Green Globes New Multifamily Rating Systems Respond to the Market

On July 11 the Green Building Initiative launched the Green Globes Multifamily for New Construction and Green Globes Multifamily for Existing Buildings. While certainly there is a market in developers of newly constructed multifamily buildings, spending on multifamily construction was more than $61 Billion in 2017, being 18% of all new residential construction spending, up from just 7% in 1993; the sweet spot of these new green building rating systems is anyone looking for a green building discount on a new loan for an existing multifamily building, where Fannie Mae and Freddie Mac held 37% of all mortgages on multifamily properties in 2017, being more than $467 Billion, according to Federal Reserve data. These new rating systems will wield a positive force in the world responding to the large multifamily market. Much of that market opportunity is driven by Fannie Mae and Freddie Mac green financing programs. For example, the Fannie Mae Green Rewards program can be ideal for…

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