PACE Program

Bills to Regulate PACE Loans Introduced in House and Senate
Posted: 4/7/2017
Lawmakers in both chambers of Congress Wednesday introduced companion bills that would subject Property Assessed Clean Energy loans (PACE loans) to federal mortgage regulations.

Through PACE loans, state and local governments provide homeowners with up to 20-year loans to finance energy efficiency home improvements, secured by tax liens attached to the property. In the event that the property is sold before the PACE loan is paid in full, the loan may transfer to the next owner of the property. Critics have claimed that many PACE lenders do not adequately underwrite the loans to ensure that homeowners can repay them and often neglect to fully explain the loans’ terms to consumers.

The bills, both titled the Protecting Americans from Credit Entanglements Act of 2017, would subject PACE loans to the Truth-in-Lending-Act’s (TILA) mortgage disclosure requirements. This means that PACE lenders would be required to disclose to borrowers the terms of their PACE loan, including the annual percentage rate, a schedule of payments, and the total cost of the loan. Lenders would also have to make it clear to borrowers that PACE loans represent a lien on their properties.

The Senate bill, S. 838, was introduced by Senator Tom Cotton (R-AR) and cosponsored by Senators Marco Rubio (R-FL) and John Boozman (R-AR). It has been referred to the Senate Banking Committee. The House bill, H.R. 1958, was introduced by Representatives Brad Sherman (D-CA) and Edward Royce (R-CA) and has been referred to the House Committee on Financial Services.

The text of S. 838 is available to view on NCSHA’s website.

 


Hays County Establishes PACE Program

Hays County Establishes PACE Program

Hays Courthouse (1909)
Larry D. Moore – CC BY-SA 3.0
This morning Hays County, Texas became the 12th local government to establish a commercial PACE program in Texas. Under Judge Cobb’s leadership, commercial PACE is now available throughout the county including Buda, Dripping Springs, Kyle, San Marcos and many more wonderful communities. Hays County joins Travis and Williamson counties to form a three-county central Texas PACE region along the I-35 Corridor. The Commissioners Court adopted the PACE in a Box model and selected the Texas PACE Authority to administer the program. We look forward to serving the businesses and nonprofits in Hays County.
For more information about the establishing a PACE program, visit www.KeepingPACEinTexas.org and www.TexasPACEAuthority.org, or contact Charlene Heydinger at charlene.heydinger@KeepPACE.org
TRAINING OPPORTUNITIES
 
The workshop is targeted towards engineers and contractors in the energy/water efficiency and clean energy space. The training is open anyone interested in learning about the PACE program in Texas and how it can provide benefits to businesses and property owners.
 
During this session, attendees will gain an understanding on integrating the big picture of recent, game-changing studies that are revealing the power of indoor environmental quality and the impact on human performance. IAQ has massive potential to improve corporate productivity. Mr. Steiner will share results of the most recent study (published by the Harvard School of Public Health), as well as anecdotes from his companies 35+ years of indoor environmental experience.

 

     

TBL Foundation Receives $200,000

Triple Bottom Line Foundation received a $200,000 Program Related Investment (PRI) from Community First Foundation. This funding will be used to help provide financing to retrofit multifamily affordable housing properties in Jefferson County, Colorado, and will be leveraged with other grants, rebates, weatherization funds, and additional financing from private investors and multifamily housing owners.

 

ICAST Completes Energy Upgrades on Six Denver Properties

ICAST has completed energy efficiency retrofits for six Del Norte Neighborhood Development Corp. affordable housing properties, funded in part by a grant from the Denver Office of Strategic Partnerships. These upgrades are expected to benefit Del Norte and their residents by reducing their total utility costs and preserving affordable housing in radidly developing Denver neighborhoods. 

ICAST Welcomes New Team Members

Please join us in welcoming our new Marketing Intern Alice Guin. Alice attends Northeastern University where she majors in environmental studies, and joins ICAST as part of her school’s coop program. 

Bill Gates Launches $1 B Clean Energy Fund

Nearly two dozen of the world’s most successful business leaders, entrepreneurs, and venture capitalists will invest up to $1 billion in a fund led by Microsoft co-founder Bill Gates that aims to reduce greenhouse gas emissions to almost zero by financing emerging clean energy technology.

Read full article

Bloomberg Pushes to Have Climate Change Losses Published

According to a panel of financial and business executives chaired by Michael Bloomberg, companies should publish an assessment of the losses they could suffer through climate change as part of their routine financial statements.

