Borrowers building new or rehabilitating affordable multifamily rental properties will be rewarded if they make them ‘healthy’ thanks to a new Fannie Mae program
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Borrowers building new or rehabilitating affordable multifamily rental properties will be rewarded if they make them ‘healthy’ thanks to a new Fannie Mae program.
Healthy Housing Rewards is a financial incentive which will, in its first phase, include a price break to borrowers who incorporate designs which improve air quality, encourage physical activity, and feature common space, community gardens and playgrounds.
"When we strengthen the connection between affordable housing and the long-term health and stability of the people and families who live there, we help create more sustainable communities across the country,” explained Jeffery Hayward, Executive Vice President, Multifamily, Fannie Mae.
Conditions of eligibility include meeting affordability standards set by Fannie Mae with at least 60% of units for those that are earning 60% of median income or less.
Criteria for healthy housing must also be met according to the Center for Active Design's Healthy Housing Index, with a score of 90 required for eligible borrowers.
"Incorporating healthy design features in affordable multifamily properties can have a big impact on residents – from increasing physical activity and social interaction to reducing environmental triggers for asthma," said Hayward.
“This new initiative will provide a financial incentive to borrowers who invest in the health and stability of the people who live in their affordable housing properties," he said.
Healthy Housing Rewards is a financial incentive which will, in its first phase, include a price break to borrowers who incorporate designs which improve air quality, encourage physical activity, and feature common space, community gardens and playgrounds.
"When we strengthen the connection between affordable housing and the long-term health and stability of the people and families who live there, we help create more sustainable communities across the country,” explained Jeffery Hayward, Executive Vice President, Multifamily, Fannie Mae.
Conditions of eligibility include meeting affordability standards set by Fannie Mae with at least 60% of units for those that are earning 60% of median income or less.
Criteria for healthy housing must also be met according to the Center for Active Design's Healthy Housing Index, with a score of 90 required for eligible borrowers.
"Incorporating healthy design features in affordable multifamily properties can have a big impact on residents – from increasing physical activity and social interaction to reducing environmental triggers for asthma," said Hayward.
“This new initiative will provide a financial incentive to borrowers who invest in the health and stability of the people who live in their affordable housing properties," he said.
