LANSING, Mich., Oct. 13 /PRNewswire/ -- Income eligible homeowners with no
equity may borrow up to $25,000 from the Michigan State Housing Development
Authority (MSHDA) to make energy-efficiency improvements to their home. With
equity, homeowners can borrow up to $50,000.
"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 MSHDA Executive Director Keith Molin.
There are Property Improvement Program loans of up to $50,000 for
single-family homeowners and $100,000 for landlords (up to $25,000 per unit).
There are no income limits for landlords.
Eligible homeowners may have household incomes of up to $74,750, depending
on 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," Molin said. "There also
are no points or annual fees."
"People are looking for ways to save money in the current economy," Molin
added. "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, or (TTY) 1-800-382-4568.
MSHDA's vision in the 21st century centers around ideas to improve the
quality of life for all Michigan residents by focusing on providing safe,
affordable housing through homeownership and rental programs; ending
homelessness; and revitalizing neighborhoods and downtowns through urban
development initiatives -- creating vibrant communities throughout Michigan.
MSHDA's loans and operating expenses are financed through the sale of
tax-exempt and taxable bonds and notes to private investors, not from state
tax revenues. For information on this and other MSHDA programs, visit the Web
site at www.michigan.gov/mshda .
SOURCE Michigan State Housing Development Authority
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