Read full article

Nicola Unveils Hydrogen-Electric Semi Truck 

The Nikola One utilizes a fully electric drivetrain powered by high-density lithium batteries. Energy will be supplied on-the-go by a hydrogen fuel cell giving the Nikola One a range of 800 – 1,200 miles while delivering over 1,000 horsepower and 2,000 ft. lbs. of torque – nearly double that of any semi-truck on the road.

Read full article

 

 

 

Events 

Solar Power Colorado Conference

Solar Power Colorado is the largest solar conference in the Rocky Mountain Region. Please join solar business leaders and policy experts in Broomfield, Colorado on March, 13-15, 2016 to explore the latest solar policy initiatives in Colorado and other states and we’ll look at how the latest technology is working to make solar a mainstream energy resource. Learn from industry insiders, government officials, utility executives and top analysts as we explore the challenges and the opportunities that are propelling solar growth in this new era.

 

 

 

 

Work at ICAST 

Are you passionate about helping under-served communities, furthering clean energy, and making a difference? We have jobs and volunteer opportunities for smart individuals whose goals align with our mission. Currently, we have several jobs, internships, and volunteer opportunities available. 

Current Jobs   Intern/Volunteer Opportunities

 

       

ICAST (International Center for Appropriate & Sustainable Technology) 
777 S. Wadsworth Blvd. Bldg. 4 Ste. 205
Lakewood CO, 80226

Contact Us
303.462.4100
info@icasusa.org

 
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Texas Commercial PACE Program: Protecting Borrowers and Creating Economic Benefits
Today The Wall Street Journal published a front page article about the California residential PACE program highlighting problems relating to consumer protection and other issues. Fortunately, none of these problems or issues are relevant to, or cause for concern under, the Texas PACE program for the reasons listed below:
  • The purpose of the Texas PACE statute is to enable energy-efficiency financing for commercial and industrial properties.
  • Residential PACE loans are not permitted in Texas.
     
    • The Texas PACE statute does not authorize single-family residential PACE loans.
       
    • PACE financing for residential property is available only to borrowers who are in the business of operating multi-family properties containing 5 or more units.
  • The Texas PACE statute includes multiple layers of protection for commercial property owners and lenders, including:
     
    • Commercial property with a mortgage is not eligible for a PACE loan without the written consent of the mortgage holder. This approach protects preexisting lien rights of the mortgage holder.
       
    • Prior to closing a PACE loan, an independent professional engineer must confirm that projected savings are consistent with applicable technical standards.
       
    • Upon completion of the project, an independent professional engineer must confirm that the equipment was properly installed and is operating as intended.
       
    • The term of the commercial PACE assessment cannot exceed the projected useful life of the improvements.
       
    • Private, open-market lenders provide all PACE financing in Texas. The Texas PACE program does not utilize government bonds or public funds.
       
    • All PACE programs established in Texas are administered by the Texas PACE Authority, a non-profit organization whose sole purpose is to operate PACE programs for local jurisdictions. This arrangement is unique to Texas and avoids conflicts that can arise when the PACE administrator is a for-profit organization that receives compensation for both facilitating the program and arranging the loans.
       
    • Lenders, contractors and other service providers for all PACE projects in Texas are selected independently by the property owners in a free-market, competitive environment not restricted to any particular or favored contractors or lenders.
The Texas commercial PACE program was designed by a group of more than 130 stakeholder-volunteers dedicated to ensuring that the problems and issues highlighted in The Wall Street Journal article will not arise in Texas.
 
For more information about the Texas PACE program, visit www.KeepingPACEinTexas.org and www.TexasPACEAuthority.org, or contact Charlene Heydinger at charlene.heydinger@KeepPACE.org
 
TRAINING OPPORTUNITIES
 
The workshop is targeted towards engineers and contractors in the energy/water efficiency and clean energy space. The training is open anyone interested in learning about the PACE program in Texas and how it can provide benefits to businesses and property owners.
 
During this session, attendees will gain an understanding on integrating the big picture of recent, game-changing studies that are revealing the power of indoor environmental quality and the impact on human performance. IAQ has massive potential to improve corporate productivity. Mr. Steiner will share results of the most recent study (published by the Harvard School of Public Health), as well as anecdotes from his companies 35+ years of indoor environmental experience.

pace-training

 

Invitation to November 4th  PACE Service Provider Training

 

Texas PACE Authority would like to invite you to attend our inaugural Fort Bend County PACE Training Workshop this Nov 4th, from 11 AM to 2 PM at the Fluor Auditorium in Sugar Land, TX.
The purpose of this Training will be to discuss in detail how to complete a PACE project from start to finish, and how it can be helpful for you and Texas’ property owners. Topics of discussion will include: 

  • “PACE Overview”
  • “Technical Standards for a Project”
  • “Lender Perspectives” 
  • “Financial Modeling of PACE Projects”

Attendees will receive lunch, and a notebook with printed materials including advocacy and application documents. The cost of attendance is $50, and will cover the aforementioned lunch, user guide, and training. 

