Commercial/Multifamily Briefs, Oct. 17, 2024
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CBRE Acquires NRG’s Renewable Advisory Group
CBRE, Dallas, has acquired NRG Energy’s renewable advisory group, allowing it to enhance its Sustainability Solutions capabilities for clients.
The group, led by Miro Sutton, specializes in brokering and advising on renewable energy transactions, including structuring community solar, utility-scale deals and other opportunities. It works with primarily Fortune 500 companies to develop solutions and advises on monetizing transferable tax credits generated by renewable projects.
CBRE and NRG will continue to work closely together to serve both companies’ customers.
Fannie Mae Expands Housing Choice Initiative
Fannie Mae announced enhancements to its Expanded Housing Choice initiative, including that it is now available in all jurisdictions without source of income protections, for new loans to multifamily property owners who accept HUD Housing Choice Vouchers.
Fannie Mae’s Expanded Housing Choice effort was launched as a pilot program in April 2022 and has been extended through April 2026. It aims to create expanded housing opportunities for HCV holders by incentivizing multifamily borrowers to accept vouchers as a valid source of income.
Those who leverage EHC and commit to accepting HCVs can benefit from lower pricing, flexible loan terms, certainty of execution, lower turnover and vacancy rates and a steady stream of competitive rent payments backed by HUD, among other factors.
The pilot was previously limited to eligible properties in North Carolina and Texas.
Multifamily Posts Draft Notice on Solar, Cell Tower and Rooftop Leases
The Office of Multifamily Housing Programs within the U.S. Department of Housing and Urban Development has posted a draft notice on solar, cell tower and rooftop leases to the multifamily drafting table for public comment.
It discusses new guidance that outlines the office’s requirements for on-site solar systems, cell towers and rooftop commercial leases. It also aims to centralize the process that staff will take when reviewing requests from owners for such leases.
It will be applicable to any owner of a HUD-insured or -subsidized multifamily project that is subject to a MFH business agreement that wishes to enter into a rooftop lease or enter into a lease for an on-site, ground mounted solar system.
It also includes a lease rider to be fully executed by all parties prior to the installation and a sample self-certification form for owners.
HUD Announces It’s Starting to Update Handbook
The U.S. Department of Housing and Urban Development announced the start of its process to update the Multifamily Asset Management and Project Servicing Handbook and launched a request for public feedback to improve the implementation and operational efficiency of multifamily projects for its internal asset management team, property owners and management.
The efforts will ensure the handbook aligns with the department’s efforts to benefit residents, encourage active engagement with renters looking for affordable housing and support better maintenance of the properties.
The updated handbook will include hundreds of policy documents in one location with enhanced digital features, and provide property owners and management with the tools they need to serve individuals and families who rely on multifamily rental assistance.
