Housing & Energy Affordability Fund

Finance Better-Performing Buildings with Flexible, Affordable Capital

The Housing & Energy Affordability Fund helps multifamily and commercial property owners and developers finance projects that improve building energy performance and affordability.

Michigan Saves is partnering with Michigan credit unions through Michigan Business Connection (MBC) to offer financing for eligible new construction, rehabilitation and renovation projects across Michigan.

Loans from $50,000 to $8 million are available, with special rates for eligible DTE Energy and Consumers Energy customers.

Tell Us About Your Project

Financing at a Glance

Loan amount
$50,000–$8 million

Term length
5–10 years

Amortization
Up to 25 years

Rates
Benchmarked to the U.S. 5-Year Treasury

Financing Designed to Make Your Project Work

Building energy improvements can reduce operating costs and improve long-term building performance. The Housing & Energy Affordability Fund is designed to help make those investments more financially achievable.

Discounted Rates

Access lower interest rates through Michigan Saves and participating MBC credit union members.

Fixed-Rate Options

Reduce interest rate uncertainty during and after construction with fixed-rate financing options.

Reduced Fees

Simplify financing with the option for a single loan covering both the construction and permanent phases of your project.

Technical Assistance

Work with Michigan Saves to identify opportunities to incorporate utility rebates and other incentives that may reduce project capital and operating costs.

How Does the Process Work?

1

Complete the Housing & Energy Affordability Fund interest form and a Michigan Saves team member will reach out to learn more about your project and financing needs.

Complete the Interest Form
2

Work with Michigan Saves to verify that your project meets the program’s eligibility and energy performance requirements.

3

Once eligibility is confirmed, Michigan Saves will help you move forward with the financing application.

4

Coordinate with Michigan Business Connection lenders to provide the documentation needed to finalize your financing.

What Projects Are Eligible?

The Housing & Energy Affordability Fund can support:

  • New construction
  • Rehabilitation
  • Renovation
  • Multifamily properties
  • Commercial properties

Projects may be located anywhere in Michigan.

Project Performance Requirements

Eligible projects must incorporate energy-efficient equipment, construction practices or building-performance standards.

Projects may qualify by meeting one or more of the following requirements:

Install Qualifying Energy-Efficient Equipment

Eligible measures can include:

  • Heating and cooling equipment
  • Water heating
  • Lighting
  • Building controls
  • Appliances
  • Other measures eligible for electric or natural gas utility energy-waste-reduction rebates

Achieve Modeled Energy Savings

Projects may qualify by demonstrating:

  • 25% above commercial building code (new construction)
  • 30% above baseline performance (existing construction)

Meet an Eligible Building Standard or Certification

Qualifying standards include:

  • National Green Building Standard Emerald (ICC 700)
  • ENERGY STAR® Multifamily New Construction
  • Enterprise Green Communities
  • Home Energy Rating Score of 44 or lower
  • Passive House Institute US standards

Not sure whether your project meets the requirements?

Start with the interest form. Michigan Saves can help determine whether your project may qualify.

Complete the Interest Form

Financing at a Glance: Construction-to-Mini-Perm Loan

Loan Amount
$50,000–$8 million
Term Length
5–10 years
Amortization
Up to 25 years
Rates
Benchmarked to the U.S.
5-Year Treasury

Typical Fees

Fee
Typical Cost
Origination
50 basis points
Construction administration, when needed
25 basis points
Underwriting and documentation
Approximately $1,750

These figures do not include other direct costs such as taxes, filing fees, appraisal, title or environmental expenses.

Ready to Talk About Your Project?

Whether you’re planning new construction or reinvesting in an existing multifamily or commercial building, the Housing & Energy Affordability Fund can help you explore financing designed around stronger building performance and long-term affordability. Start by telling us a little about your project.

Complete the Interest Form

Questions? Contact Michigan Saves at 517-484-6674 or info@michigansaves.org.

Michigan Saves’ participation is made possible through funding from DTE Energy and Consumers Energy. Michigan Saves’ participation in loans is only available for customers in DTE Energy and Consumers Energy territories.

Have questions?

Contact Michigan Saves at 517-484-6674 or info@michigansaves.org.