Missouri Receives $508 MIllion in Funding for Energy Spending Plan
ST. LOUIS (SLFP.com), July 5, 2009 - The U.S. Department of Energy has approved 16 State Energy Program spending plans authorized as part of the federal economic stimulus package signed into law in February.
With the approval of these plans, 16 of the nation's State Energy Offices are receiving $508 million, representing 50% of full program funding. Remaining funding will come as states implement their programs and deliver results.
The 16 state plans approved so far include: Arizona, California, Connecticut, Florida, Idaho, Iowa, Kansas, Michigan, Minnesota, Missouri, New Hampshire, North Carolina, South Carolina, South Dakota, Utah and Washington.
DOE continues to review State Energy Program spending plans from 39 other states and U.S. territories. Action on the plans is expected by the end of July.
These energy stimulus plans fulfill state obligations under the federal State Energy Program, one of a number of stimulus-funded programs operated by the 56 State and Territory Energy Offices. Total stimulus funding for the State Energy Program is $3.1 billion.
"This funding will provide an important boost for state economies, help put Americans back to work, and move us toward energy independence," said DOE Secretary Steven Chu. "It reflects our commitment to support innovative state and local strategies to promote energy efficiency and renewable energy while insisting that taxpayer dollars be spent responsibly."
Other federal energy spending under the stimulus plan includes $3.2 billion for the Energy Efficiency and Conservation Block Grant Program, which is directed to about 1,700 cities, counties, local governments and states, and 510 tribes; $5 billion for the Weatherization Assistance Program, which helps low-income people reduce their energy bills by making homes more energy efficient; $4.4 billion for utilities and others involved in development of a national "smart grid" for electricity transmission, delivery and use; and $300 million for Energy Star appliance rebates to consumers.
Many Homeowners Plan Remodel Projects This Year
ST. LOUIS (SLFP.com), July 5, 2009 - Consumer Reports latest poll on home remodeling reveals that over the next 12 months, 54 percent of homeowners are planning a remodeling project and nearly two-thirds (65%) plan to do at least some of the work themselves. The most popular types of work include painting (56%), designing (39%) and flooring (34%).
The recent economic downturn has forced 67 percent of homeowners to rethink their plans, with the biggest changes including doing work themselves (42%), fixing or sprucing up what they already have (39%) and remodeling in phases (36%). The biggest reason consumers are cutting back on remodeling is because they simply do not have the money (42%).
Funding for home remodeling stems from a variety of places, but two out of three (66%) homeowners support their projects with their savings. Others plan to cut back on travel and entertainment (29%), while one out of five (21%) are using a home equity or other loan.
Ninety-one percent of homeowners have already gotten their hands dirty with either a repair or remodeling project. But not all repairs or remodeling projects went smoothly for DIY respondents, with over one third (34%) having at least one regret stemming from trying to fix a broken appliance, installing tile, floors or cabinets.
"Whether homeowners are venturing into a project themselves or plan to hire a professional, you need to lay out a budget, decide what you want most at the end of the project -- and decide what you can live without," says Bob Markovich, senior home editor at Consumer Reports. "The more homeowners know what they're getting into, the more money they'll save."
Consumer Reports Readers Reveal Top 5 Remodeling Headaches
According to the poll, the most popular remodeling projects for homeowners are kitchens (19%) and bathrooms (17%). In another survey, Consumer Reports asked 6,000 readers to reveal what went wrong when they remodeled their kitchens and baths and how much those mistakes added to the overall cost of their projects. Here's how to avoid their mistakes and save:
1. Don't rush in. Changing plans is the most common, but costliest
remodeling gaffe, adding $1,500 to kitchen projects and $650 to bath
remodels. Be sure to leave time for research and create a comprehensive
plan, listing every product.
2. Prepare for the unexpected. There's a lot going on behind the walls.
Unexpected water damage was an issue with 17 percent of bathroom
remodels, while structural problems caused headaches for 10 percent of
kitchen projects. A good contractor will be able to anticipate,
allowing the homeowner to budget accordingly.
3. Don't chase the low ball. Contractors are lowering their profit
margins due to the tight market, but they often make up their costs in
labor or other areas. Readers who went for the lowball ended up
spending a median of $1,500 extra for labor on their kitchens and
$1,000 extra on their bathrooms. Don't sign a contract with a lot of
open-ended amounts for products and materials -- these are called
"allowances," in contractor speak.
4. Get the paperwork in order. Have the contractor attach copies of his
up-to-date license, insurance, and workers' compensation policies to
the written contract. He should also get permits and provide a lien
waiver when the job is done; this will keep suppliers from contacting
the homeowner for unpaid bills.
5. Focus on the boring bits. Specifying lighting and placement of trash
cans are not much fun, but are critical to the process. For example,
the proper exhaust fan will prevent mildew in baths and vent odors in
kitchens.
Major Change Opens Door to Refinance Relief for More Borrowers in Hard Hit Markets
ST. LOUIS (SLFP.com), July 5, 2009 - To help borrowers who have seen significant home price declines refinance their existing loans, the Obama Administration today announced the availability of loan-to-value (LTV) ratios up to 125 percent for Home Affordable Refinance mortgages, including Freddie Mac's Relief Refinance Mortgage(SM). The previous maximum LTV ratio for Relief Refinance Mortgages had been 105 percent.
As a result of this change, qualified borrowers will be able to obtain Relief Refinance Mortgages with loan amounts up to 125 percent of the current value of their property. The higher LTV ratio is expected to give homeowners -- especially those in markets that have experienced sharp declines in home values -- more options to refinance into mortgages with terms that better position them for long-term homeownership.
"This is a change that will put affordable refinancing opportunities within reach of performing borrowers who have suffered the effects of local home price erosion," said Freddie Mac Executive Vice President Don Bisenius. "Today's announcement also underscores Freddie Mac's commitment to make the Obama Administration's Making Home Affordable program a gateway to successful long-term homeownership for as many borrowers as possible."
To encourage borrowers with 30-year fixed rate mortgages to consider a shorter 25-year term, Freddie Mac is providing a special price incentive to lenders. The incentive only applies to Relief Refinance Mortgages with LTV ratios between 105 percent and 125 percent. The 25-year term will result in borrowers paying less interest over the life of their loan and over time improving their overall equity position.
Freddie Mac's Relief Refinance Mortgage is available to borrowers who are current on mortgages that are owned or guaranteed by Freddie Mac. Borrowers should visit https://www.freddiemac.com/corporate/ and complete the online form to determine if Freddie Mac owns their mortgage.
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