Homeowners Need Green to Be Green

November 15, 2010

Green is in. Green building, green living. Most of our Chicago homes were built before green was in, so the only way to live green is to make changes to your building.

There are lots of ways to find out the greenness of your home. Last week Chicagoland Real Estate Forum told you about a pilot program called Home Energy Score in which an assessor will rate a home from 1 to 10 depending on how energy efficient it is and then provide tips on how to green it up further.

That’s nice. Now, where is the paper green supposed to come from to do these improvements?

Here’s one option: Another pilot program called FHA PowerSaver.

Created by U.S. Housing and Urban Development (HUD) and the Federal Housing Administration (FHA), this is a loan program that provides credit-worthy borrowers with low-cost loans to make energy-saving changes to their homes.

House with leaves all over it.With an FHA PowerSaver loan, qualified homeowners can get up to $25,000 to do eco-friendly improvement projects of their choice, including:

*Installing insulation

*Duct sealing

*Replacing doors and windows

*Adding solar panels

*Installing geothermal systems

*Upgrading HVAC systems and water heaters

“HUD and FHA are committed to lowering the cost and expanding the availability of affordable financing for home energy retrofits,” said HUD Secretary Shaun Donovan. “PowerSaver will help more homeowners afford common sense, cost saving improvements to their homes, and will create jobs for contractors, installers and energy auditors across the country.”

The two-year pilot program will be tried out with a limited number of FHA-approved mortgage lenders in early 2011. Participating lenders will be chosen based on their commitment to providing affordable home energy improvement financing, and chosen communities will be ones that have already taken steps to expand home energy improvements.

Sounds like Chicago to me. Bring it on FHA and HUD!

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C.mon for crying out loud They made the girls wear the tight Tee Shirts for a reason !!!

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