Miss this one yesterday morning on NPR (WAMC)?...
"Outlook Dims for Popular Energy-Efficiency Loans" by John McChesney
"Analysis: Energy Lien Is Little Threat to Loan Giants" by Todd Woody [NYTimes July 2nd]
[also see: http://www.newrules.org/energy/news/fannie-mae-and-freddie-mac-wont-allow-pace-liens ]
Thankfully, Hinchey and Hall are co-sponsoring H.R. 5766-- legislation to make sure FHFA (Fannie Mae and Freddie Mac) back off from trying to kill incredibly popular PACE programs all over the U.S...
Now we have to get Murphy, Schumer, Gillibrand, everyone in Congress on board!...
Bedford Town Boardmember David Gabrielson (of http://www.NWEAC.org -- PACE consortium of 14 towns in Westchester-- what Dutchess needs to do through Independent Dutchess Energy Alliance) will be our guest today 5-6 pm on WVKR 91.3 FM http://www.wvkr.org and tomorrow (Sat.) 8-10 am (with zero-waste expert Shabazz Jackson) on our show on WHVW 950 AM-- tune in, pass it along!...
Don't forget-- Poughkeepsie's own David Dell, Chair of Sustainable Hudson Valley, has crunched the numbers and found literally one billion dollars in savings on electric bills possible over the next decade for Dutchess County homeowners and businesses alone if we actually succeeded in getting energy-efficiency retrofits into the hands of all who need them!...(not to mention tons of jobs too)...
So-- check out http://www.PACEnow.org -- call Congress (866) 338-1015-- for H.R. 5766...
[for more info re: who's on board H.R. 5766-- http://www.govtrack.us/congress/bill.xpd?bill=h111-5766 ]
And-- just as important-- email 25 of us at email@example.com-- for Dutchess PACE!...
Thanks much to my colleagues Co. Leg.'s Dan Kuffner, Jim Doxsey, and Barbara Jeter-Jackson for agreeing to co-sponsor resolution from yours truly below on this-- for Dutchess to follow Albany, Nassau, and Tompkins county models for green loan funds...(for resolution 2010228; text is below)...
....but if enough letters don't come in to co. leg.'s, there won't be enough support for this to pass.....
.......so if you'd like to see Dutchess County take a truly meaningful step towards "going green" at next Thursday's Environmental Committee meeting, again-- email firstname.lastname@example.org!...
[pass it on]
p.s. Save the date!...Come out to a very special "Green Energy Solutions" forum/panel I'll be hosting at Clinton Town Hall (1215 Centre Rd 12572) Weds. Sept. 22nd at 7 pm-- with some of the top experts in NYS present-- Ron Kamen (fellow Town of Clinton resident), President of http://www.NYSEIA.org , and Senior Vice President of Business Development & Public Policy for http://www.EarthKindSolar.com ...also David Gabrielson of the Bedford Town Board and the Northern Westchester Energy Action Coalition ( http://www.NWEAC.org )-- and Dick Riseling of http://www.ApplePondFarm.com in Sullivan County (architect of PACE-like SWEEP program to get off ground if we can get FHFA to relent on this!)...AND-- just confirmed-- John Wright of Hudson Valley Clean Energy has also just let us know HVCE will be sending a representative to speak that night as well!...(see hvce.com for more on the great work they do)...
More timely than ever for us to push for PACE-like program locally-- folks like Kamen and Gabrielson have emphasized and re-emphasized to me that Wall Street bond folks are much more interested in helping towns start PACE-like programs like http://www.LIGreenHomes.com (Babylon) if little towns like Clinton first get motivated, then band together in aggregation with other small towns-- like 13 towns have banded together in Westchester with Town of Bedford-- see http://www.NWEAC.org ...
