Allow interest free loans for home renos--collect via the property tax over life of home
It is fair, in that, all future homeowners would pay equally for the benefits, rather than asking the current homeowner to carry the burden of paying for 100% of the renos.
Barbara Hartman
shared this idea
Financing tools (currently under development) may encourage building owners to improve the performance of their buildings rather than rebuild
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LB
commented
interest free (or low interest) loans paid back via property taxes are a great idea, if they are used for energy efficiency upgrades only (i.e. making the property greener).
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Tammy Everts
commented
I'm inclined to respectfully disagree with this idea as it's described here. People in this city are renovation-happy, and renovations are often wasteful, excessive and poor in quality, especially given how flip-happy the housing market is. Why should a future home owner be forced to pay for a property *******'s poor-quality renovation?
I'd be more inclined to agree with this strategy if people applying for interest-free loans were forced to prove that:
(a) the proposed renovations are structurally necessary (i.e. kitchen and bathroom fixtures that are literally falling apart), and
(b) the applicants were made to submit a proposal explaining that their renovation would follow green guidelines (i.e. reducing waste by recycling/repurposing old fittings, using salvaged or sustainably harvested/manufactured materials, etc.).