Energy-Efficient Upgrades Make Sense
The Mid-America Regional Council’s (MARC) Home Remodeling Loan Program was created in 2006 by MARC’s First Suburbs Coalition, a group of inner-ring suburbs in the Kansas City metro area. Many homeowners in these communities love their neighborhoods and want to stay in their homes, but also want some of the modern amenities often found in newer construction. This program helps mature neighborhoods stay vital and attractive to future homebuyers, keeping property values high.
Home Remodeling Loan Program - MARC Brochure [PDF]
MARC Home Remodeling Loan Program Details:
• Special discounted rate applies to MARC Home Remodeling Loan Program
• Loan amounts from $5,000 up to $30,000
• Flexible terms from 1 to 10 years*
• Fixed-rate, home equity loans with a one-time advance
• Tax-assessed value of the home must not exceed $250,000
• Interest may be tax deductible**
• Home must be owner-occupied
• Borrowers must qualify per CommunityAmerica lending standards
• Borrowers must reside in a participating community
For residents of Prairie Village (and 32 other participating communities), a low-interest, fixed-rate home equity loan through MARC’s Home Remodeling Loan Program can help you make easy, energy-efficient upgrades to your home that will save you energy and money.
MARC developed the loan program with CommunityAmerica Credit Union. These loans can be used for a wide variety of home renovation projects, which include: adding insulation, window and door replacement, energy-efficient appliance upgrades, plumbing and electrical work, and even add-ons such as new rooms, decks, porches and fences.
According to ENERGY STAR:
• A skilled contractor could save you up to $1,000 on your heating and cooling costs over five years, by better sealing and insulating your home. Increase the savings by upgrading to an ENERGY STAR furnace and air conditioner, and you could save another $1,000 on heating and cooling over the same time period.
• Upgrading your 1990s refrigerator to an ENERGY STAR model could save you $315 over five years.
• You could save up to $900 over five years by replacing two older toilets with high-efficiency models.
• If your washing machine is at least 10 years old, upgrading to a high-efficiency model could save you $675 over five years.
MARC provides online resources to get you started. Visit
marc.org/loanprogram for examples of home renovations and improvement ideas from remodeling Idea Books, as well as step-by-step instructions to help make your home energy efficient.
For information about current interest rates or to apply for a loan, please call CommunityAmerica at 913-905-6629.
*APR = ANNUAL PERCENTAGE RATE. Payment will be equally amortized over the term of the loan. Example: $30,000 loan amount at 6.25% APR for 120 months results in monthly installments of $336.82. Minimum loan amount $5,000, maximum loan amount capped at $30,000. Tax-assessed value of home may not exceed $250,000. Minimum and maximum loan amounts and tax-assessed value restriction set by MARC. Applicant pays for mortgage tax (in KS $2.60 per $1,000). Homeowners insurance required. Program and rate subject to change and will end at the discretion of CommunityAmerica. **Consult your tax advisor regarding deductibility of interest. CommunityAmerica Credit Union federally insured by the National Credit Union Administration.
