Maricopa County invests $500,000 to help lower income families with home improvement lending
Dec 3, 2024, 6:13 AM
Around 425 families will get help affording home improvement projects that will improve their quality of life, according to Maricopa County officials. (Pexels File Photo)
(Pexels File Photo)
PHOENIX — Over 425 people living in Maricopa County are set to benefit from a slew of home improvement projects meant to cut their energy bills.
The projects will help families pay for various upgrades through affordable financing solutions offered by Arizona’s first nonprofit green bank, which is called Sustainable Home Improvement Loans of Arizona (SHILA).
This nonprofit benefits low- and moderate-income homeowners. The projects it’s poised to support are worth an average of $12,000.
Altogether, the future SHILA projects are worth $5 million, according to a Monday news release from Maricopa County officials.
Where does funding for home improvement projects come from?
Funding for these home improvement projects comes from the Maricopa County Industrial Development Authority (MCIDA).
This agency, which has been around since 1973, helps create and maintain jobs within Maricopa County. It’s also focused on helping county residents have a better standard of living.
MCIDA has issued over $12 billion in bonds and invested millions of dollars into the Valley to expand people’s access to affordable housing and jobs.
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Clint Hickman, a Maricopa County supervisor for District 4, said he’s excited to support SHILA’s work.
“By investing in SHILA, we are helping low- and moderate-income homeowners access affordable financing options for energy-efficient improvements that will lower their utility bills, renovate their homes, and improve their overall quality of life,” Hickman said in the release.
The funding will support sustainable communities, he added.
“This partnership not only strengthens our local economy but also contributes to a more resilient and sustainable future for Maricopa County,” Hickman said. “We are excited to support SHILA’s work and the positive impact it will have in our community.”
How will home improvement projects help those in Maricopa County?
SHILA will provide financing options to help families pay for various home improvement projects, such as:
- Insulation
- Roofing
- Door
- Window
- Electrical
- HVAC
Ty Lorts, the CEO of SHILA, said he’s looking forward to helping more families through the influx of funds from MCIDA.
“With their support, we can start making home improvement financing accessible for families who need it most,” Lorts said. “This funding will allow SHILA to begin transforming homes across Maricopa County, helping residents access a healthier living environment, lower utility bills and have a greater quality of life.”
Who’s eligible for help with home improvement projects in Maricopa County?
Anyone who wants help funding home improvement projects can apply on SHILA’s website.
However, any contractor used will need to be vetted by SHILA first, according to Lorts.
“Our loans are available to anyone who is a homeowner,” Lorts told KTAR News 92.3 FM on Monday. “We are unique in that we don’t require a minimum credit score for approval but rather look at ability to repay. This allows SHILA to approve many who weren’t able to be approved previously.”
