Approximately 425 residents in Maricopa County are set to gain from the government’s $500,000 taxpayer funding aimed at Sustainable Home Improvement Loans in Arizona.
The loans are designed for individuals looking to enhance their homes with energy-related improvements, including HVAC systems, as stated in a county news release. The funds are intended to enhance SHILA’s $5 million initiative in the region over the next three years.
“We are honored to receive this foundational investment from the Maricopa County Industrial Development Authority,” Ty Lorts, CEO of SHILA, said in a statement. “With their support, we can start making home improvement financing accessible for families who need it most. 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.”
Maricopa County Supervisor Clint Hickman stated that the funding will assist community members in obtaining necessary support for their homes.
“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 stated.
SHILA is a nonprofit that offers unsecured loans without performing credit checks, as noted on their website. They emphasize that “approval is based on ability to re-pay, not credit scores.” The organization’s website indicates that it is probably designed to assist individuals with low and moderate incomes. However, there is no specific income limit for determining eligibility for financing, although a checklist is provided for qualification purposes.
The group assists with home improvements related to energy efficiency and enhancements for disabilities. Contractors must complete an application to gain “approval” from the nonprofit.
