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Pennsylvania Statutes Title 73 P.S. Trade and Commerce § 1649.603. Home Energy Efficiency Loan Program

Current as of January 01, 2022 | Updated by FindLaw Staff

(a) Establishment.--There is established a Home Energy Efficiency Loan Program which shall be administered by the agency. The program shall provide loans to eligible households for energy efficiency projects.

(b) Household eligibility.--Dwelling units that are owner-occupied and have an adjusted gross income, as determined by the most current Federal tax returns of all adult household members, that does not exceed 150% of the greater of the current Statewide or Area Median Income (AMI) as established by the Federal Department of Housing and Urban Development for the county in which the home is located.

(c) Applications.--An individual may submit an application to the agency requesting a loan. The application shall be on the form required by the agency and shall include or demonstrate all of the following:

(1) The applicant's name and address.

(2) The identity of the approved contractor who will complete the energy efficiency project.

(3) A description of the energy efficiency project and an estimate of the cost of the project, including an itemized list of project costs, prepared by the approved contractor identified under paragraph (2).

(4) The amount of the loan sought.

(5) A statement authorizing the agency to conduct a credit history check.

(6) Any other information required by the agency.

(d) Review of project financing applications.--The agency shall review the application to determine if:

(1) The project is eligible for financing under this program.

(2) The applicant is eligible to receive a loan under this program.

(3) The value of the proposed collateral and the financial resources of the applicant are sufficient to repay the loan.

(4) The statement of the estimated cost of the project is accurate and reasonable.

(5) The applicant complied with all other criteria established by the agency.

(e) Approval of loan applications.--Once the application is deemed complete, the agency may approve the application. The agency shall have complete discretion in determining whether a proposed energy efficiency project is eligible for a loan.

(f) Security.--All loans awarded under this act shall be secured by a lien on the property for which the loan was approved and other sufficient collateral as determined by the agency.

(g) Limitations.--

(1) An applicant may not apply for a loan in an amount less than $1,000 nor more than $10,000.

(2) The agency shall not require a loan to be repaid in full within six months of the loan closing date.

(3) The interest rate shall be a below-market, fixed interest rate, as determined by the agency.

(4) The loan repayment period may not exceed ten years with no prepayment penalty.

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Cite this article: FindLaw.com - Pennsylvania Statutes Title 73 P.S. Trade and Commerce § 1649.603. Home Energy Efficiency Loan Program - last updated January 01, 2022 | https://codes.findlaw.com/pa/title-73-ps-trade-and-commerce/pa-st-sect-73-1649-603/

Read this complete Pennsylvania Statutes Title 73 P.S. Trade and Commerce § 1649.603. Home Energy Efficiency Loan Program on Westlaw

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