A couple of PACE-related updates: FHFA rulemaking comments filed, and CaliforniaFIRST launches
First, for the wonks, we prepared a response to the FHFA rulemaking that’s underway to chart the future course of residential PACE. We c0-filed public comment along with 62 other major organizations. You can find all the responses here, and our specific comments, here. The cliffs-notes version: we rebut FHFA’s unsubstantiated allegations and assertions about risk; add facts to the record to show that PACE programs, with proper program design, strengthen the financial position of homeowners and do not pose a threat to Fannie Mae and Freddie Mac; and make the case that the programs be allowed to continue.
And many thanks for taking action! All told, over 50,000 citizens asked that the FHFA allow residential PACE programs to continue. That’s real people power.
The second PACE update is that CaliforniaFIRST, a commercial PACE financing program that covers 14 counties and 126 municipalities across California, launched today. If you have commercial property in the covered jurisdiction, check it out…we’ll be interested to see what the market response will be.