The New York Times is reporting that homeowners who financed energy-efficiency upgrades through PACE-type programs will have to repay the "loans" before they can refinance their properties.
Property Assessed Clean Energy programs allow homeowners to finance improvements through a line item on their property tax. A lien is placed against the property, and Fannie Mae and Freddie Mac said today that borrowers with equity have to pay them off before they can refinance loans. Those without equity can refinance with the lien in place.
PACE proponents contend the assessments are not loans, and shouldn't be subject to those rules.
t's obvious that the Federal Housing Finance Agency, which oversees Freddie and Fannie, isn't interested in resolving the dispute over PACE. It's important because Fresno and Kern counties were to participate in a pilot program that would have allowed homeowners to finance improvements.
Here's more from the Times' blog.
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