Recently in Financing Category

In California cities are putting out bonds and using these bonds to provide loans to commercial property owners that they can use to retrofit and upgrade their buildings.

These are called "Energy Efficiency Financing Districts" and are a relatively new business model for funding green housing and buildings that can create more sustainable communities.

• The County of Sonoma (northern California) was the first county government to create a $100 million program exclusively for the Energy Efficiency Financing District program.

  Other municipalities that have Energy Efficiency Financing Districts in progress include:

• San Francisco
• Berkeley
• City of Palm Desert
• San Diego

California's AB 811 program, which was approved in July 2008, was designed to allow property owners to finance the installation of renewable energy systems and have the financing incorporated into their property tax payment. This state bill is making it possible for cities to create these new financing programs for energy efficiency and renewable energy projects.

According to the AARP, the lowest cost reverse mortgages are public loans.

The least expensive reverse mortgages are the ones offered by state or local governments. But these "public sector" loans generally can be used for only a specific purpose, like home repairs. Many are only available to persons with low to moderate incomes. But the low cost can make these loans very attractive.

Energy Efficiency and Weatherization

Remodeling projects or home maintenance projects of significant sizes, such as major plumbing upgrades, or energy efficient window replacement or a new roof, can warrant using equity in your home.   These major home renovations can improve the quality of life for a senior at the same time they reduce monthly energy bills and improve the value of the home. 

Deferred Payment Loans (DPLs)

Many local and some state government agencies offer "deferred payment loans" (DPLs) for repairing or improving your home. This type of reverse mortgage gives you a one-time, lump sum advance. No repayment is required for as long as you live in your home.

Property Tax Deferral (PTD)

Some state and local government agencies offer "property tax deferral" (PTD) loans. This type of public sector reverse mortgage generally provides annual loan advances that can be used only to pay your property taxes. No repayment is required for as long as you live in your home.

According to a 2007 AARP study, some type of PTD program is available in parts or all of the following states: Arizona, California, Colorado, Florida, Georgia, Idaho, Illinois, Iowa, Maine, Maryland, Massachusetts, Michigan, Minnesota, New Hampshire, North Dakota, Oregon, Pennsylvania, South Dakota, Tennessee, Texas, Utah, Virginia, Washington, Wisconsin, Wyoming, and the District of Columbia.

AARP does not endorse any reverse mortgage lender or product -- so do your homework and ask a trusted financal advisor for help in analyzing your situation and the reverse mortgages available to you.

Read more at AARP about Low-Cost Public Loans

U.S. Housing and Urban Development Secretary Shaun Donovan today encouraged a gathering of public housing officials, energy experts, developers and architects to continue exploring innovative practices to build energy-efficient, affordable housing and communities through HUD's HOPE VI Revitalization program.

"President Obama is committed to passing comprehensive energy and climate legislation that will generate millions of jobs, reduce the threat of deadly pollution and restore America's role as a global leader in the clean energy industry," Donovan said. "Increasing energy efficiency among American's affordable housing stock is a central goal of both HUD and the Obama Administration, because it will not only create jobs, but will also lower operating costs for residents, public housing authorities and taxpayers."

Donovan was the keynote speaker at the HOPE VI Green Building and Energy Efficient Development Conference, a HUD-sponsored, 2-day conference held in Washington to train, educate and inform public housing authorities, affordable housing developers and contractors on how to plan, design, build and maintain energy efficient affordable housing communities.

Attendees attended sessions focused on the latest in environmentally-friendly or "green" technologies, construction practices and materials, financing green developments, certifications and jobs, as well as energy audits.

Housing authority development experts who are leading the way in building energy-efficient affordable housing communities included representatives from  government agencies, including the EPA to talk about its ENERGY STAR program and the Department of Energy to discuss the agency's new and emerging building technologies program. 

HOPE VI Revitalization Grants

HOPE VI Revitalization grants first awarded in 1993, have given 248 communities a combined $5.9 billion to redevelop their severely distressed public housing and to create mixed-income communities.

The program has also been credited with transforming neighborhoods and improving the quality of life for families who lived in the old developments that were often crime-ridden and drug-infested. HOPE VI recipients have the opportunity to replace the old public housing with new housing using the latest green innovations that can save both the housing authority and residents' energy expenses over time.

Portland Housing Authority shared information about

• salvage and recycling during demolition;

• dedicated rapid bus line;

• storm water management;

• Energy Star appliances

• making green roofs standard practice at all new developments

• solar water pre-heat systems standard in new developments. These systems save energy by using the sun to heat water for use in the home for cooking, showering or laundering clothes.
  

• high-efficiency heating and cooling systems in their public housing
  

• state-of-the-art ventilation and filtration systems, as part of their "Breathe Easy" program, have substantially improved indoor air quality and the health of their public housing residents.

ARRA Funding (Recovery Act) for Public Housing

In addition to the HOPE VI grants, HUD has $600 million available under the American Recovery and Reinvestment Act (Recovery Act) for public housing authorities to create more energy efficient public housing units. This is part of the $4 billion for public housing through the Recovery Act, which many housing authorities are using for energy efficient upgrades and improvements. HUD also recently entered into a partnership with the Department of Energy to make HUD public and assisted housing categorically eligible for the Department of Energy's Recovery Act weatherization funds. This partnership will allow low-income residents to weatherize their homes to increase efficiency and lower costs.

More information about HUD and its programs is available on the Internet at www.hud.gov and espanol.hud.gov.