Sponsor
Alderman Helding
Title
Resolution establishing a home weatherization and energy efficiency loan pilot program
Whereas, the Wisconsin Legislature by 2009 Wisconsin Act 11 provided authority for cities to make loans to residents for improvements to residents’ residential property for energy efficiency or renewable energy projects and for the loans to be repaid through special charges upon the property; and
Whereas, such a program can improve the quality of housing in Racine and make housing more affordable by reducing energy expense.
Now, therefore, be it resolved, that there is hereby established a loan program for loans to residents for improvements to residents’ residential property for energy efficiency or renewable energy projects.
Further resolved, that the program shall have the following characteristics and eligibility criteria:
a. The program is limited to improvements which increase the energy efficiency and/or reduce consumption of non-renewable energy in homes. Only improvements with efficacy demonstrated by an energy audit are eligible.
b. Owner-occupied single-family and duplex homes constructed from 1946 through 1975 are eligible for participation in the program.
c. The program is not restricted on the basis of owner or household income. The owner shall agree to the collection of loan repayment through a special charge upon the property; monthly repayments in lieu of the special charge are allowed.
d. Loans shall be made at three percent interest; loan term should match the payback period of the energy savings resulting from the improvement as nearly as possible.
e. Participation in this program shall not disqualify the property from participation in any other home improvement or energy efficiency program for which it may qualify.
Further resolved, that Housing Department shall administer the program, subject to standards and procedures adopted by the Loan Board of Review. The Loan Board of Review shall approve or disapprove applicat...
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