New Push For White House Input On PACE Program

Posted by Orb Staff on July 20, 2010 No Comments
Categories : Residential Mortgage

oris Matsui, D-Calif., is spearheading a congressional appeal to the White House for its input on the state of the Property-Assessed Clean Energy (PACE) program. Earlier this month, the Federal Housing Finance Agency (FHFA) stated that energy retrofit loan programs, specifically those denominated as PACE, posed safety and soundness concerns for Fannie Mae, Freddie Mac and the Federal Home Loan Banks. In a [link=http://www.matsui.house.gov/images/stories/pace_letter_to_president.pdf]letter[/link] to President Obama that was co-signed by 59 representatives, Matsui, the author of the letter, called on the White House to clarify the viability of the PACE program. ‘As our nation strives to be the leader in clean energy, the PACE program has proved to be an effective way to get Americans back to work and restore our economy,’ Matsui said. ‘And at a time when our nation's unemployment rate hovers around 9 percent, effectively killing the PACE program – as FHFA has done – will have a severe impact on our economy, our local communities, and our goal to establish energy independence. American families, businesses, states and municipalities alike are counting on this program to be restored.’ Matsui added that for every 100,000 homes that are retrofitted under the PACE program with an average expenditure of $10,000, more than 10,000 jobs would be created. She also said that states and localities are ‘heavily financially invested in PACE's success, and clarification and restoration of the program is urgently needed to serve the public interest.’ SOURCE: Office of Rep. Doris M

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