Tulare County realtors oppose PACE financing

The Tulare County Association of Realtors (TCAR) is urging the Tulare County Board of Supervisors to protect homeowners and oppose Property Assessed Clean Energy (PACE) financing.

Today, supervisors will consider a resolution to enter into an agreement for the PACE program and levy assessments.

Property Assessed Clean Energy (PACE) financing was introduced in 2007 through state legislation to help achieve climate goals by providing cost-effective, energy-saving improvements to homeowners, noted the Realtors in a press release.

PACE liens are repaid on the borrower’s property tax bill and a PACE lien is placed on the property in priority of the mortgage. County Tax-collector’s must collect revenues for the private, for-profit PACE lenders.

Unfortunately, due to the lack of oversight and predatory lending practices, they are seeing property owners in the Central Valley making uninformed and dangerous decisions which can put them at risk of losing their home. The unintended consequences of PACE financing are detrimental to the community, said the release.

“We urge the Tulare County Board of Supervisors to oppose the authorization of PACE financing in Tulare County until the problems with PACE are resolved through pending federal legislation such as S.838 — Protecting Americans from Credit Entanglement Act of 2017 introduced by U.S. Sen. Tom Cotton, and state legislation such as AB 271 (Caballero), and SB 242 (Skinner).

“This issue should be reconsidered after legislation has been enacted to address the growing number of concerns regarding PACE throughout the state of California. It would be irresponsible to put our real estate market, consumers and neighborhoods at risk,” said TAR President Ed Morton.