Transcript Property Search - National League of Cities

Clean Energy Green Corridor:
Florida’s First PACE Program
Joe Spector
Vice President of Operations
Ygrene Energy Fund Florida
[email protected]
THE BASICS OF PACE
MUNICIPALITIES CAN FINANCE ENERGY EFFICIENCY AND
HURRICANE PROTECTION UPGRADES
REPAID BY THE PROPERTY OWNER THROUGH NON-AD
VALOREM ASSESSMENT ON PROPERTY TAX BILL
NEW SPIN ON THE ASSESSMENT POWERS OF THE CITY
ENERGY EFFICIENCY AND HURRICANE PROTECTION =
COMPELLING STATE INTEREST
WHAT IS PACE?
VOLUNTARY
 Simply an option for those who want it
 All traditional forms of financing are still available
INDIVIDUAL
 Zero affect on neighbors
 Only those who choose to participate pay the assessment
100% FINANCING
 No out of pocket expense to property owner
 Removes single largest obstacle to implement these projects
NON CREDIT BASED
 Eligibility based on property values and owner equity
 Allows many to participate that would not be eligible for traditional financing
ELIGIBLE IMPROVEMENTS
ENERGY EFFICIENCY
RENEWABLE ENERGY
HURRICANE PROTECTION
ELIGIBLE IMPROVEMENTS (examples)
Air sealing and ventilation
Air filtration
Building envelope
Bathroom, ceiling, attic, and wholehouse fans
Insulation
Defect correction
Attic, floor, walls, roof, ducts
Weather stripping
Sealing
Geothermal exchange heat pumps
HVAC systems
Evaporative coolers
Natural gas storage water heater
Tankless water heater
Solar water heater system
Reflective insulation or radiant
barriers
Cool roof
Windows and glass doors
Window filming
Skylights
Solar tubes
Additional building openings for
natural light
Solar thermal hot-water
systems
Solar thermal systems for pool
heating
Emerging technologies
Lighting (fixture retrofits only)
Pool equipment
Occupancy-sensor lighting
fixtures
SMART parking-lot bi-level
fixture
SMART parking-garage bi-level
fixtures
SMART pathway lighting
SMART wall-pack fixtures
Task ambient office lighting
Classroom lighting
Refrigerator case LED lighting
Wireless daylight-lighting
controls
Duct leakage and sealing
Kitchen exhaust variable airvolume controls
Wireless HVAC controls & fault
detection
Faucet aerators
Core-plumbing system
Gray-water system
Irrigation-control system
Irrigation system
Rainwater cistern
Demand initiated hot-water system
Low-flow showerhead
High-efficiency toilets
Deionization
Filter upgrades
Roof deck & foundation strength
improvements
Wind-resistant shingles or other
roofing
Secondary water barrier
Gable-end bracing
Roof-to-wall connection
reinforcement
Storm shutters
Perimeter-opening protections
Raising building elevations
Photovoltaic Systems
Electric Car Charging Stations
WHAT IS CLEAN ENERGY GREEN CORRIDOR
7 MUNICIPALITIES JOINED FORCES
 Coral Gables, Miami, Miami Shores, South Miami, Palmetto Bay, Pinecrest,
& Cutler Bay
BENEFITS OF JOINING A PACE DISTRICT
 Take advantage of economies of scale
 No risk to the individual municipalities
 District is a separate legal entity
SELECTED YGRENE AS THE ADMINISTRATOR
 Fully funded, turn-key solution
 Handles all education, marketing, training, community outreach,
administration, reporting, and financing
 Operated at zero cost to the district and zero cost to the members
ONLY ZERO RISK & ZERO COST SOLUTION TO UNLEASH THE
POTENTIAL OF THE PACE PROGRAM
CEGC INCLUDES RESIDENTIAL PROPERTIES
FL LAW CLEARLY STATES THAT MORTGAGES CAN NOT BE
ACCELERATED
 “A provision in any agreement between a mortgagee or other lienholder and a
property owner, or otherwise now or hereafter binding upon a property owner,
which allows for acceleration of payment of the mortgage, note, or lien or other
unilateral modification solely as a result of entering into a financing agreement as
provided for in this section is not enforceable.”
FL IS A NOTIFICATION ONLY STATE
 “Without the consent of the holders or loan servicers of any mortgage
encumbering or otherwise secured by the property…. At least 30 days before
entering into a financing agreement, the property owner shall provide to the
holders or loan servicers of any existing mortgages encumbering or otherwise
secured by the property a notice of the owner’s intent….
FULL DISCLOSURE TO PROPERTY OWNER
 Rights and Responsibilities
RIGHTS & RESPONSIBILITIES
(6) In accordance with Florida law, the lien securing the obligation to pay the special
assessments will be senior to all private liens, including existing mortgage(s)….. Recently,
the Federal Housing Finance Agency (FHFA) issued policy guidelines that question the
validity and lien status of PACE assessments. Property owners should confirm with their
lender(s) that participation in the PACE program does not adversely impact their rights
under any existing loan documents.
(7) ….. The FHFA appears to have instructed its GSEs not to purchase home loans when
there is a senior lien such as a PACE special assessment. Therefore, in order to refinance
your home loan, or for a prospective purchaser of your property to obtain a loan secured
by the property, the special assessment may need to be paid off.
I CERTIFY THAT I HAVE READ AND UNDERSTAND THE ABOVE DISCLOSURE
Signature:________________________________
Address: ________________________________
Printed Name:_____________________________
Date:
______________________________
BENEFITS TO PROPERTY OWNERS
ELIMINATE UP-FRONT EXPENSE
NOT CREDIT BASED – OFF-BALANCE SHEET
LONG PAYBACK PERIODS
PAYMENTS STAY WITH PROPERTY
SOLVE SPLIT INCENTIVE ISSUE
POTENTIAL FOR REAL SAVINGS
BENEFITS TO PROPERTY OWNERS
CURRENT STATUS
• Over 300 contractors have been trained and certified
• Contractors have run almost $2 billion in eligible projects
• $65 million of projects in various stages of the pipeline
• Launch event for Green Corridor on September 12 hosted
by Ygrene and the Carbon War Room.
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Job creation through private investment
Attract new businesses and direct investment
Reduce carbon footprint of the city
Reduce energy bills for property owners
Increase hurricane preparedness
Completely voluntary for property owners
No Risk/No Cost to the City