CITY of SHOREVIEW launches new Home Energy Improvement Loan Program to qualifying residents looking to reinvest in their homes
Posted on 29. Apr, 2010 by Release in City of Shoreview
Shoreview, MN (April 26, 2010) – The City of Shoreview is announcing a new Home Energy Improvement Loan to qualifying residents and prospective homebuyers to encourage reinvestment and energy efficient home improvements in the community. Beginning on May 3rd, loans will be offered through the HousingResource Center on behalf of the City of Shoreview for home improvements such as new roofs, and energy efficient upgrades to windows and doors, heating and cooling systems and water heaters.
The maximum loan amount is $20,000 and the minimum loan amount is $2,000 with up to 10-year terms. Residents who obtain a loan through this program could have all the interest reimbursed if they reside at the home for the 10-year period of the loan.
Established by the Shoreview City Council and Economic Development Authority, the Shoreview Home Energy Improvement Loan Program is made available without the use of general tax dollars but through utilizing special funding sources available for housing and development. With an initial allocation of $300,000, the new loan program has been designed as a revolving fund so that the loan fund can be replenished through borrower repayments and additional loans distributed.
“Maintaining the quality of our neighborhoods is a very important goal in Shoreview. The Home Energy Improvement Loan Program helps the City accomplish this goal by providing access to credit for residents that want to make energy home improvements. By leveraging the HousingResource Center, our residents receive the added benefits of a free pre-construction consultation and awareness of other existing programs,” said Councilmember Blake Huffman, President of the Economic Development Authority.
The Shoreview Home Energy Improvement Loan Program provides additional local incentives and fills a gap not currently provided by private lenders for those residents (or potential new residents) interested in upgrading older and more moderately priced homes that may be in need of basic energy efficiency improvements. Residents interested in the new Home Energy Improvement Loan Program can also leverage home improvements with bank loans and/or other available housing programs offered through agencies such as Ramsey County and the Minnesota Housing Finance Agency.
Loans will be available to income-eligible owners of single-family detached homes where the current market value does not exceed $314,640. Income limits are based on household size listed below:
Household Size. Income Limit
- $96,736
- $104,416
- $112,096
- $119,776
- $125,896
- $132,076
- $138,196
- $144,376
Mayor Sandy Martin stated, “I am very excited about the new Home Energy Improvement Loan Program and would encourage any Shoreview homeowner thinking about making home improvements to take advantage of this opportunity being offered by the City. The City Council and EDA are committed to providing new resources for our residents to reinvest in their homes, which will not only add to the value of their properties but to the neighborhoods.”
The City of Shoreview is contracting with the Greater Metropolitan Housing Corporation for the loan program to be administered through the HousingResource Center, a non-profit agency that currently serves Shoreview residents by providing free home improvement construction and financing counseling.
For additional information on the new Shoreview Home Energy Improvement Loan Program and other available resources, please contact the HousingResource Center – NorthMetro Office at 651.486.7401 or visit www.housingresourcecenter.org
HousingResource Center – NorthMetro Office 1170 Lepak Court Shoreview, MN 55126 Phone: 651.486.7401 Fax: 651.486.7424Available online here at Shoreview Press are PDF versions of the loan program flyer and brochures. Click the links below to read or download them.
- Shoreview Home Energy Improvement Loan Program - Brochure
- Shoreview Home Energy Improvement Loan Program - Flyer
There was a correction to this release issued by the City of Shoreview. The word “not” was inserted before the word “exceed”.
The paragraph now reads “Loans will be available to income-eligible owners of single-family detached homes where the current market value does not exceed $314,640. Income limits are based on household size listed below:”