U.S. Congress - H.R.2599 PACE Assessment Protection Act of 2011
H.R.2599 - PACE Assessment Protection Act of 2011
To prevent Fannie Mae, Freddie Mac, and other Federal residential and commercial mortgage lending regulators from adopting policies that contravene established State and local property assessed clean energy laws. view all titles (2)
All Bill Titles
- Official: To prevent Fannie Mae, Freddie Mac, and other Federal residential and commercial mortgage lending regulators from adopting policies that contravene established State and local property assessed clean energy laws. as introduced.
- Short: PACE Assessment Protection Act of 2011 as introduced.
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Official Summary
7/20/2011--Introduced.PACE Assessment Protection Act of 2011 - Requires the Director of the Federal Housing Agency (FHA) to direct the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) to issue guidance providing that the levy oOfficial Summary
7/20/2011--Introduced.PACE Assessment Protection Act of 2011 - Requires the Director of the Federal Housing Agency (FHA) to direct the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) to issue guidance providing that the levy of a PACE (property assessed clean energy) assessment and the creation of a PACE lien do not constitute a default on any loan secured by one of its uniform instruments, and do not trigger the exercise of remedies with respect to any provision of the instrument, if the PACE assessment and the PACE lien meet specified requirements. Lists as PACE improvements any qualified clean energy improvements, energy conservation and efficiency improvements, and water conservation and efficiency improvements. Prohibits the FHA Director, the Comptroller of the Currency, Fannie Mae, Freddie Mac, the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration (NCUA), the Board of Governors of the Federal Reserve System, and all federal agencies and entities chartered or otherwise established under federal law from discriminating in any manner against state or local governments implementing or participating in a PACE program, or against any property that is obligated to pay a PACE assessment or is subject to a PACE lien. Specifies requirements a PACE program, and any related PACE assessment and PACE lien, must meet to be entitled to the protections of this Act. Details obligations of property owners with respect to PACE assessments, and requires the local government to disclose to the participating property owner the costs and risk associated with participating in the PACE program. Prescribes requirements for:(1) non-residential properties; and
(2) qualifying PACE improvements, qualifying contractors, and financing terms for residential properties. Limits the total amount of PACE assessments for a property to 10% of its estimated value. Requires the property owner to have equity in the property of at least 15%.
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Latest Letters to Congress
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H.R.2599 PACE Assessment Protection Act of 2011
gfoster72
September 06, 2012
I am writing as your constituent in the 3rd Congressional district of Missouri. I am writing as your constituent in the 3rd Congressional district of Missouri. I am writing as your constituent in the 3rd Congressional district of Missouri. I support H.R.2599 - PACE Assessment Protection Act of 2011, and am tracking it using OpenCongress.org, the free public resource website for government transparency and accountability.
Sincerely,
Gene Foster -
H.R.2599 PACE Assessment Protection Act of 2011
soitgoes12
November 16, 2011
I am writing as your constituent in the 3rd Congressional district of Tennessee. I support H.R.2599 - PACE Assessment Protection Act of 2011, and am tracking it using OpenCongress.org, the free public resource website for government transparency and accountability.
Sincerely,
Drew Howe -
H.R.2599 PACE Assessment Protection Act of 2011
badbart
September 21, 2011
I support H.R.2599 - PACE Assessment Protection Act of 2011, and am tracking it using OpenCongress.org, the free public resource website for government transparency and accountability.
The PACE program, active in 27 States, has supported 70,000 new clean energy jobs in the past 2 years while costing the government under $3 billion. Meanwhile China is pounding its clean energy sector with cash and loans, with the intent to dominate the 21st century economically.
HR 2599
To prevent Fannie Ma...
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