FOR IMMEDIATE RELEASE
October 2008
Contact: Roni Rucker Waters
517-853-3873
Qualified residents can increase energy efficiency and lower heating bills
LANSING, MI – Low-to-moderate income homeowners may borrow up to $50,000 from the Michigan State Housing Development Authority (MSHDA) to make energy-efficiency improvements to their homes.
“Making simple improvements like increasing insulation or replacing an inefficient furnace or old windows can reduce your energy costs by up to 50 percent,” said (insert name and title).
There are Property Improvement Program loans of up to $50,000 for single-family homeowners and $100,000 for landlords with up to 24 units. There are no income limits for landlords.
Eligible homeowners may have household incomes of up to $74,750, depending on household size and the location of the home. Interest rates, which range from 4 to 8 percent, are based on household income.
“There is no home equity requirement for loans up to $25,000, so even new homeowners can take advantage of this opportunity,” said (insert name and title). There also are no points or annual fees.
“People are looking for ways to save money in the current economy,” (insert name and title) said. “Home energy costs can be a significant part of a household budget, particularly in the winter.”
Visit www.michigan.gov/mshda and click on Home Improvement to see the full list of eligible home improvement projects and learn more about the free application process, or call 517-373-8017 (TTY), or 800-382-4568.
MSHDA, established in 1966, provides financial and technical assistance through public and private partnerships to create and preserve safe and decent affordable housing, engage in community economic development activities, develop vibrant cities, towns and villages, and address homeless issues.
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