It has already been a cold winter, and we are just getting started! Before too much of that air you are heating sneaks out of your home, consider doing some work to tighten up your home and make it more efficient and comfortable this winter. In the end, your pocketbook will be thanking you!
To help you get the work done, the Minnesota Housing Finance Agency offers three key home improvement loan options for Minnesota homeowners, all with a central focus on energy efficiency—but also including eligibility for solar and wind energy systems.
Read more to learn a little about each option, or click here to see all the details.
h3. 1. Fix-up Fund
The Fix-up Fund is a statewide program that offers affordable, low-interest fixed rate home improvement loans. Now, Fix-up Fund borrowers who complete eligible energy-saving home improvements may qualify for an Energy Saver Rebate. To be eligible for the Energy Saver Rebate, homeowners must secure financing with a Minnesota Housing Fix-up Fund loan.
Eligibility requirements:
- Household income at or below $96,500 (the income limit may be waived if the improvements are being made for the accessibility of a family member with a disability)
- Property must be owner-occupied
- Single family homes, duplexes, triplexes or four-plexes are eligible
Loan features:
- Hire a contractor or do the work yourself.
- Maximum loan term of 10 or 20 years based on loan amount.
- Loan amounts from $2,000 to $35,000
- A higher loan amount may be available if the improvements are being made for the accessibility of a family member with a disability.
Eligible home improvements with the Fix-up Fund include most improvements to the accessibility or energy efficiency of a home, or general repairs are eligible, such as:
- windows
- insulation
- a new furnace
- central air conditioning
- electrical wiring
- a new roof
- a garage
- septic repairs
In addition to energy-saving upgrades, homeowners may also finance renewable energy improvements. These include solar thermal, solar electric and wind turbines/generators.
Ineligible improvements include swimming pools, hot tubs, gazebos and other recreational or entertainment facilities. Mobile homes are not eligible to receive Fix-up Fund financing unless they are fixed on a permanent foundation and taxed and financed as real property.
Find a Lender for the Energy Saver Rebate
2. Energy Saver Rebate Powered by the Fix-up Fund
Fix-up Fund borrowers who complete eligible energy saving home improvements with their loan proceeds may be eligible for a rebate equal to 35% of the cost of the eligible improvements that were financed with a Fix-up Fund loan, up to a maximum of $10,000. There is a limit of one Energy Saver Rebate per household.
Eligible improvements:
- Replacement furnaces, boilers, and central air conditioners that are eligible for Federal Energy Tax Credit
- Replacement exterior doors that are eligible for Federal Energy Tax Credit
- Energy Star replacement windows
- Energy Star light fixtures
- Attic air sealing
- Wall and attic insulation in conjunction with attic air sealing
- Water heaters if “orphaned” due to furnace replacement
3. Rehabilitation Loan Program
The Rehabilitation Loan Program assists low income homeowners in financing basic home improvements that directly affect the safety, habitability, energy efficiency or accessibility of their homes.
Eligibility requirements:
- owner occupies the property to be rehabilitated;
- owner does not have assets that exceed $25,000;
- owner meets the following income limits:
Eligible home improvements include basic improvements to the livability, accessibility, energy efficiency and addressing lead paint hazards. Electrical wiring, furnace replacement, plumbing and septic repairs are just some of the possible repairs.
Learn more about home improvement loans for Minnesota homeowners at the Minnesota Housing Finance Agency’s website >>
