MaineHousing’s Multifamily Home Energy Loan Program (Multifamily HELP) offers 4.75% fixed rate financing to improve the energy efficiency of eligible affordable housing developments and reduce project operating costs. Property owners who make improvements identified in an energy audit may reduce energy consumption by 15-20% annually.
Borrowers pay third-party fees such as the cost of the energy audit, title update, credit report, recording fee, and (in some cases) appraisal of the property. These fees may be included in the loan.
Multifamily HELP loans may be used to finance:
- Heating system repair and replacement (including alternative fuel sources)
- Insulation, air sealing and weather stripping (required if replacing a heating system)
- Energy Star rated windows and appliances
- Storm doors and storm windows
- Ventilation and moisture controls
- Roof repairs (if the attic is insulated to R60)
Improvements financed with a Multifamily HELP loan must be recommended by a certified energy auditor and approved by MaineHousing. Work also must comply with MaineHousing’s Green Standards. The cumulative Savings to Investment Ratio for all improvements financed with the Multifamily HELP loan must be 1 or greater.
Other non energy-related improvements may be financed through the Subsequent Loan Program.