29 Apr '11, 7am

Builders Fight for Value Recognition for Energy-Efficient Homes

Last week, HUD Secretary Shaun Donovan and U.S. Department of Energy Secretary Steven Chu met at an energy auditing company on Long Island to announce the launch of the FHA’s new PowerSaver pilot program. Working with 18 lenders across the country, the program will allow homeowners to borrow up to $25,000 to finance energy improvements in an existing home, including improvements to insulation, duct sealing, replacement doors and windows, HVAC systems, water heaters, solar panels, and geothermal systems. Terms can go up to 20 years, and rates will be lower than standard. The FHA will guarantee up to 90% of the loan. The idea is to generate interest in the private sector, which Donovan is hoping will get on board by providing these types of loans more readily. Fannie Mae recently came out with a similar offering, a new Energy Improvement feature for mortgage loans. Fannie ha...

Full article: http://www.ecohomemagazine.com/news/2011/04-april/builder...

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