So, what does the Pace Financing Program in Newport Beach represent, and how it relates to home improvement financing in Newport Beach?
Whether it’s windows, siding, a new roof or a deck for your California based home, PACE Financing in Newport Beach, is bound to make that change possible – and incorporate eco-friendly materials to your home in Newport Beach for a long-lasting energy efficient living. If you have thought about whether such solutions are effective or not, you should know that saving our planet means saving ourselves – and investing in an energy-efficient solutions in our homes guarantees a brighter future.
Pace Financing in Newport Beach, enables homeowners to install energy efficiency, renewable energy and water-saving improvements to their properties without putting any money down! Under PACE, homeowners in Newport Beach may work with County-approved program administrators to finance these home improvements.
A unique financing tool, PACE allows Newport Beach to issue a bond to a lender, which secures funding for the installation of energy and water efficiency, and renewable energy projects that are permanently fixed to the property. Homeowners then repay financing annually through an assessment on their property tax bill.
PACE financing in Newport Beach enhances home values, lowers homeowners’ energy bills, reduces greenhouse gas emissions and creates green jobs in Newport Beach.
In California, the first commercial and residential PACE programs were established in 2008. The residential programs soon encountered a significant hurdle. The Federal Housing Finance Agency (FHFA) was concerned that residential PACE assessments had a lien status superior to that of existing mortgages underwritten by Fannie Mae and Freddie Mac.
Despite these objections, several residential PACE Programs continued to operate, including the Sonoma County Energy Independence Program (SCEIP), the City of Palm Desert’s PACE Program and California HERO. None of these programs have met any repercussions from the FHFA, Fannie Mae or Freddie Mac to date.
In an effort to keep residential PACE alive in Newport Beach, California, the State, its governor, several residential PACE Program administrators and local governments tried a number of methods to engage the FHFA in a conversation to agree to a solution. Since 2010, a number of developments have been made towards mitigating FHFA’s concerns. This includes the implementation a statewide reserve fund created by Governor Jerry Brown, statewide legal validation of several residential PACE programs, additional disclosures to consumers and a variety of consumer protection measures.
As a result of the above measures taken to address FHFA’s concern, the positive involvement of the State and Governor Jerry Brown, and the lack of action from FHFA, many cities and counties now including Newport Beach, have operating residential PACE Programs. To date, thousands of residential PACE assessments have been completed in California indicating millions of dollars of investment by California homeowners in energy efficiency, water efficiency and renewable energy projects saving them money on their utility bills and creating jobs.
Over 50 types of energy-efficient products are eligible for no money down, 100% financing.
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