This home improvement loan program, which was created under HUD Title 1 in 1978, is administered by the Virginia Housing Development Authority (VHDA). The program exists to reduce energy consumption or reduce dependence on conventional energy sources by offering low-interest loans to low- and moderate-income homeowners for repairs to existing homes. All renewable energy technologies are eligible. The interest rate is 6.75%, and there is an additional annual Federal Housing Authority (FHA) insurance charge of 1% of the loan amount. Loan amounts range from $1,000 to $25,000 for terms of 5, 10, 15 or 20 years. (A lien on the property is required for all loan amounts.) Homeowners can borrow up to 100% of their homes' equity. The VHDA issues approximately 100 loans per year.
| Implementing Sector: | State |
| Category: | Financial Incentive |
| State: | Virginia |
| Incentive Type: | Loan Program |
| Web Site: | http://www.vhda.com |
| Administrator: | Virginia Housing Development Authority |
| Start Date: | |
| Eligible Renewable/Other Technologies: |
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| Maximum Loan: | $25,000 |
| Loan Term: | Maximum term of 20 years |
| Name: | Va. Code § 36-55.31:1 |
| Name: | Julia Perkinson |
| Organization: | Virginia Housing Development Authority |
| Address: |
601 S. Belvidere Street Richmond VA 23220-6500 |
| Phone: | (804) 782-1986 |
| Email: | julia.perkinson@vhda.com |
This information is sourced from DSIRE; the most comprehensive source of information on incentives and policies that support renewables and energy efficiency in the United States. Established in 1995, DSIRE is operated by the N.C. Clean Energy Technology Center at N.C. State University.
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