Fannie Mae Announces New Financing Program for Affordable Apartment Communities
Digested from Mortgage Professional America
Last week, Fannie Mae announced the new Healthy Housing Rewards initiative, which provides below market-rate financing for borrowers constructing or rehabilitating affordable apartment communities if they incorporate certain design features.
This first phase of Healthy Housing Rewards, part of Fannie Mae’s Sustainable Communities Partnerships and Innovation effort, provides a financial incentive to affordable apartment owners or developers who incorporate design features that improve air quality, encourage physical activity, and incorporate common space, community gardens, and playgrounds into their communities.
Eligible apartment communities must have at least 60 percent of units serving residents with incomes at 60 percent or less of the area’s median income. Participants must demonstrate that their communities meet or exceed the minimum achievement score of 90 points under the Center for Active Design’s Healthy Housing Index.
“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 Jeffery Hayward, executive vice president, multifamily for Fannie Mae, in a press release.