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C.A.R. Supports PACE Act to Protect Homeowners

April 20, 2017

The California Association of Realtors® (CAR), announced a supportive nod to a new bill proposed to protect homeowners from predatory ‘green’ lenders. The Protecting Americans from Credit Entanglements Act, or PACE Act, was submitted by California Representatives, Brad Sherman (D-Calif.) and Ed Royce (R-Calif.), due to a rising concern over predatory loan tactics targeted towards homeowners seeking funds to upgrade the energy efficiency of their properties.

California has a vast number of green upgrade and amenity programs and products available to homeowners across the state. Many of these can be financed with a Property Assessed Clean Energy (PACE) loan. Qualifying homeowners can gain funding for energy-efficient upgrades such as solar panels, and energy-efficient windows or lighting, through an assessment of their property. Unfortunately, there is currently no industry oversight in place for how these loans are established. This raises the risk of predatory loans with exorbitant costs or hidden fees, and even negative tactics such as misleading claims and statements. Tactics such as this can lead uninformed homeowners into a predatory loan situation, which could, in a worse-case scenario, lead to them losing their homes.

interior-2009516_640The PACE Act proposal will help protect homeowners from predatory lenders as they improve their homes’ energy efficiency. There is also a version of the bill being submitted through the Senate by Senators Tom Cotton (R-Ark.), Marco Rubio (R-Fla.), and John Boozman (R-Ark.); this is good news for homeowners across the nation, and C.A.R. is leading the way in supporting this action.

The PACE Act is an important piece of Federal Legislation geared to help homeowners and worthy of support. When you are ready to sell your home, my team and I are ready to help you through the entire process. Our goal is to make your experience both easy and pleasurable. Contact us today at (925) 634-7820, or by email at realestate@cecily.com.

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