Federal Housing Administration and HUD Office of Housing has announced new “Green Mortgage Insurance Premium” reductions for Residential Care Facilities.
HUD Section 232 projects able to meet industry-recognized Green Building Certifications will see both upfront and annual MIP reductions.
Section 232 “Green MIP” reductions will apply for new Section 232 mortgage insurance applications that prove the property is on a path to achieve green building certification with meaningful, measurable energy and water efficiency improvements.
The formula uses “Green Recognition” (aka “certification” per Earthcraft, LEED, National Green Building Standard, etc) and “Energy Performance” (annual ENERGY STAR score of 75+) to reduce Mortgage Insurance Premiums.
