Take advantage of Federal, state and local utility benchmarking assistance
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Some HUD programs offer a financial incentive and/or technical assistance that may be used to support utility benchmarking efforts. While the goal of obtaining financial assistance for utility benchmarking should not be the primary motivation for applying to these programs, housing providers should be aware that some opportunities from HUD do exist.
The Better Buildings Challenge (BBC):
A voluntary program that supports utility benchmarking with a financial benefit and/or technical assistance
What is it?
The Better Buildings Challenge is a voluntary leadership initiative that asks property owners and managers to make a public commitment to energy and/or water efficiency. All BBC Partners are eligible to receive off-site technical assistance with utility benchmarking. BBC Partners that own or manage assisted housing are also eligible for a Management Add-On Fee incentive. ($4/unit/month, up to $5,000/year) that can be used to support benchmarking activities.
What is the financial/technical assistance?
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BBC Partners may request technical assistance from HUD to gain support in overcoming obstacles towards their energy and/or water efficiency pledges, including utility benchmarking. HUD establishes a scope of work for the direct technical assistance project in cooperation with the BBC Partner and then retains TA providers to provide off-site support.
Further, owners/managers of HUD-assisted multifamily housing that are BBC partners may request up to $4 per unit per month in the form of a Management Add-On Fee to support activities associated with participating in the Better Buildings Challenge. This may include some or all of the cost of utility benchmarking.
To access this financial assistance, BBC Partners should request the Management Add-On Fee incentive from their local HUD Field Office. The Management Add-On Fee is paid to the owner/manager through the property’s operating account. The cumulative amount received may not exceed $5,000 per year per property.
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FHA Green Mortgage Insurance Premium (MIP):
A voluntary financing program for new construction or preservation of multifamily housing that requires utility benchmarking
What is it?
FHA mortgage insurance encourages lenders to make loans to private sponsors or owners of rental housing by insuring the lender against losses incurred when borrowers default on their mortgages. If a housing provider owns and/or operates a HUD-insured multifamily rental property, the owner must pay an upfront and annual mortgage insurance premium, at a rate of 45 to 75 basis points (bps) or 0.45% to 0.70%, of the unpaid balance of the mortgage loan amount, along with the property’s mortgage.
What is the financial/technical assistance?
In early 2016, HUD introduced a reduced multifamily insurance premium that incentivizes owners to adopt higher standards for construction, rehabilitation, repairs, maintenance, and property operations. The lower rate incentivizes owners to implement measures that result in housing with greater energy and water performance, reduced operating costs, and improved indoor air quality that contributes to resident comfort and health.
Through this voluntary program, multifamily property owners may receive a reduced MIP of 25 bps (0.25%) for properties that commit to industry-recognized green building standards and achieve and maintain an ENERGY STAR® benchmarking score of 75 or higher as evidenced by a report from ENERGY STAR Portfolio Manager®. A housing provider may use the savings generated to cover costs associated with achieving these standards. Costs can include the utility benchmarking efforts necessary to determine a property’s Energy Use Intensity (EUI) or Water Use Intensity (WUI), and obtain an ENERGY STAR 1-100 Score or EPA 1-100 Water Score from Portfolio Manager.
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Public Housing Energy Performance Contract (EPC) Program:
A method to finance green retrofits in public housing that may include utility benchmarking
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What is it?
An Energy Performance Contract (EPC) is an innovative financing method, available to Public Housing Authorities, that uses utility cost savings from reduced consumption to repay the cost of energy- and water-efficiency retrofits.
What is the financial/technical assistance?
Public Housing Authorities planning an EPC can include the costs of utility benchmarking for participating properties in their EPC cash flow, thereby funding it through the project. However, its use in place of actual Measurement and Verification (M&V) or in combination with must first be approved by HUD. Approval is on a case by case basis.
More information
- Check out the Green Retrofit Opportunities section below
Targeting owners of multifamily properties that invest in smart, strategic energy and/or water saving improvements, Fannie Mae and Freddie Mac provide green mortgage financing in addition to integrating sustainability considerations into their underwriting, asset management, and securitization processes.
Fannie Mae
Fannie Mae requires Green Financing program borrowers to utility benchmark and report their property’s annual Energy Performance Metrics. For Fannie Mae Multifamily Green Financing programs, access the “Go Green Flowchart” to assess the financing products for each individual owner’s needs. Fannie's financing programs include:
- Green Rewards: Rewards renovations, retrofits, and repairs.
- Green Building Certification Pricing Break: Recognizes owner’s initiative to certify to LEED, ENERGY STAR, etc.
Freddie Mac
Rewarding borrowers who improve their properties to save energy, or who already have green-certified properties and are looking for new financing, Freddie Mac's Multifamily Green Advantage® suite of offerings include:
- Green Assessment® and Green Assessment Plus®: Reimburses up to $3,500 of the cost of the Green Assessment report (a property analysis demonstrating how properties can save energy and/or water through targeted improvements.)
- Green Up® and Green Up Plus®: Rewards renovations, retrofits, and repairs through better pricing and more available funding.
- Green Certified: Rewards properties that are already green certified with discounted loan pricing.
Green Up and Green Up Plus loans require borrowers to engage a third-party data collection firm prior to the origination of the loan, and submit benchmarking metrics.
More information
- Freddie Mac Multifamily Green Advantage® Website & their Product Snapshot
Numerous state and local government programs encourage utility benchmarking, energy- and water-efficiency retrofits, and renewable energy use in residential, commercial, and public buildings through loans, grants, and rebates. Cities including Atlanta, Georgia; Kansas City, Missouri; Portland, Maine; Reno, Nevada; Seattle, Washington; and Washington, D.C. require benchmarking for multifamily properties.
Of particular note, housing providers with properties in Rhode Island may be eligible to receive free utility benchmarking services through a third-party utility management service provider, as offered by the Rhode Island Infrastructure Bank.
More information
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- More information about various state and local incentives offered, as well as legislation related to energy conservation, is available on the DSIRE website.