Notification 22-04
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Green Rewards Mortgage Loan Maximum Inspection Fee
HIGHLIGHTS |
Effective for Mortgage Loans Committed on or after April 14, 2022, for all Green Rewards Mortgage Loans, Schedule 2 of the Multifamily Loan and Security Agreement (Form 6001 series), Summary of Loan Terms, Part V – “Reserve Information, Maximum Inspection Fee” should state “Actual Expenses Incurred” rather than a dollar amount to
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Background
- requires a Green Rewards Verification inspection for all Efficiency Measures to
- confirm correct installation, and
- identify any errors that may hinder the Property achieving the expected savings and benefits.
- Complex Efficiency Measures:
- include upgrades and changes to building systems, such as
- heat recovery ventilation systems,
- boiler controls, or
- Solar Photovoltaic (PV) Systems;
- must be inspected by a
- qualified PCA High Performance Building Consultant per Form 4099, and
- Solar Technical Consultant, for Solar PV Systems; and
- generally cost substantially more to inspect than basic Efficiency Measures.
- include upgrades and changes to building systems, such as
- To ensure adequate funding for the complex verification inspection cost, Schedule 2 of Form 6001 series, Summary of Loan Terms, Part V - “Reserve Information, Maximum Inspection Fee” should state “Actual Expenses Incurred” for all Green Rewards Mortgage Loans.
Questions
Please contact Cristine Holland at (202) 752-3124, or cristine_holland@fanniemae.com, with any questions.