Financing Home Improvements with City and State Funds
This is a third and final part of a series about financing options for home energy efficiency projects. Parts one and two focused on Mass Save’s 0% interest HEAT Loan program. The HEAT Loan is available to all property owners regardless of income, provided that they are considered credit-worthy by a Mass Save participating bank.
In addition to the HEAT Loan, the City of Boston and Commonwealth of Massachusetts offer funding for home improvement projects. These funds can be combined with the HEAT Loan to help you complete larger home remodeling in the most energy efficient manner.
3D Initiative (Triple Deckers)
Boston’s triple decker campaign, the 3D Program, is committed to preserving and celebrating this quintessentially Boston housing style.
- Interest-free, deferrable loans of up to $30,000 for owner-occupants of three-family homes that are not condominiums; available for households with up to 120% of Area Median Income.
HomeWorks HELP
The Boston Home Center will partner with you through the entire home repair process, helping you find a contractor, monitor work quality, and ensure a post renovation inspection.
- Through HomeWorks HELP, you may be eligible to receive an interest-free loan of up to $10,000 for a single-family home; up to $15,000 for a two-family home; and up to $20,000 for a three-family home; available for households with up to 100% of Area Median Income.
Senior Home Repair
If you’re at least 62 years of age and own your home, you may be eligible for special programs that provide 0% interest-deferred loans for a variety of minor, moderate and emergency home repairs.
- From fixing a leaky faucet to rebuilding a porch, Senior Home Repair will assist the homeowner at all stages of the project; available for households with up to 80% of Area Median Income.
Seniors Save
Boston Home Center’s Seniors Save is a Fall 2015 time-limited initiative, helping income-eligible seniors replace failing or inefficient heating systems with significant grants and deferred loans.
- Grants up to $3,500, plus deferred 0% interest loans up to $10,000; available for households with up to 80% of Area Median Income. Act now before the 12/31 deadline.
Massachusetts Loans for Accessibility
The Home Modification Loan Program (HMLP) of Massachusetts Executive Office of Human and Health Services provides state-funded loans to assist with accessibility modifications to the homes of elders, adults with disabilities, or families with disabled children. In order to be eligible for the loan, the modifications must be necessary to allow the beneficiary to function in their home on a daily basis. Some examples of projects funded through the program include, ramps, hardwired alarm systems and accessible bathrooms and kitchens. Loans range between $1,000 and $30,000 with 0%-3% deferred loan payments, depending on income guidelines.
This is part 3 of a series. Part 1 provided an overview of HEAT Loan. Part 2 covered how to apply for a HEAT Loan.