Effective for all Green Rewards Mortgage Loans Committed on or after July 1, 2020, you must collect at least 125% of the estimated cost of all Efficiency Measure capital improvements.
To ensure sufficient funds are available, you must require the Borrower to deposit at least 125% of the estimated cost of all capital improvements for the selected Efficiency Measures into the Completion/Repair Escrow or Rehabilitation Reserve Account.
To align with this update, the following forms were also modified:
- Appendix H: Analysis Tool for a High Performance Building Report (Form 4099.H);
- Modifications to Multifamily Loan and Security Agreement (Green Rewards Mortgage Loan) (Form 6241); and
- Modifications to Multifamily Loan and Security Agreement (Green Rewards/Solar Mortgage Loan) (Form 6264).
Please contact the Multifamily Green Financing team at [email protected] with any questions.