SAGINAW, MI – A ribbon cutting ceremony hosted by the Saginaw County Chamber of Commerce and Saginaw Future will highlight The Energy Alliance Group of Michigan’s latest PACE project, New Amadore Apartments.

Originally constructed in the 1920’s, the event will showcase the recent energy efficiency renovation of this historical building. The renovations are expected to save more than $600,000 in utility and maintenance costs over the 20 year life of the financing.

The apartment complex is Saginaw county’s first property to take advantage of Property Assessed Clean Energy (PACE), an innovative energy efficiency financing mechanism. The County joined the Lean & Green Michigan statewide PACE program in September 2013 through a vote by the Saginaw County Board of Commissioners.

The goal of the Lean & Green Michigan PACE financing program, administered by Levin Energy Partners, is to make it simpler for owners of commercial, industrial and multi-family properties to reduce wasted energy and upgrade to energy efficient technologies and renewable sources of energy.

“The PACE model is an innovative mechanism for financing energy efficiency and renewable energy improvements on private property”, said JoAnn Crary, President of Saginaw Future. “We were pleased to be part of the New Amadore Apartment project and look forward to working with other companies considering this type of financing.”

Petros PACE Finance funded the upgrades to the property owned by Marookeh Nahikian. The financing paid for the replacement of all 281 original single pane windows installed when the building was first constructed in 1929. Replacement parts for the deteriorating window seals and operating mechanisms were no longer available.

According to Carl Nerio, a long time resident of New Amadore, “During the winter, no matter how warm it was inside the building you wouldn’t sit anywhere near the windows because of the drafts and ice build up.” In addition to the overall improvement in the appearance of the building Nerio noted “the new windows don’t let in any drafts and the tinted glass really cuts down on the heat build up when the sun is bright.”

Supplied and installed by Lawrence Smith Window and Door, the replacement windows are highly energy efficient, maintain the historical look of the building, and won approval from the Historical Society of Saginaw County.

The ribbon cutting ceremony will take place on June 7th, 2017 at 3:00 p.m. at the main entryway of the New Amadore Apartments. Tours of the facility will be available immediately following the ribbon cutting.

The ceremony was plotted to coincide with the well loved Jazz on Jefferson Festival.

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NEW YORK, NY – Mortgage rates fell for the third week in a row, with the benchmark 30-year fixed mortgage rate falling to the lowest level in more than six months, according to Bankrate.com’s weekly national survey. The average 30-year fixed mortgage has a rate of 4.09 percent, the lowest since November 16, 2016, and an average of 0.25 discount and origination points.

The larger jumbo 30-year fixed slid to 4.02 percent, and the average 15-year fixed mortgage rate dropped to 3.31 percent, also the lowest since mid-November. Adjustable mortgage rates were mixed, with the 5-year ARM inching down to 3.41 percent while the 7-year ARM nosed higher to 3.60 percent.  

Between inflation rates stalling out, consumer spending softening and ongoing questions about a White House scandal and its implications for policy initiatives, there is just enough uncertainty to keep bond yields and mortgage rates on a downward trajectory. Mortgage rates are closely related to yields on long-term government bonds, which appeal to investors any time uncertainty, or low inflation, is in the air. With a looming employment report for the month of May, investors will be looking for some confirmation of more robust economic activity in the current quarter than the anemic 1.2 percent annualized pace of growth in the first three months of the year.

At the current average 30-year fixed mortgage rate of 4.09 percent, the monthly payment for a $200,000 loan is $965.24.

SURVEY RESULTS
30-year fixed: 4.09% — down from 4.13% last week (avg. points: 0.23)
15-year fixed: 3.31% — down from 3.32% last week (avg. points: 0.22)
5/1 ARM: 3.41% — down from 3.42% last week (avg. points: 0.30)

Bankrate’s national weekly mortgage survey is conducted each Wednesday from data provided by the top 10 banks and thrifts in 10 top markets.

For a full analysis of this week’s go in mortgage rates, go to www.bankrate.com

The survey is complemented by Bankrate’s weekly Rate Trend Index, in which a panel of mortgage experts predicts which way the rates are headed over the next seven days. The majority of the panelists, 56 percent, see the decline in mortgage rates continuing while one-third expect mortgage rates to remain more or less unchanged over the next week. Just 11 percent of this week’s respondents predict a rebound in mortgage rates in the next seven days.

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