Click the following link to sign up (Note: Capacity for this inaugural training is limited, so be sure to sign up quickly if you would like to attend): 

https://www.eventbrite.com/e/fort-bend-county-pace-service-provider-training-nov-4th-tickets-28227545348

For questions, contact admin@texaspaceauthority.org

Please feel free to contact the Texas PACE Authority at:
admin@texaspaceauthority.org

Or, visit our website at:

www.texaspaceauthority.org


3 Projects, 2 Counties, 1 Day | Simon Property Group Closes Deals in Travis and Williamson Counties


 resource-smart ResourceSmart specializes in the smart rehabilitation of existing multifamily properties, providing a seamless one-stop-shop rehab process. Read our new
Resource Guide here!
icast-partnersICAST Partners with Del Norte

ICAST began working on seven green rehab projects in partnership with Del Norte Neighborhood Development Corporation in the highlands district of Denver.  These properties are to be retrofitted with energy efficiency upgrades as part of the Denver Office of Strategic Partnerships Residential Energy Efficiency Grant Program.

icast-welcomes

 

 

 

 

 

ICAST Welcomes New Team Members

In the last three months ICAST has added many new faces to its team: Ed McIlvain (Program Manager leading several of ICAST’s new initiatives), Susan Hom (Executive Assistant to ICAST President Ravi Malhotra), Chris Atencio (Business Development Executive for the Colorado region), Linda Harmon (Director of Marketing), Alejandro Guzman (Energy Analyst), and Ben Criswell (Marketing & Business Development Fellow).  Check our their bios here!

 

leveraging

Leveraging High-Efficiency Energy UpgradesThe trend toward sustainable buildings is growing across the real estate industry. This shift is affecting property managers and making green renovations worth their investment.Read full articlelandmark     Landmark Settlement in Colorado Over Solar Grid Fees Could Be a ModelColorado stakeholders have filed a major settlement that avoids the introduction of a new grid-use fee by Xcel Energy, which solar advocates feared would stall rooftop solar development in the state.Read full article

crisis

Out of Crisis Comes Opportunity

An easy and inexpensive way to make housing more resilient—and save thousands of lives in the next natural disaster—is to help the millions living in informal settlements retrofit their houses to at least minimal standards of safety.

Read full article

 

  Work at ICAST 

Are you passionate about helping neglected populations, furthering clean energy, and making a difference? We have jobs and volunteer opportunities for smart individuals whose goals align with our mission. Currently, we have several jobs, internship, and volunteer opportunities available.

Current Jobs           Intern/Volunteer Opportunities

 
Events 

ICAST will be attending and presenting at the 11th biennial New Mexico Housing Summit. Over the years, housing professionals have come to value the Summit for its educational and networking opportunities.This year’s Summit will take place September 19-21, 2016 in Albuquerque.

President Ravi Malhotra will be leading a discussion about the new ICAST Resource Guide as part of a webinar series facilitated by the U.S. Department of Energy on September 15th, 2016. You can register to join the peer exchange call here. 

 

ICAST Programs:
     

 

         

ICAST (International Center for Appropriate and Sustainable Technology)
777 S. Wadsworth Blvd. Bldg. 4 Ste. 205
Lakewood CO, 80226

Contact Us
303.462.4100

 

DFW PACE stakeholder meeting – Tuesday morning, 9/13 in Irving, TX

DFW PACE Stakeholder Meeting
Join the Texas PACE DFW stakeholder group working to bring the PACE in a Box model program to Collin, Dallas, Denton and Tarrant Counties.
 
PACE for Collin, Dallas, Denton and Tarrant Counties
2nd Stakeholder Meeting
Hosted by Texas Air Systems
Next Tuesday, September 13, 2016
from 10:30 am to 12:30 pm
Lunch sponsored by E3 Entegral Solutions
 
Please register for the meeting and lunch.
To be included in future DFW stakeholder communications, please register here.


 

El Paso PACE

El Paso County Adopts PACE Program

Today the El Paso County Commissioners Court, led by County Judge Veronica Escobar, unanimously adopted the PACE program and selected the Texas PACE Authority (TPA) to administer the program.  El Paso is the 5th Texas County to adopt a county-wide PACE program.  All Texas counties and cities creating PACE programs use the PACE in a Box model – the open market PACE program with uniform documents and best practices designed to assist business owners interested in addressing delayed maintenance with energy and water efficiency improvements and onsite generation improvements.  The voluntary program is designed to maximize economic development benefits throughout the County and is the only PACE model program designed by volunteer stakeholders.  Uniform programs in Texas enable businesses with multiple properties throughout Texas to use one process and uniform documents to work with one lender on multiple properties in multiple jurisdictions.

