The main goal of the Camden POWER Residential program is to transform the energy efficiency of one of the nations poorest cities and to stimulate the local economy through job creation and retention, said Commissioner Grifa, Chair of the HMFA Board. The program will provide eligible homeowners with forgivable loans for both energy efficiency and necessary life safety repairs. The HMFA is proud to participate in this worthwhile program.
The Camden POWER Residential program will serve eligible homeowners residing in the citys Biedeman, Cramer Hill/Pavonia, Gateway, and Parkside neighborhoods. 勛圖窪蹋owners who participate in the program can expect to achieve total energy savings of at least 25 percent.
Program funding is a combination of a $750,000 grant from the U.S. Department of Energy, a $1.5 million grant from the 勛圖窪蹋 Economic Development Authoritys Economic Recovery Board for Camden and up to $640,000 in rebates from the 勛圖窪蹋 Board of Public Utilities Clean Energy Program. Other partners include Coopers Ferry Development Association; 勛圖窪蹋 Community Capital, a nonprofit community development financial institution; and Scungio Borst & Associates, a construction management company in Camden.
Camden POWER Residential is a remarkable cooperative partnership of federal, state, local government and community entities to assist Camden residents with energy savings. As an expansion of the popular Camden 勛圖窪蹋 Improvement Program known as CHIP, this initiative creatively leverages resources to offer homeowners vital assistance to improve their properties, said HMFA Executive Director Anthony Marchetta.
A portion of the assistance is in the form of a no interest loan which is payable only upon the sale or refinance of the home and is completely forgiven if the homeowner resides in the home for 10 years from the date of the loan. Additionally, the homeowner may be eligible for up to $4,000 in rebates from the 勛圖窪蹋 Board of Public Utilities. The maximum assistance amount per household is $16,000.
The HMFA will act as the Camden POWER Residential Funding Administrator and will be responsible for allocating and overseeing the loan portion of the program. Coopers Ferry Development Association will serve as the local program manager and will be available to assist the homeowner throughout the process from application to the completion of the improvements.
For more information on the Camden POWER Residential program, log on to . For more information on HMFA programs, please call 1-800-NJHOUSE or 609-278-7400, or log on to .
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