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October 24, 2014

Court Confirms Block on Clean-Energy Loans

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Court Confirms Block on Clean-Energy Loans

A federal appeals court on March 19 upheld the government's decision to block Fannie Mae and Freddie Mac's participation in the fledgling Property Assessed Clean Energy program for solar panels and other energy-saving measures on homes in California.

PACE allows local governments to pay the upfront costs of home improvements that provide clean power and reduce water and energy use. State officials note that the costs are financed by bonds and repaid by homeowners in property tax assessments, typically over a span of 15 to 20 years.

California was preparing to enter the nationwide program in July 2010 when the Federal Housing Finance Agency prohibited the two government-sponsored enterprises from acquiring mortgages in homes participating in PACE.

Source: "Court Upholds Ruling on Clean-Energy Loans," San Francisco Chronicle (03/19/13)

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