PACE Will Create Jobs & Give Homeowners More Money in Their PocketsLakewood, CO – Today, U.S. Rep. Ed Perlmutter (CO-07) released the following statement in response to a lack of action by FHFA (Federal Housing Finance Authority), the Federal Reserve, Fannie Mae and Freddie Mac to establish both a workable model and common sense regulations to move forward with PACE (Property Assessed Clean Energy) financing. Attached is the letter from FHFA.
“Last week I received a letter from FHFA stating that no satisfactory conclusion had been reached and they will continue their opposition to PACE programs. This letter came while other members of Congress and I were waiting for the Federal Reserve to complete an in depth analysis to give objective information for further negotiations.
It is difficult to make a decision without all the facts, which is why I convened a meeting with the involved stakeholders in July. At the meeting FHFA committed to work to explore possible solutions for moving PACE forward. As a result of the meeting, I asked the Federal Reserve to complete modeling to structure a potential pilot program. I and the other members have waited four weeks for this information and more importantly many energy efficiency and renewable energy projects across the country have been in limbo during this time, including many in Colorado . PACE is another tool to help people make energy efficiency upgrades or add renewable energy systems to their homes. The idea is to decrease utility costs and add value to properties making homeowners less of a credit risk and more able to pay their mortgages.
It is clear to me that a disconnect remains between FHFA, Fannie Mae and Freddie Mac and homeowners across the country. I’m deeply disappointed in FHFA’s decision. The recent letter from FHFA and guidance from Fannie Mae and Freddie Mac indicate that it is time Congress takes action. As we speak, projects all across the country are on hold. These projects will create jobs now that can’t be outsourced and will help homeowners save money. I will continue to support solutions to make our country energy independent.”
