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Wednesday, June 1, 2011 - 1:30AM

The U.S. Department of Housing and Urban Development (HUD) yesterday announced Green Refinance Plus, a program that allows owners of existing affordable rental properties to refinance their mortgages and generate proceeds for energy-efficiency upgrades and other needed renovations. Under the program, the Federal Housing Administration (FHA) and Fannie Mae will share the risk on loans to refinance the expiring mortgages of low-income housing tax credit and other affordable projects and allow owners to borrow additional funds to make energy-saving improvements. HUD said Fannie Mae and its participating lenders will begin accepting applications for refinancing under the program this month.

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