HUD PowerSaver Pilot Loan Program

HUD PowerSaver Pilot Loan Program

TitleHUD PowerSaver Pilot Loan Program
Publication TypePolicy Brief
Year of Publication2010
AuthorsMark Zimring, Ian M Hoffman, Merrian C Fuller
Tertiary AuthorsMerrian Borgeson
Secondary TitleClean Energy Program Policy Brief
Date Published12/2010
Place PublishedBerkeley
Keywordselectricity markets and policy group, energy analysis and environmental impacts department

The U.S. Department of Housing and Urban Development (HUD) recently announced the creation of a pilot loan program for home energy improvements. The PowerSaver loan program is a new, energy-focused variant of the Title I Property Improvement Loan Insurance Program (Title I Program) and is planned for introduction in early 2011. The PowerSaver pilot will provide lender insurance for secured and unsecured loans up to $25,000 to single family homeowners. These loans will specifically target residential energy efficiency and renewable energy improvements. HUD estimates the two-year pilot will fund approximately 24,000 loans worth up to $300 million; the program is not capped. The Federal Housing Administration (FHA), HUD‟s mortgage insurance unit, will provide up to $25 million in grants as incentives to participating lenders. FHA is seeking lenders in communities with existing programs for promoting residential energy upgrades.

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Citation Key6307