Item 4.2 PowerPoint presented by staff at meeting
PACE Program Expansion
Property Assessed Clean Energy
City Council
September 2, 2014
Overview
New option to finance energy efficiency & water efficiency projects
Property as collateral
Special tax assessment on property
Recorded as a lien
Collected on property tax bill
No down payment
NOT A CITY PROGRAM—City allowing use of taxing authority
Three Programs Recommended
California HERO
◦Residential Program
◦Projected before end of 2014
Figtree
◦Commercial Program
◦Available after City action and agreement execution
◦Residential Program projected before end of 2014
CaliforniaFIRST
◦Commercial Program available now
◦Residential Program projected September 2014
FHFA Concerns
City will require:
◦Enrollment in State PACE Loss Reserve Program
◦Full and understandable disclosure to applicants:
possible acceleration of existing mortgage
potential requirement to prepay loan, fees, and
penalties if refinance or sell property
Questions/Discussion