PACE was covered in this month s ACORE presentation. A great finance tool similar to local municipal bonds, PACE enables home and business owners to retrofitMessage 1 of 1 , Jun 18, 2010View Source
PACE was covered in this month’s ACORE presentation. A great finance tool similar to local municipal bonds, PACE enables home and business owners to retrofit properties with solar, geothermal, renewable generation and efficiency. Texas has not fully implemented PACE yet. These are Long term loans (20 years) and stay with the property when sold. Colorado , California and New York have implemented PACE.
Freddie Mac and Fannie Mae are opposed to the new tool. The note below discusses.
From: 1444466911-1182728-org-orgDB@... [mailto:1444466911-1182728-org-orgDB@...] On Behalf Of Annie Carmichael, Vote Solar
Sent: Friday, June 18, 2010 12:21 AM
Subject: PACE - Local Clean Energy Programs under Attack
Cities and counties throughout the U.S. are developing new finance programs that help Americans install solar and improve the energy efficiency of their homes and businesses. Called Property Assessed Clean Energy (PACE), these programs help local governments bring new jobs, energy bill savings, and environmental benefits to their communities.
Unfortunately, PACE is facing a serious threat that could render these programs dead in the water.
The threat comes from Fannie Mae and Freddie Mac, quasi-governmental entities that underwrite over half of the mortgages in the country. They recently issued guidance suggesting that property owners with mortgages from these lending giants may be prohibited from participating in PACE programs. If this situation is not addressed immediately, the Fannie Mae and Freddie Mac "Lender Letters" will likely mean that federally authorized and supported PACE programs across America (over $100 million in federal funds allocated thus far) will shut down, employees will be laid off, and our nation will lose the ability to unlock an extraordinary new means to retrofit homes and buildings across America.
The Department of Energy, state and local governments, and many others working to address this problem. Yet, Fannie Mae and Freddie Mac have repeatedly missed their own deadlines for resolving the issue. It's time to step up the pressure. Can you urge two key Members of Congress to step in and remedy this harmful impasse?
TAKE ACTION TO PROTECT PACE HERE: http://salsa.democracyinaction.org/o/1179/p/dia/action/public/?action_KEY=4128
Annie + Vote Solar Team
The Vote Solar Initiative
300 Brannan Street, Suite 609
San Francisco , CA 94107
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