The Minnesota Housing Finance Agency has received 4,000,000$ in Federal recovery funds.
One of the ways they’re spending it is providing cash rebates to homeowners who use a MHFA Fix-Up Fund Loan to do approved Energy Saver upgrades.
Projects eligible for Rebates are replacing and Upgrading furnaces, boilers, water heaters and central air conditioning. Upgrading to lighting fixtures that comply with Energy Star requirements. Upgrading windows and doors. Attic air sealing. Insulating the attic or exterior walls.
These Upgrades MUST meet specific performance criteria. For example, windows must be EnergyStar rated and furnances must be 95% or higher AFUE. It's the responsibility of the homeowner and Studio Rebus to make sure the Upgrades qualify for the Energy Saver Rebate.
The rebate is 35% of all qualifying improvements. The maximum amount is 10,000$.
Minnesota Housing Finance doesn’t originate Fix-Up Loans. Talk to your lender. They may be able to help you. The Center for Energy and Environment in Minneapolis puts together more of these loans than anyone else. You might checkout their website – www.mncee.org
If the Fix-Up Loan doesn’t work for you CEE has other financial products available.
Ask.
To get qualified you’ll need good credit – not immaculate.
No unresolved tax liens. No unpaid judgments. No late payments on the mortgage for the last year.
Total household income no more than 96.500$. Loans up to 35,000$. Up to 20 years to repay. Interest rate as of November 22 is 5.99%.
Here’s the fine print.
MHFA will track the number and valuation of all the loans qualified for rebates. They will manage the program, so it’s likely participants will receive a rebate. MHFA, CEE and SRI CANNOT guarantee the rebate. The question is, “How likely?” It’s more risky than death and taxes, but less risky than a casino.
If your only motivation for undertaking a project is the assurance you'll get a rebate -- you might consider another approach.
START by calling Kel Heyl at Studio Rebus to schedule an appointment to plan and budget your project. He can put together the bids you need to apply for your Fix-Up Loan. He can be reached at 612 382 8067 or kel@studiorebus.com
After qualifying and closing then Studio Rebus can manage, build and complete your project.
Studio Rebus works with Artisan Plumbing for boilers and water heaters.
Studio Rebus works with HiTech Heating and Air Conditioning for furnaces and central air.
Studio Rebus works with Sunnyday Earth Solutions for LED bulbs and lighting fixtures.
Studio Rebus works with WRAP Insulation for air sealing and insulating.
