Low-Income Loan Program for Energy Conservation Improvements (Virginia)
Last modified on May 23, 2011.
Financial Incentive Program
|Name||Low-Income Loan Program for Energy Conservation Improvements|
|Incentive Type||State Loan Program|
|Applicable Sector||Existing residential|
|Eligible Technologies||Passive Solar Space Heat, Solar Water Heat, Solar Space Heat, Solar Thermal Electric, Photovoltaics, Wind, Biomass, Hydroelectric, Geothermal Electric, Municipal Solid Waste|
|Energy Category||Renewable Energy Incentive Programs|
|Amount||100% of equity|
|Terms||Maximum term of 20 years|
|Program Administrator||Virginia Housing Development Authority|
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.
Authorities (Please contact the if there are any file problems.)
|Authority 1:||Va. Code § 36-55.31:1|
|Contact Name||Julia Perkinson|
|Department||Virginia Housing Development Authority|
|Address||601 S. Belvidere Street|
|Phone 2||(804) 343-5751|
- Incentive and policy data are reviewed and approved by the N.C. Solar Center's DSIRE project staff.