Property Assessed Clean Energy (PACE) loans

The following is excerpts from Attorneys’ Real Estate Councils of Florida and loan_application_clip_art_24699quoted verbatim:

 Property Assessed Clean Energy (PACE) loans, which are used to make certain qualifying energy efficiency and hurricane hardening improvements to commercial and residential properties, are increasing in popularity but unfortunately many buyers and sellers do not understand how they work and how they can complicate the real estate closing process.  Here is what you, as a real estate professional, need to know about this increasingly popular financial product.

moneyhands_217w_gifGetting a PACE loan is easy.  Qualifying requirements for PACE financing agreements are relatively simple and are based on the home’s equity and tax payment history. The approval process typically takes less than an hour.  In May 2018, President Trump signed the Dodd-Frank Wall Street Reform Act which directed the Consumer Financial Protection Bureau (CFPB) to create federal oversight of, and rules for, the program so new requirements may be added, requiring residential consumers to pass an “ability-to-pay” analysis before they are approved. Florida, California, and Missouri are the only three states with PACE programs.

Seller Disclosure of the PACE Lien and Non-Ad Valorem Assessment

Sec. 163.08(14), F.S., requires sellers to disclose, in the contract or by a separate writing, the existence of the PACE assessment prior to the execution of the contract by the buyer. The disclosure must be as set forth in the statute:

  • Qualifying Improvements for Energy Efficiency, Renewable Energy, Or Wind Resistance.
  • The property being purchased is located within the jurisdiction of a local government that has placed an assessment on the property pursuant to s. 163.08, Florida Statutes. The assessment is for a qualifying improvement to the property relating to energy efficiency, renewable energy, or wind resistance, and is not based on the value of property. You are encouraged to contact the county property appraiser’s office to learn more about this and other assessments that may be provided by law.

In the Real Estate Market?

KW1784102f20KW.jpgYou should consider using a realtor.  I could save you money especially with new home builders and it does not cost you anything.  So why not? Let me save you money!!!  If you are interested in buying real estate (new home, existing home, or commercial property), please contact me (Alan Lane with Signature Realty Associates at 2234 Lithia Center Lane, Valrico, Florida).  

As a life long resident of Central Florida, I can help you find the right property for you whether it is in Orlando or as far south as Sarasota.  My email address is, or call me at 813.205.9280.  If you are just starting your search, you can search the MLS for real estate opportunities on my website at this link.

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