In an effort to help Maricopa County residents to make their homes more affordable and greener, the county’s Industrial Development Authority invested $500,000 into a nonprofit looking to help with their utility bills.
Sustainable Home Improvement Loans of Arizona, or SHILA, was licensed just six weeks ago.
Their loans are looking to help over 425 Maricopa County residents with $5 million worth of energy efficiency projects over the next three years.
Ty Lorts is the CEO and co-founder of SHILA.
"As money gets paid back in, we’re able to grow the business to a point where we don’t need any more outside money; where we are serving the outside community not just over the next five years but over the next five generations," Lorts said.
He said they’re helping support affordable housing from a different angle.
“We’re trying to keep people in their homes, so they don’t have to seek alternative housing; so they don’t lose the house they’ve been in for the last 30, 40 years," Lorts said.
Whether it’s home renovation or energy efficiency, SHILA’s loans can go towards upgrades aimed at tackling insulation, roofing, windows and more.
Lorts said SHILA aims to be an alternative to predatory lenders or banks with high HELOC and credit card rates.
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