Claim-eligible financing refers to the part of the loan for which the lender receives the loan loss reserve protection. At least 70% of the claim-eligible amount must fund eligible measures such as HVAC systems, appliances, windows, insulation and any other necessary alterations. Up to 30% of the eligible measures can be other related home improvements, like remodeling, water efficiency or measures that reduce electricity use—for customers who receive electricity from a municipality or co-op. If a lender provides financing for solar, or for other home improvement projects beyond the 30%, that portion of the loan is not claim-eligible financing; the lender will not receive any loan loss reserve funds for that portion.
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What is claim-eligible financing?
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