifications, like Energy Star and LEED?
Benchmarking energy and water usage provides the foundation for improving the efficiency of your buildings, allowing owners and managers to track and analyze building utility performance. This helps you identify areas for improvement, measure the success of building upgrades, then measure and verify the savings.
Benchmarking your properties allows you to take advantage of Fannie Mae’s Multifamily Green Financing Program, determine where there are savings opportunities, and where you might be eligible for green certifications.
In order to comply with Green Financing, property improvements must be completed within 12 months and lenders will verify the completion of the agreed-upon property improvements. Borrower must report the Property’s Energy Performance Metrics, including ENERGY STAR score, on an annual basis.
WegoWise integrates with Portfolio Manager, meaning we can automatically import your data from WegoWise into Portfolio Manager to comply with Fannie Mae’s Multifamily Green Financing Program, and green certifications, like LEED and Energy Star
Additionally, WegoWise can help owners:
Determine how each of your buildings are performing, and which ones you should focus on improving through our Building Opportunity Report, which evaluates energy and water for each building in the portfolio with targeted recommendations, prioritized by size of savings opportunity, so you can use budgets efficiently by focusing on the biggest potential ROI.
Measure whether your building upgrade projects saving as much energy and water as promised by providing analysis for specific upgrade projects with weather-adjusted regression models.