FOR IMMEDIATE RELEASE
Director of Marketing and Communications
LANSING, Mich. — Michigan Saves, the nation’s first nonprofit green bank, announced today the launch of the Lead Poisoning Prevention Fund – a $2 million fund to leverage private capital to abate lead-based paint hazards in single-family homes and single-family income properties. Through the Lead Fund, which supports a network of Michigan Saves authorized lenders, homeowners can receive loans from $1,000 to $50,000 with terms up to 15 years and fixed interest rates from 3.99% to 7.00% APR. The Lead Fund was created and capitalized by the Michigan Department of Health and Human Services and will be available to homeowners statewide.
“Lead can be an invisible threat to health, and thousands of children in Michigan are diagnosed with elevated blood lead levels each year,” said Dr. Natasha Bagdasarian, MDHHS chief medical executive. “Exposure to lead-based paint chips and lead-contaminated dust in homes built before 1978, as well as soil and water with high levels of lead, can result in elevated levels of lead in the body that can negatively affect children’s health and development. MDHHS is committed to working together with families and local communities to identify and eliminate household sources of lead to prevent exposure.”
Since its inception in 2009, Michigan Saves has supported more than $375 million in energy efficiency and renewable energy financing in Michigan homes and businesses. With more than half of its residential lending deployed in low-to moderate-income communities, Michigan Saves provides financing solutions that resolve energy equity disparities and reduce energy burdens. Michigan Saves manages a statewide network of more than 900 authorized contractors with expertise in energy efficiency and onsite renewable energy systems and makes its inclusive and affordable financing available through a network of authorized lenders.
“The Lead Fund fills a critical gap by providing a solution for homeowners who need to abate lead hazards in their homes, but don’t qualify for free lead abatement services through MDHHS,” said Todd Parker, Michigan Saves director of programs. “Michigan Saves is excited to expand our energy efficiency and renewable energy financing to include lead abatement, providing homeowners with the benefits of clean energy and the peace of mind that their homes are safe for their family.”
Michigan Saves is also recruiting certified lead abatement contractors to receive homeowner leads from the Lead Fund. Interested contractors can apply to become an authorized Michigan Saves contractor by completing an application at www.michigansaves.org/contractors.
For more information about the Lead Fund, visit www.michigansaves.org/leadfund.
About Michigan Saves
Michigan Saves is a nonprofit dedicated to making energy improvements easier for all Michigan energy consumers. To accomplish this, Michigan Saves makes affordable financing and other incentives available through partnerships with private-sector lenders. We also authorize and monitor a network of contractors and recognize those with advanced training. Our current portfolio includes programs for residential, commercial, multifamily and municipal customers, and supports energy-efficiency, geothermal and solar photovoltaic projects. For more information, visit www.MichiganSaves.org.