The mission of Fannie Mae's Green and Healthy Housing Financing Business is to target positive, measurable impact to environmental, social and financial metrics, also known as the "Triple Bottom Line." The Fannie Mae Green Bond is a fixed-income single asset security backed by one loan and one property, providing the investor insight into both the environmental and financial attributes of the asset.

Green Bond Impact

Read about the many projected benefits in our Multifamily Green Bond Impact Report.

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Multifamily Green Bond Framework

Cicero Second Opinion of Fannie Mae Green Bonds

In June 2018 Fannie Mae engaged the Center for International Climate Research (CICERO) to review our Multifamily Green Bond framework. CICERO issued a Second Opinion and found that the framework aligns with ICMA's Green Bond Principles, an internationally recognized standard for Green Bonds. CICERO provided a Light to Medium shade for Green Rewards and Light shade to Green Building Certification.

CICERO recognized Fannie Mae for:

  • Well-established governance and risk management procedures
  • Internal annual review and revision by the Green Financing Business team
  • Transparent reporting procedures
  • In-house technical expertise and tools

Cicero Fannie Mae Multifamily Green Bond Second Opinion

    Green Financing Criteria & Impact

    Multifamily properties accessing Fannie Mae Green Financing must meet at least one of two criteria:

    1. possess a nationally recognized, current Green Building Certification; and/or
    2. make property improvements that target reductions in energy and/or water use.

    Fannie Mae requires owners receiving Green Financing to report the property's annual ENERGY STAR® score for tracking of energy performance over the life of the loan.

    All the benefits of our traditional Fannie Mae DUS® MBS

    • Guaranty of timely payment of principal and interest
    • Superior Call and Extension Protection
    • Lower spread volatility relative to other products with similar collateral
    • Stable cash flows that are easy to model

    Positive impact to the Triple Bottom Line

    • Financial: Lower credit risk, higher cash flows, and higher property value
    • Social: Greater affordability and higher quality, healthier, more durable housing
    • Environmental: Lower use of energy and water resources, and greater resiliency

    Green Bond Issuances

    The Green Bond issuances download file contains three tabs of data:

    • A summary of all Green MBS issuances and all Green REMIC tranches
    • A listing of all Green Bond for DUS Loans (including Special Affordable Lenders)
    • A listing of REMICs that included a Green tranche

    Download the Excel file for all Green Bond issuances

      Industry Recognitions and Awards

      • Green Bond Framework 2018 by Climate Bond Initiative (2019)
      • Chrissa Pagitsas — Green Bond Champion 2018 — Climate Bond Initiative (2019)
      • Largest Issuer of Green Bonds in the World by Climate Bond Initiative (2018)
      • Included in the Bloomberg Barclays MSCI Green Bond Index (2018)
      • CMBS Deal of the Year by GlobalCapital (2018)
      • Most Impressive Green/SRI ABS Issuer by GlobalCapital (2018)
      • U.S. EPA ENERGY STAR Partner of the Year for 2015, 2016, 2017, 2018, and 2019
      • Sustained Excellence Award, U.S. EPA ENERGY STAR 2017, 2018, and 2019
      • Chrissa Pagitsas — 40 under 40 — HousingWire (2017)

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