Volume 10 - Number 28
January 27, 2012
FHFA Issues PACE Rule Pending Federal Court Appeal
The Federal Housing Finance Agency this week less than enthusiastically issued a call for public comment on the potential revival of Property Assessed Clean Energy program loans even as the Finance Agency is appealing the court order mandating issuance of its proposed rule.
On Jan. 26, the Finance Agency published in the Federal Register an Advanced Notice of Proposed Rulemaking concerning PACE mortgage assets and a Notice of Intent to prepare an environmental impact statement under the National Environmental Policy Act “to address the potential environmental impacts of FHFA’s proposed action.”
Property Assessed Clean Energy programs offer loans for energy-efficiency home improvements. While 27 states and the District of Columbia have legislation in place to permit PACE financing for green homes, in July 2010, Fannie Mae and Freddie Mac stopped purchasing PACE-related mortgages that had automatic first-lien priority over previously recorded mortgages.
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