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V4 CCSE Henderson 091610

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V4 CCSE Henderson 091610

  1. 1. PACE and the Path Forward Annie Henderson | September 16, 2010
  2. 2. PACE: Simple, Effective Tool Property owner repays bond through property tax bill (up to 20 years) Proceeds from PACE bond or other financing provided to property owner to pay for energy project Property owners voluntarily sign-up for financing and install energy projects City or county creates type of land-secured financing district or similar legal mechanism
  3. 3. Key Benefits for Cities & Counties Helps meet energy and climate goals Promotes local jobs Tax neutral and no exposure to General Fund
  4. 4. Key Benefits for Property Owners Saves money on utility bills Repayment transfers to new owner Not based on personal credit
  5. 5. We are going to make it a lot easier to borrow money. We are doing this by encouraging communities to give you the option to pay the expense of retrofitting your home by paying it back on your property taxes.
  6. 6. National PACE Policy 4 States Have PACE Legislation Pending 24 States Have PACE Authority
  7. 7. FHFA/Fannie Mae PACE Activities <ul><li>June 2009: FHFA guidance letter </li></ul><ul><ul><li>Concerns regarding senior lien and homeowner risk </li></ul></ul><ul><li>September 2009: Fannie Mae lender letter </li></ul><ul><ul><li>Reviewing underwriting guidelines for PACE; Until guidelines are issued, treat payments as a special assessment </li></ul></ul><ul><li>May 2010: Fannie Mae lender letter </li></ul><ul><ul><li>PACE “loans” and promise to issue additional guidance and work with federal and state agencies, while “preserving the status of mortgage loans o riginated as first liens” </li></ul></ul>
  8. 8. FHFA/Fannie Mae PACE Activities <ul><li>July 2010: FHFA guidance letter </li></ul><ul><ul><li>“ Safety and soundness concerns” </li></ul></ul><ul><ul><li>Violation of Uniform Security Instrument </li></ul></ul><ul><ul><li>Reduce loan amount by potential PACE amount </li></ul></ul><ul><li>August 2010: Fannie Mae lender letter </li></ul><ul><ul><li>PACE “loans” prior to July 6 th must be paid off at time of refinance </li></ul></ul><ul><ul><li>“ Fannie Mae will not purchase mortgage loans [with PACE debt] unless the terms of the PACE program do not permit priority over first mortgage liens.” </li></ul></ul>
  9. 9. Impacts on PACE <ul><li>Active and planned PACE programs on hold around the country </li></ul><ul><li>Commercial PACE programs face uncertainty </li></ul>
  10. 10. Path Forward <ul><li>Negotiations </li></ul><ul><li>Litigation </li></ul><ul><li>Legislation </li></ul>
  11. 11. Negotiations <ul><li>October 2009: White House led interagency working group </li></ul><ul><ul><li>Result: White House Policy Framework for PACE </li></ul></ul><ul><ul><li>Release of DOE/ARRA Funds for PACE programs </li></ul></ul><ul><li>Spring 2010: Renewed discussions regarding PACE guidelines and pilots </li></ul><ul><ul><li>Result: May 5 th Fannie Mae/Freddie Mac letters and July 6 th FHFA/FDIC/OCC letters </li></ul></ul><ul><li>July 2010: Congressionally led PACE discussions with FHFA and other regulators </li></ul><ul><ul><li>Result: FHFA sent a letter to Members of Congress breaking off talks. </li></ul></ul>
