Energy Innovation Fund PowerSaver Pilot 203(k) Program | Apply Online

Opportunity Summary:

The Energy Innovation Fund PowerSaver Pilot 203(k) Program was a U.S. Department of Housing and Urban Development (HUD) discretionary grant opportunity (Funding Opportunity Number FR 5700 N 30) designed to broaden the existing PowerSaver Retrofit Pilot by tying it directly to the FHA Section 203(k) home purchase and rehabilitation mortgage program. In practical terms, HUD aimed to help certain high-volume FHA 203(k) lenders incorporate home energy efficiency upgrades into the standard 203(k) financing workflow, so borrowers could buy and rehabilitate a home while also financing energy improvements through a more mainstream mortgage channel rather than relying on smaller, less widely available retrofit loan products.

The opportunity centered on two main program goals. First, it sought to support the testing and scaling of a mainstream mortgage-based approach to home energy retrofit financing, including liquidity options for lenders, with the intent that these loans become more affordable and more broadly available than many existing energy retrofit financing products. Second, HUD intended to generate a strong, consistent body of data about energy efficiency upgrades and their measurable impacts, not just on energy savings, but also on borrower-related and market-related outcomes such as household income effects, property value changes, and other performance metrics. The idea was that better evidence and standardized data collection would help the broader mortgage market gain confidence in energy retrofit lending and encourage expansion of mortgage products that can reliably support energy improvements.

Funding was offered as grants under a community development and housing activity category, with an estimated total program funding amount of $5,000,000. HUD anticipated making about four awards. Individual awards were expected to range from a $500,000 floor to a $2,500,000 ceiling, and there was no cost sharing or matching requirement noted. The CFDA listing associated with the opportunity was 14.319 (Multifamily Energy Innovation Fund), even though the specific purpose described here focused on integrating energy retrofit concepts into the FHA 203(k) purchase and rehab context.

Eligibility was narrow and targeted. Applicants were limited to existing FHA-approved lenders that had demonstrated significant Section 203(k) activity, specifically a minimum volume of 300 FHA-insured 203(k) loans during FY 2012 (October 1, 2011 through September 30, 2012). HUD identified the eligible lenders as: Wells Fargo, Prospect Mortgage, Bank of America, Prime Lending (a PlainsCapital Company), Real Estate Mortgage Network, Michigan Mutual, American Financial Resources, AmeriFirst Home Mortgage, and Fifth Third Bank. Separately, Title II FHA-approved lenders previously selected for the initial Title I PowerSaver Pilot were automatically eligible to participate in the PowerSaver Pilot 203(k) Program, but importantly, they were not eligible to receive additional grant funds under this particular notice. This suggests HUD was trying to expand participation or capacity among qualified 203(k) lenders without duplicating funding for entities already supported under the earlier pilot.

The opportunity was posted on August 13, 2013, with an application closing date of September 12, 2013, and it was later archived on October 12, 2013. The announcement indicated that application package and instructions were available via the CFDA number. For technical access issues or questions about the notice, the listed point of contact was Michael Freedberg at HUDs Office of Sustainable Housing and Communities (phone 202-402-4366). Overall, the grant program functioned as a focused, lender-facing push to bring energy efficiency retrofits into a widely used FHA rehab mortgage channel, while also producing the kind of performance and outcome data that could help make energy retrofit lending more standardized and scalable across the housing finance system.

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