Property Assessed Clean Energy Financing (PACE) programs, for residential and commercial properties, were in development throughout the United States when the Federal Housing Finance Agency (FHFA) sought to impose limits on such residential PACE assessments. The FHFA directed Fannie Mae and Freddie Mac not to acquire mortgages on properties with PACE liens and to suggest additional measures negative to residential PACE programs.
Western Riverside Council of Government’s (WRCOG) HERO Program, however, continues to thrive, for residential property financing, thanks to the determination of WRCOG to provide this valuable program to its constituents. A commercial program was recently launched, and WRCOG is also expanding both its residential and commercial program statewide, offering many benefits to other jurisdictions thinking of offering a PACE program. Read full article.