WASHINGTON
– The U.S. Environmental Protection Agency (EPA)’s Energy Star program
and Freddie Mac have signed an agreement that will help to cut carbon
pollution while increasing the affordability of multifamily housing
properties. The agreement outlines strategies to save water, energy and
money for multifamily property owners and residents.
“Boosting
energy and water efficiency not only saves money and makes these
properties a better investment for owners and more affordable for
families who live there -- it is also an important step in the
President’s commitment to fighting climate change by cutting energy
waste in our nation’s buildings,” said Janet McCabe, acting assistant
administrator for EPA’s Office of Air and Radiation. “By making it
easier to secure financing for energy efficiency investments and
providing data about energy use and efficiency opportunities, these
strategies will create lasting environmental and public health benefits
while making multifamily buildings more efficient and valuable.”
"Freddie
Mac is proud to partner with the EPA in this effort,” said Mitchell
Resnick, Freddie Mac Multifamily vice president of loan pricing and
securitization. “As one of the largest Commercial Mortgage-Backed
Securities (CMBS) issuers in the country, we are looking to guide the
industry and the CMBS market towards a greater sensitivity to
environmentally responsible lending and investing. This partnership is
the first of what we hope are many steps in that direction. We are
looking at how energy efficiency improves the financial viability of the
apartments we finance, and most importantly its impact on the
affordability of rental housing."
Roughly one-third of Americans
live in apartments within multifamily buildings, spending approximately
$22 billion on energy every year. Rising energy costs are contributing
to the decline in affordability for many of these Americans. Housing
industry studies have projected that multifamily properties can become
30 percent more efficient by 2020, unlocking $9 billion in energy
savings and preventing more than 35 million metric tons of greenhouse
gas emissions per year.
In support of the President’s Climate
Action Plan, this memorandum of understanding outlines key strategies to
make multifamily housing more affordable by encouraging building owners
and tenants to benchmark their energy and water performance and take
steps to improve efficiency. Among those strategies:
- Freddie
Mac will explore the collection of energy and water performance data
from property owners during the loan underwriting and asset management
processes.
- By demonstrating the financial value of energy and
water efficiency to lenders and borrowers, Freddie Mac hopes to be able
to influence lending practices in ways that encourage investments in
energy efficiency and make multifamily housing units more affordable.
-
EPA will assist Freddie Mac with these, and other, goals, by providing
technical and educational support in the use of the Energy Star
Portfolio Manager® energy management and tracking tool as well as other
Energy Star resources.
The President’s Climate Action Plan calls
for helping multifamily buildings cut waste and becoming at least 20
percent more energy efficient by 2020. While EPA has already been
working with Fannie Mae and the U.S. Department of Housing and Urban
Development, this latest agreement with Freddie Mac is another critical
step forward in meeting the President’s goal. Together, these three
organizations influence the largest sources of residential and
multifamily lending in the country.
Products,
homes and buildings that earn the ENERGY STAR label prevent greenhouse
gas emissions by meeting strict energy efficiency requirements set by
the U.S. EPA. In 2012 alone, Americans, with the help of ENERGY STAR,
saved $26 billion on their utility bills and prevented greenhouse gas
emissions equal to the annual electricity use from 35 million homes.
From the first ENERGY STAR qualified computer in 1992, the ENERGY STAR
label can now be found on products in more than 70 different categories,
with more than 4.5 billion sold over the past 20 years. Over 1.4
million new homes and 20,000 office buildings, schools and hospitals
have earned the ENERGY STAR label.
More information on EPA’s ENERGY STAR buildings program: www.energystar.gov/buildings
More Information on Freddie Mac: www.FreddieMac.com
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