Energy Saving Home Improvement

To promote Green homeownership and to help homeowners save on their energy costs, AAFE Community Development Fund has created the Energy-Saving Home Improvement Loan. As energy costs rise and wages stall, it has become increasingly necessary to upgrade and remodel existing homes to meet the efficiency and affordability standards of the 21st century. According to the U.S. Energy Information Administration, New York’s energy costs for natural gas, coal, and electricity all exceed the national average. And these costs are only expected to rise in the future.

Realizing the need for homeowners to embrace energy efficiency, AAFE CDF is offering this loan product for the purpose of paying for energy smart home improvements. These would include but are not limited to installation of solar systems, energy-saving windows/doors, and efficient heating or water systems.

Homeowners are required to have an energy audit performed by a certified contractor and to base their home improvement work scope on recommended energy-saving changes. Eligible homeowners could receive up to a $30,000 loan with an interest rate as low as 5%. They may also qualify for a tax credit of $620 or more. The Energy-Saving Home Improvement Loan product will ultimately help homeowners save money and prepare their homes for the future.

Loan Purpose: To assist homeowners for their energy-saving home improvements.

Eligible improvements:
– Install solar system
– Replace roof
– Install insulation
– Energy-saving windows and doors
– Install energy-saving heating, air conditioning units and water heaters

Loan Maximum: $30,000

Terms: 10 years

Interest Rate: 5%

Credit: 620+

Income Limit: No

Property Eligibility: 1-4 Family homes

Location Limits: 5 boroughs, Nassau, Suffolk, and Westchester

Required Documents:
– Complete loan application
– ID (government issued with photos)
– Proof of ownership (Deed)
– Income documents (pay stubs, tax returns)
– Proposal of the improvements by licensed contractor
– Before and after pictures of the improvements

How can I apply?
If you are eligible and would like to apply please Contact Us or
call (212)-964-2288.