MISMO is seeking comment on a proposed standard for commercial green utility data to facilitate an efficient exchange across the industry.
The dataset was developed by real estate and technology professionals in response to increased lender and investor reporting requirements brought about by the increased consideration of energy and water efficiency in commercial/multifamily underwriting. The data can be used to obtain industry certifications and complete energy and water audits that may enable lenders to provide mortgage loan discounts.
“Increased demand in the reporting requirements for energy and water efficiencies has led to the need for a standard in this space and MISMO is pleased to put forth this timely standard to meet the needs of commercial and multifamily market participants,” MISMO President Seth Appleton said in a release. “This proposed MISMO data standard will encourage the availability and uniformity of the green utility data across the industry by improving communication about this information between lenders and property owners and making it easier and more efficient to exchange commercial/multifamily data.”
Stakeholders were brought together by the commercial MISMO workgroup to create a better experience for conducting and exchanging whole-property utility data, MISMO stated. In addition to the stand-alone commercial green utility dataset specification, this release also incorporates several resources to promote ease of use and adoption. These tools include an implementation guide, logical reference structure, logical data dictionary, documented use cases in Excel, and sample XML files for each use case.
“Timely and accurate exchanges of multifamily utility data is critical to support the increased demand for energy and water data collection,” Karyn Sper, Fannie Mae director of multifamily green and healthy housing financing, said. “The proposed standards will improve the process for the commercial and multifamily real estate finance industry.”
Legacy MISMO commercial specifications will be updated later to include new and modified datapoints, enumerations, and structures associated with the new dataset.
The comment period is now open and will run through Sept. 30, 2021. Those who participated on the proposals should also use this time to review and disclose any applicable patent rights. Additionally, any non-participant organization that may have patents, patent applications, or other intellectual property rights that might be infringed upon by an organization that uses or is compliant with the proposed dataset and related materials should disclose them in writing during the comment period.