Bill Will Protect Clean Energy Initiative

The PACE (Property Assessed Clean Energy) was a finance program initiated in California to allow home owners and businesses to create jobs, reduce energy bills and reduce green house emissions.

There is a $110 million earmarked for this program through the Economic Recovery Act. From this fund, home owners and businesses may borrow to pay for energy efficient upgrades. It is a loan that is paid back through an elective assessment on the property that is improved.

The Federal Housing Finance Agency had stopped the PACE programs across the nation by claiming that it violates the securities act. They are concerned that home loans will take a junior position to the assessment. Congressman Mike Thompson introduced a senate bill which will modify the lender practices to allow for the assessment. Barbara Boxer and 20 other congressman are in support of the bill. For more information on this Click Here.