Saturday, October 20, 2018

PACE Financing Halted By The FHFA!

In our previous blog article, “$452 Million Dollars Awarded By The Federal Government For Energy Efficiency Upgrades!”, Tatkraft Solar discussed the new Property-Assessed Clean Energy (PACE) program set to roll out for Los Angeles County in the first half of 2010. Unfortunately, last week the Federal Housing Finance Agency (FHFA), issued guidelines for Fannie Mae, Freddie Mac, and the Federal Home Loan Banks which recommended pausing the PACE program so risks related to the First Lien position of PACE loans can be addressed. Unfortunately, it looks like the FHFA has not made any efforts to address their concerns to date. In response, it looks like California Attorney General Jerry Brown is suing Fannie & Freddie to get the ball rolling and bring PACE back as a real choice for homeowners! (source: http://www.treehugger.com/files/2010/07/california-sues-over-pace.php?campaign=top_news).

 

The PACE program represents a wonderful financing opportunity for homeowners who may not be able to afford a solar energy system through traditional means.  If you are interested in helping the PACE program become a solid reality, please go to http://www.pacenow.org/ for suggestions and a great Federal Legislation Toolkit.