“The City of El Paso is full of beautiful, historic buildings and the County includes vibrant rural areas, dairy farms and industrial properties that are part of the new PACE economy and help demonstrate the value of PACE financing for rural and urban businesses and communities,” said Charlene Heydinger, president of the Texas PACE Authority.  “We appreciate El Paso County’s leadership role in establishing a PACE program, and we are delighted with this opportunity to serve the El Paso community,” said Heydinger.

El Paso County encompasses the farthest north/west tip of the Texas & Mexico border.  Cameron County (Brownsville) at the southeastern end of the Texas & Mexico border also adopted a PACE program.  TPA looks forward to working with stakeholders to make PACE available to property owners in all the border counties in between Cameron and El Paso Counties and throughout the rest of Texas.


pace

Keeping PACE near you

Join us for these PACE events in Texas:
DALLAS & DFW AREA
PACE Stakeholder meeting, Lewisville 8/24
Help make PACE a reality in Collin, Dallas, Denton and Tarrant Counties. PACE enables companies to access affordable, long-term financing to address deferred maintenance and implement new water and energy efficiency projects.   These improvements increase net operating income and property value, create jobs in supporting businesses, and benefit entire communities economically and environmentally.   The PACE economic development tool does not use taxpayer dollars.  10 am – 1 pm, at the MCL Grand Theater, 100 North Charles St., Lewisville, TX.  Share this invite!  Registration link
 
Industrial Ambassador Meeting, Dallas, 8/29
Industrial Distributors and Suppliers of energy and water saving equipment become PACE knowledgeable at this event and able to share the benefits of PACE financing with their industrial customers.  Benefits include the ambassador company logo on the Industrial PACE Ambassador web page and expertise in helping clients finance PACE eligible, operating cost reducing projects.  8:30 AM to 10:30 AM (CDT) at the True Energy Office – 2930 Commerce Street, Dallas, TX 75248.  Registration link 
 
Service Provider Training, Dallas, 9/27
The PACE Service Provider Training workshop is targeted toward engineers and contractors in the energy/water efficiency and clean energy space. The training is open anyone interested in developing the technical and financial know-how to complete a PACE project in Texas and how PACE financing benefits businesses and property owners.  10:30 AM to 4:00 PM (CDT) at the Transwestern Dallas Conference Room – 5001 Spring Valley Road, Dallas, TX.  Registration link
 
Dallas 2030 District PACE Deep Dive, 9/28 stay tuned for more details
THE VALLEY
Hidalgo County Commissioners Court PACE hearing, Edinburg, 8/16
Share your support of the proposed PACE program in Hidalgo County by attending the County Commissioners Court PACE hearing.  The Commissioners Court adopted a resolution of intent to establish a PACE program and a report on the proposed program on July 19, 2016.  The report is available for public review here.  9:30 am CDT, Commissioners Courtroom of the Administration Building, 100 E. Cano, 1st Floor, Edinburg, TX.
 
Service Provider Training – Harlingen, 8/18, 9 am – 2:30 pm
The PACE Service Provider Training workshop is targeted toward engineers and contractors in the energy/water efficiency and clean energy space. The training is open anyone interested in developing the technical and financial know-how to complete a PACE project in Texas and how PACE financing benefits businesses and property owners. 9:00 AM to 2:30 PM CDT at the Harlingen EDC – 2424 Boxwood Street Auditorium, Harlingen, TX.  Hosted by the Harlingen EDC, the Raymondville EDC and the Lower Rio Grande Valley Development Council.   Registration link
 
PACE stakeholder meeting, Harlingen, 8/18, 3 – 4 pm
PACE enables businesses to retrofit their facilities with more efficient technologies that reduce water and/or energy usage using long-term, low-cost financing secured with an assessment on the property. This enables 100% financing for energy and water efficiency projects, with no money out of pocket. The PACE 101 Forum is free and will provide a brief overview of its creation, purpose, and current status, especially the financial benefits. 3 – 4 pm CDT at the Harlingen EDC – 2424 Boxwood Street Auditorium, Harlingen, TX.  Hosted by the Harlingen EDC, the Raymondville EDC and the Lower Rio Grande Valley Development Council.   Register via Email to Terrie G. Salinas, Economic Development at tsalinas@lrgvdc.org or 956-682-3481.
 
