Can PACE Local Energy Financing Come Back?

Can PACE Local Energy Financing Come Back? | john-farrell-ilsr

renewableenergyworld.com 11 Sep '12, 12pm

Can PACE Local Energy Financing Come Back?

It can with your help; submit a comment to the FHFA by Thursday, Sept. 13! After effectively suspending residential PACE energy efficiency and renewable energy municipal financing programs in 2010 and then being taken to federal court and required to do a revised rule making, the Federal Housing Finance Agency (FHFA) released its revised ruling on PACE programs [pdf] earlier this summer. Did they repent from their 2010 assertion that PACE presented a risk to mortgage holders like Fannie Mae and Freddie Mac? In short, no. The ruling states: The Enterprises shall immediately take such actions as are necessary to secure and/or preserve their right to make immediately due the full amount of any obligation secured by a mortgage that becomes, without the consent of the mortgage holder, subject to a first-lien PACE obligation… The Enterprises [Fannie and Freddie] shall not purcha...

Full article: http://www.renewableenergyworld.com/rea/blog/post/2012/09...

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