Massachusetts Invests $20M In Energy Saver Home Loan Program For Affordable Housing
DEBARYLIFE – Governor Maura Healey has approved the Energy Saver Home Loan Program of the Massachusetts Community Climate Bank (MCCB), a development that is upending the fight against climate change.
A substantial $20 million is allocated to this effort to help low- to moderate-income residents upgrade their homes with energy-efficient upgrades.
MCCB is living up to its promise of making houses around the state greener and leaner. It prides itself on being the first green bank in the nation to concentrate on decarbonizing affordable housing.
“We were thrilled to introduce the Massachusetts Community Climate Bank last year—the country’s first green bank devoted to affordable housing,” Healey said in a Mass. gov-covered statement. With the program’s debut, the governor aimed to alleviate the burden of people who are most affected by the inexorable effects of climate change and excessive energy costs.
Governor Healy is not letting up on the matter; she is making sure that the houses themselves serve as the foundation for any advancements in sustainability.
Homeowners will now have a financial springboard for those renovations, whether they are worried about the cost of weatherization, electrical system updates, or even considering solar energy.
As per Climate Chief Melissa Hoffer, “Low and moderate-income homeowners will have concierge support—a real person—to walk them through, every step of the way for the first time.”
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With loans up to a cool $100,000, which includes upgrade costs qualifying for renewable energy subsidies, the bargain gets even sweeter. MCCB is prepared to offer loans with more lenient conditions by slicing the interest rates according to household income and capping them between 0.5 and 2 percent.
These loans are anticipated to relieve homeowners of much-needed stress by reducing their monthly payments over a comfortable 240-month period. CEO of MassHousing Chrystal Kornegay told Mass.gov, “This new loan product will empower homeowners across Massachusetts to help advance our state’s ambitious clean energy goals.”
With plans to approve up to 1,000 loans in the next two years, money will flow quickly under the new initiative. In line with their goal of having no net emissions by 2050, the state believes that this initiative will create the groundwork for a greener, more sustainable Massachusetts.
On the official MCCB website, prospective candidates can verify their eligibility and begin the application process immediately if they are eager to reduce their carbon footprint and energy costs.