  12. 12. Litigation <ul><li>California Files Suit </li></ul><ul><ul><li>People of the State of California vs. Federal Housing Finance Agency ( Filed July 14, 2010) </li></ul></ul><ul><ul><li>“ California seeks a prompt judicial declaration against Fannie Mae and Freddie Mac that, under California law: </li></ul></ul><ul><ul><ul><li>(a) PACE programs operate by assessments, not loans, and such assessments are valid; </li></ul></ul></ul><ul><ul><ul><li>(b) liens that may result from PACE assessments, like those resulting from other types of assessments, have priority over mortgages; and </li></ul></ul></ul><ul><ul><ul><li>(c) participation in PACE programs is compatible with, and not in violation of, Fannie Mae’s and Freddie Mac’s standardized mortgage documents.” </li></ul></ul></ul><ul><li>Additional lawsuits filed by Babylon, Sonoma County and Sierra Club </li></ul>
  13. 13. Legislation <ul><li>PACE Assessment Protection Act </li></ul><ul><ul><li>HOUSE: HR 5766 (Thompson); 48 co-sponsors </li></ul></ul><ul><ul><li>SENATE: S 3642 (Boxer); 5 co-sponsors </li></ul></ul><ul><li>“ To ensure that the underwriting standards of Fannie Mae and Freddie Mac facilitate the use of property assessed clean energy programs to finance the installation of renewable energy and energy efficiency improvements” </li></ul><ul><li>Legislation would require Fannie Mae and Freddie Mac to issue PACE underwriting standards that are consistent with US DOE guidelines </li></ul>
  14. 14. Legislative Strategy <ul><li>Four key steps </li></ul><ul><ul><li>Make a priority for Congress overall </li></ul></ul><ul><ul><li>Oversight committee support </li></ul></ul><ul><ul><ul><li>Senate Banking Committee (Sen. Dodd) </li></ul></ul></ul><ul><ul><ul><li>House Financial Services Committee (Rep. Frank) </li></ul></ul></ul><ul><ul><li>Republican co-sponsors in House and Senate </li></ul></ul><ul><ul><li>Attach to appropriate vehicle to get done this year </li></ul></ul><ul><li>How to help </li></ul><ul><ul><li>Sample resolutions and other materials at: www.pacenow.org </li></ul></ul><ul><ul><li>State/Local Governments </li></ul></ul><ul><ul><ul><li>Adam Byrnes, [email_address] , 510-350-3733 </li></ul></ul></ul>
  15. 15. Solutions for the Interim <ul><li>CEC is proposing a clearinghouse of finance options that will include secured and unsecured products </li></ul>
  16. 16. Energy Upgrade California
  17. 17. The Program <ul><ul><ul><ul><ul><li>State-wide energy and water efficiency and renewable energy generation retrofit program for single- and multi-family residential and commercial buildings </li></ul></ul></ul></ul></ul><ul><ul><ul><ul><ul><li>Collaboration between Energy Commission, Public Utilities Commission, utilities, local governments and private sector </li></ul></ul></ul></ul></ul><ul><ul><ul><ul><ul><li>One-stop resource for information on building retrofit benefits, financing and incentives, finding a qualified contractor, workforce training and home energy ratings </li></ul></ul></ul></ul></ul><ul><ul><ul><ul><ul><li>Coordinates federal, state, utility and local government retrofit program outreach, incentives and contractor and participant qualifications </li></ul></ul></ul></ul></ul><ul><ul><ul><ul><ul><li>Creates a foundation for AB 758 and Home Star </li></ul></ul></ul></ul></ul>
  18. 18. Energy Upgrade California Financing Program <ul><li>Administered by California State-wide Community Development Authority </li></ul><ul><li>Competitive solicitation will be offered for interested financial institutions offering residential and commercial retrofit loan products </li></ul><ul><li>Low rates expected as the program will offer standard underwriting, comprehensive program roll-out (contractor qualification, quality assurance, etc.) and bundling of State-wide building stock </li></ul><ul><li>Offered State-wide through Energy Upgrade California web-site application, subsidized with interest rate buy-down and loan loss reserve in leadership counties that commit local resources </li></ul>
  19. 19. EnergyUpgradeCalifornia.org
  20. 20. Contractor Training
  21. 21. Annie Henderson | annie@renewfund.com | (510) 451-7911