Introducing the FHA Power Saver Loan Program
The intent of the Power Saver Loan Pilot Program is to provide FHA insured second mortgages for the express purpose of energy efficiency and renewable energy projects on single family homes.
Power Saver is a public / private collaboration. Our local lender, The Bank at Broadmoor will be providing loan origination and servicing. The Green Cities Coalition is providing education, outreach and support to home owners.
We would like to indicate that these will be low interest loans but that is not the decision of the Green Cities Coalition (GCC), rates will be determined by the lender. Our roll is to do as much as possible to promote energy efficiency to homeowners and help them get the best retrofits or upgrades for the money. This will help assure the lender that the energy savings are aligned with the cost of the loan to the owner. This is our primary objective.
Our secondary objective is to do data collection of energy use and the retrofit measures employed. This data will be offered to the Department of Energy (the real motivator behind Power Saver). There is much more to say about our objectives and methods in other pages to follow. Stay tuned !
Note, the Green Cities Coalition is not an FHA lender. We are part of a community collaboration with The Bank at Broadmoor who is the FHA lender for this pilot loan program.