Last week the U.S. Department of Housing and Urban Development (HUD) and Department of Veterans Affairs (VA) released new guidance to unlock residential Property-Assessed Clean Energy (PACE) financing by outlining how properties with PACE assessments can be purchased and refinanced with Federal Housing Administration (FHA) mortgage insurance and by welcoming the use of PACE financing for Veterans Affairs (VA)-insured mortgages. In addition, the Department of Energy (DOE) has released a draft of their updated Best Practices Guidelines for Residential PACE Financing for public comment. PACE is a tool that allows American homeowners, including low- and moderate- income households and veterans, to finance solar and energy efficiency improvements at no upfront cost and to pay back the cost over time through their property tax bill.
Green Building Law Update reports that with this guidance, PACE financing “could be bigger than anything in U.S. real estate since the invention of the glass window.” Read More in Green Building Update >
