Bank of Colorado part of energy-efficient loan program
WASHINGTON, D.C. - The Bank of Colorado is one of two Colorado lenders
in a new pilot program that makes low-cost loans for energy-saving home
improvements backed by the Federal Housing Administration.
The U.S. Department of Housing and Urban Development has approved the
Bank of Colorado, with 34 locations statewide including seven in
Northern Colorado, and the Bank at Broadmoor with three Colorado Springs
branches to participate in the PowerSaver program. The program makes up
to $25,000 available to qualified borrowers for insulation, duct
sealing, replacement doors or windows, air-conditioning systems, water
heaters, solar panels and geothermal systems.
The other approved PowerSaver lenders nationwide include Admirals Bank,
AFC First Financial Corp., Energy Finance Solutions, Enterprise
Cascadia, HomeStreet Bank, Neighbor's Financial Corp., Paramount Equity
Mortgage Inc., Quicken Loans, Stonegate Mortgage Corp., Sun West
Mortgage Co. Inc., Viewtech Financial Services Inc., WinTrust Mortgage
and W.J. Bradley Mortgage Capital Corp.
HUD officials estimate about 30,000 homeowners will take advantage of
the pilot loan program, and predict it could also create about 3,000
"We believe the market is right for a low-cost financing option for
families who want energy-saving technologies in their home," said HUD
Secretary Shaun Donovan in a statement. "PowerSaver hits on all
cylinders by helping credit-worthy homeowners finance these upgrades,
cut their energy bills and boost the local job market in the process.
While FHA and these lenders are jump-starting this pilot, we hope its
success will lead to a growing private sector interest in making these
types of loans."
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