| "We’d like to inform you about recent changes regarding Property Assessed Clean Energy (PACE) financing programs. On July 6, the Federal Housing Finance Agency (FHFA) issued a statement expressing that senior PACE liens are in violation of their standard mortgage contracts.
In response to the FHFA statement, most PACE programs throughout the country have been placed on hold, pending resolution; as a result, the PACE financing component of the CaliforniaFIRST Program is also on hold until further clarification is provided. The property owner and contractor support, education and local coordination components of the CaliforniaFIRST Program will remain unchanged and continue to move forward.
The CaliforniaFIRST team is strongly committed to offering property owners a program to facilitate the installation of energy efficiency and renewable energy technologies for homes and businesses and is actively engaged to quickly resolve the FHFA issue. Towards that end, the team is working with the California Energy Commission, the Department of Energy, members of the California State Legislature and members of the United States Congress on two parallel paths:
- The CaliforniaFIRST team has joined with the nationwide PACE community to initiate a legislative strategy to mitigate the position of the FHFA.
- Concurrently, we are working on alternative financing products that will support the energy retrofit market throughout California.
We appreciate your patience as we continue to work through these federal regulatory issues. If you have any questions, please email them to info@CaliforniaFIRST.org." |