PACE Happy hour, Harlingen, 8/18, 4 – 5 pm
Take full advantage of this PACE networking reception with contractors, businesses, non-profits, EDC staff, and other stakeholders. Hors d ‘Oeuvres and drinks will be provided.  4 – 5 PM CDT at the Harlingen EDC – 2424 Boxwood Street Auditorium, Harlingen, TX.  Hosted by the Harlingen EDC, the Raymondville EDC and the Lower Rio Grande Valley Development Council (Free).  Register via Email to Terrie G. Salinas, Economic Development at tsalinas@lrgvdc.org or 956-682-3481.
HOUSTON
Service Provider Training, Houston 9/12
The PACE Service Provider Training workshop is targeted toward engineers and contractors in the energy/water efficiency and clean energy space. The training is open anyone interested in developing the technical and financial know-how to complete a PACE project in Texas and how PACE financing benefits businesses and property owners.  10:30 AM to 4:00 PM (CDT) at the Evelyn Rubenstein Jewish Community Center of Houston, 5601 South Braeswood Boulevard Joe Frank Theater, Houston, TX.  Registration Link

ncsha news update

FHA Issues Guidance on Insuring Properties with PACE Assessments
Posted: 7/20/2016
On July 19, the Federal Housing Administration (FHA) issued a mortgagee letter clarifying the conditions in which it will insure mortgages on properties that have Property Assessed Clean Energy (PACE) assessments. While PACE structures vary, states generally treat PACE assessments on properties as they do other special assessments, such as property taxes. Under this structure, the owner of the property with a PACE assessment pays off the obligation to the local government, not the party who provided funding for the improvements.

In some cases, PACE assessments generate a lien on the property. This has created a conflict between PACE loans and FHA because federal law prohibits FHA from insuring any property that has any liens attached to it other than the FHA-insured mortgage. In its announcement of the mortgagee letter, FHA acknowledged the importance of improving energy efficiency in residential homes and said the PACE program is an effective way to do so.

FHA’s new guidelines will allow PACE obligations on properties in which the PACE obligation is collected like a property tax. For a mortgage on a property with a PACE assessment to be eligible for FHA insurance, a lender must first conclude that the following requirements, as stated in the announcement, are met:

  • The PACE obligation must be collected (escrowed) and secured by the creditor in the same manner as a special assessment against the property;
  • The PACE obligation cannot accelerate – namely, the entire amount of the obligation cannot become due in the event of delinquency after endorsement of the FHA-insured mortgage. The property may be subject to an enforceable claim or lien that is superior to the FHA-insured mortgage but only for the delinquent portion of the PACE obligation;
  • There are no terms or conditions that limit the transfer of the property to a new homeowner;
  • The existence of a PACE obligation on a property is readily apparent to mortgagees, appraisers, borrowers and other parties to an FHA-insured mortgage transaction, and information on PACE obligations must be readily available for review in the public records where the property is located; and
  • In the event of the sale, including a foreclosure sale, of the property with outstanding PACE financing, the PACE assessment remains with the property. In cases of foreclosure, priority collection of delinquent payments for the PACE assessment may be waived or relinquished. Unless a payoff is negotiated, the buyer will assume the obligation and will be responsible for the payments on the outstanding PACE amount.
     ncsha
    The National Council of State Housing Agencies, known as NCSHA, is a national nonprofit, nonpartisan association that advocates on behalf of HFAs before Congress and the Administration for affordable housing resources. It represents the HFAs of the 50 states,  the District of Columbia,  New York City, Puerto Rico, and the U.S. Virgin Islands. Visit us on the web at  ncsha.org .

 

Dallas adopts PACE program & selects Texas PACE Authority as administrator

This morning the Dallas City Council unanimously adopted the PACE in a Box program and selected the Texas PACE Authority to administrator the program.

Businesses in the City of Dallas now have access to alternative financing for energy and water efficiency and on site generation upgrades to their properties.  With long term PACE financing, these businesses can lower utility costs, improve operating income, and be cash flow positive in the process.

Karl Zavitkovsky, Director of the City’s Economic Development Office, saw the value of PACE in early 2012 and became a staunch supporter of bringing the economic development activity to Dallas.  The City supported PACE legislation in the 2013 legislative session.  Heather Lepeska and Kevin Spath in the Economic Development Office spent hundreds of hours in the stakeholder group that developed the PACE in a Box program and then in the City’s adoption process.  We are grateful to these forward thinking public servants.

To learn more and to request PACE presentations for your organizations, contact the Texas PACE Authority at 1-855-738-PACE;

admin@TexasPACEAuthority.orgwww.TexasPACEAuthority.org

 

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