Senior Loan Officer | NMLS #316198
Branch NMLS #1270689
Posted On May 31, 2017
Last week, Fannie Mae announced a new program designed to give price breaks to developers who provide healthier living options for tenants in multifamily rental properties. Multifamily housing faces unique challenges in sustainable design. The Healthy Housing Rewards program’s goal is to encourage innovation to improve housing conditions and communities.
In a statement, Fannie Mae outlined the goals of the Healthy Housing Rewards program, to “improve air quality, encourage physical activity and incorporate common space, community gardens, and playgrounds into newly constructed or rehabilitated affordable rental properties.” Multifamily rental housing often lacks the inclusion of outdoor areas and gardens because of urban confinements. Older multifamily housing units sometimes requires rehabilitation to meet new energy efficient standards.
In phase one, developers will receive a price break for including design that reflects the Healthy Housing Rewards program’s goals. Creating more common spaces and outdoor areas encourages physical activity and social interaction. Updating building design can reduce health risks, like asthma and carcinogens. The Healthy Housing Rewards program is just one of many partnerships Fannie Mae is currently pursuing to support sustainable communities and innovative design.
Fannie Mae’s Executive Vice President of Multifamily Housing asserted, “when we strengthen the connection between affordable housing and the long-term health and stability of the people and families who live there, we create more sustainable communities across the country.”