"Save Energy, Save Money," is the mantra of the Michigan State Housing Development Authority's new Property Improvement Program for homeowners. Eligible improvement projects include the replacement of inefficient furnaces and older windows, as well as the installation of additional insulation.
Jess Sobel, MSHDA's director of internal operations, hopes homeowners take advantage of the program for both short- and long-term reasons. "I know that supposedly this is going to be one of the colder, snowier winters, and energy costs are going up in general," he says. "And, from a policy perspective, we want to reduce the state's overall energy dependence."
The agency hopes to lighten Michigander's holiday burden as well. "If people spend less money on utilities, they will have more to spend on other things," says Sobel. "And in this economic climate, that's pretty important."
Homeowners with no equity may borrow up to $25,000 from
MSHDA to make energy-efficiency improvements to their home, while those with equity can borrow up to $50,000. Eligible household income is a maximum of $74,750, with an interest range from 4 to 8 percent. Landlords can borrow $25,000 per unit up to $100,000 with no income limit applicable.
For more information, visit
www.michigan.gov/mshda and click on Home Improvement or call 517-373-8017.
Source: Jess Sobel, MSHDA
Writer: Kelli B. Kavanaugh
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