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City of Palm Desert Rallies Cities to Comment on Proposed Federal Regulations on PACE Program

Comments Due by Sept. 13

August 10, 2012

The deadline to comment on underwriting standards for the Federal National Mortgage Association (Fannie Mae) and Federal Home one Mortgage Corporation (Freddie Mac) relating to mortgage assets affected by Property Assessed Clean Energy Programs (PACE) has been extended from June 30 to Sept. 13.

 

Palm Desert Mayor Robert Spiegel is urging cities from across the nation to submit comments on behalf of their communities so that local governments can continue to use this tool to encourage energy independence and environmental sustainability.

PACE is a tool used by property owners in communities nationwide to finance renewable energy and water efficiency projects for their homes and commercial buildings, repaid through an assessment on their property tax bill. The improvement saves utility costs and stays with the property if the property owner moves, and so does the assessment. The utility cost savings are projected to exceed the assessment payments.

Participation in PACE programs is entirely voluntary; interested property owners opt into a PACE program on a property basis. PACE financing provides significant public benefits and makes use of traditional assessment financing available to United States municipalities for more than 100 years, with modifications for voluntary participation and to authorize energy and water efficiency and renewable energy projects.

The Federal Housing Finance Agency (FHFA), the agency that oversees Fannie Mae and Freddie Mac, failed to comply with proper noticing procedures in 2010 when they issued a statement eliminating the PACE programs. The U.S. District Court has since ordered FHFA to comply with proper noticing procedures and solicit public comments prior to implementing a rule based on the 2010 statement.

Comment Submission Information

You may submit your comments, identified by regulatory information number (RIN) 2590–AA53, one of the following ways:

  • Federal eRulemaking Portal: Follow the instructions for submitting comments. If you submit your comment to the Federal eRulemaking Portal, please also send it by email to FHFA at to ensure timely receipt by FHFA. Please include ‘‘RIN 2590–AA53’’ in the subject line of the message.
  • Email: Comments to Alfred M. Pollard, General Counsel may be sent by email. Please include ‘‘RIN 2590–AA53’’ in the subject line of the message.
  • U.S. Mail, United Parcel Service, Federal Express, or Other Mail Service:
    • Alfred M. Pollard, General Counsel, Attention: Comments/RIN 2590–AA53, Federal Housing Finance Agency, Eighth Floor, 400 Seventh Street SW, Washington, DC 20024.
  • Hand Delivered/Courier:
    • Alfred M. Pollard, General Counsel, Attention: Comments/RIN 2590–AA53, Federal Housing Finance Agency, Eighth Floor, 400 Seventh Street SW, Washington, DC 20024. (The package should be logged at the Seventh Street entrance guard desk)

Please visit FHFA's website for additional information.



 
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