Under the legislation, PACE programs would be examined by the state Division of Finance every 24 months at an estimated cost of $50,000 per review. Under another bill, (HB 697), mortgage lenders would have the power to veto PACE loans.
PACE loans are repaid as a line item added to borrowers' property tax bills and processed by county collectors as though they were a tax and, in the event of a mortgage payment default, are collected ahead of the mortgage loan. Consequently, mortgage lenders are uneasy with PACE financing and federal mortgage lenders Freddie Mac and Fannie Mae do not allow PACE loans on top of mortgages they hold.
Current law allows PACE loans only in cities and counties that pass ordinances authorizing the lending. Proposed legislation would limit a PACE loan plus the outstanding mortgage debt to no more than 80 pct of a property's appraised value, plus the value of improvements made. (Source: Various Media, Energy News, 18 Mar., 2021) Contact: PACE, firstname.lastname@example.org, www.pacenow.org
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Under the bill, PACE programs, which are advertised as a no-money-down way for homeowners and businesses to finance energy efficiency upgrades, would include projects related to storms and flooding, septic tank improvements and "health and environment" improvements such as removing mold, lead and asbestos.
Importantly, the bill allows PACE borrowers to cancel within three days and standardizes how the financial terms are disclosed. Also, PACE contractors and loan providers would be required to verify that PACE loans are not greater than 10 pct of the (borrower) homeowner's annual income and that the loan payment amount is not greater than $4,800 per year or that the homeowner is not in bankruptcy proceedings. (Source: Office of Rep. Randy Fine (R-Palm Bay), Tampa Bay Times, 8 Jan., 2021)
Contact: Florida Rep. Randy Fine (R-Palm Bay), www.facebook.com/voterandyfine
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The C-PACE loan program is specifically for energy efficiency and clean energy projects for new construction or renovations. Qualifying projects include energy efficiency improvements, resiliency improvements, water efficiency improvements, and/or stormwater management improvements.
C-PACE offers property owners special benefits and the loan covers 100 pct of qualified expenses with no money down with long-term loan repayment that is frequently offset by the energy savings. The loans can range from $30,000 to $20,000,000 therefore, C-PACE is a commercial loan that works for large projects and looks favorably on small business and non-profits .
(Source: City of Roanoke, PR, 23 Oct., 2020) Contact: City of Roanoke, Nell Boyle, 540-853-5430 , email@example.com, www.roanokeva.gov
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The C-PACE program helps commercial, industrial, and non-profit property owners access affordable, long-term financing for qualifying energy efficiency and renewable energy upgrades. The C-PACE loans are repaid through a voluntary assessment on the building owner's property tax bill.
The Green Bank's new repayment options are intended to provide relief to property owners impacted by COVID-19. The repayment options will provide borrowers with immediate increased cash flow by significantly reducing operating expenses in the near term and deferring all or a portion of payments until a later date and more stable financial conditions.
New borrowers will have the option of deferring their first two payments on a new C-PACE assessment and/or making interest only payments for up to three years on a new C-PACE assessment.
(Source: Conn. Green Bank. PR, Aug., 2020) Contact: C-PACE, www.cpace.com/offer; Connecticut Green Bank, Mackey Dykes, VP Financing Programs, 860-563-0015, www.ctgreenbank.com
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GCEA is a nonprofit organization with a mission to facilitate investment in energy efficiency and renewable energy projects to reduce carbon emissions.
( Source: Greater Cincinnati Energy Alliance, Dec., 2019) Contact: Greater Cincinnati Energy Alliance, (513) 621-4232,
www.greatercea.org; PACE, firstname.lastname@example.org, www.pacenow.org
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