I've also invited Greene County IDA's Sandy Mathes and Dan Somers of Cornerstone Power Development to come talk to us that night as well (Sept. 22nd)-- will see if they can join us too!...recall:
"First Commercial Solar Farm in New York To Be Built in Greene County" [Tuesday's MidHudsonNews]
"Farmland To Produce Crop of Solar Power" [Tuesday's Albany Times-Union]
p.p.s. Miss this from yesterday's Guardian/UK?...(why every town should have a PACE program!)...
"Two combined land and sea surface temperature records from NASA's Goddard Institute for Space Studies and the U.S. National Climatic Data Center both calculate that the first six months of 2010 were the hottest on record; four of the six months also individually showed record highs."
[from "Global Warming Pushes 2010 Temperatures to Record Highs" by Juliette Jowit
p.p.p.s. Check out http://www.ALANY.org -- for second year in a row now Dutchess County air quality has been rated an "F"-- and over 39,000 Dutchess Co. residents with asthma, bronchitis, or emphysema!...(the point being this-- the more energy-efficiency and solar/geothermal installed locally through PACE (Property Assessed Clean Energy) programs-- the less we all have to rely on polluting sources like the coal-burning power-plant complex at Newburgh's Danskammer/Roseton plant-- or Indian Point-- or hydrofracking and jeopardizing our groundwater-- or drilling for oil too; wake up!...
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[again-- send a letter to all 25 of us at email@example.com to get this passed Thurs.!]
Re: proposal for Dutchess to follow Albany, Nassau, Tompkins county models re: green loan fund...
[...with same three other co-sponsors for this first one as were supporting it in May and June-- Co. Leg.'s Dan Kuffner, Jim Doxsey, and Barbara Jeter-Jackson...]
[see: http://dutchessdemocracy.blogspot.com/2010/03/join-lucy-johnson-of-independent.html ]
[note-- aside from Tompkins County's move towards PACE and new GOP Nassau County Exec on this-- recall-- the Albany County Legislature unanimously passed resolution for countywide PACE in Feb.!...
see: http://www.albanycounty.com/legislature/resolutions/2010/20100208/10-046.pdf ;
http://www.timesunion.com/AspStories/story.asp?storyID=899947&category=region ...and Elizabeth Staubach in the Albany County Executive's office has confirmed with us that Albany County is indeed working towards direction of starting to implement county-wide PACE program as in Babylon!]
WHEREAS, by Chapter 497 of the laws of 2009, the State of New York authorized an amendment of the General Municipal Law by creating Article 5-L to allow municipalities to create Sustainable Energy Loan Programs to promote the deployment of renewable energy systems and energy efficiency improvement measures at residential and commercial properties, and
WHEREAS, the establishment of a Sustainable Energy Loan Program in Dutchess County would serve to assist in achieving statewide energy efficiency and renewable energy goals, reducing greenhouse emissions and mitigating the effect of global climate change and advance a clean energy economy, and
WHEREAS, a Sustainable Energy Loan Program would also bolster the economy of Dutchess County by saving county residents monies which they would otherwise spend on energy costs and by creating jobs for Dutchess County residents, and
WHEREAS, a Dutchess County Sustainable Energy Loan Program may create an opportunity for the County and State to obtain American Recovery and Reinvestment Act of 2009 ("ARRA") and/or other funding to support the program, and therefore be it
RESOLVED, that the Dutchess County Legislature hereby authorizes the Dutchess County Sustainable Energy Loan Program and requests that the Dutchess County Executive undertake all necessary steps to implement the Dutchess County Sustainable Energy Loan Program as authorized by Article 5-L of the General Municipal Law, and, be it further
RESOLVED, that the Clerk of the Dutchess County Legislature is directed to forward certified copies of this resolution to the appropriate County Officials.
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From Bedford Town Boardmember David Gabrielson
Subject: PACE Wars
I wanted to update you again on the growing efforts to overturn the FHFA statement of July 6th that was designed to kill PACE. The outpouring of opposition has been incredible... Please take a look at the attached link that describes the House Bill introduced by Representative Thompson (D-CA) and co-sponsored by Representatives John Hall, Maurice Hinchey, and 40 others, so far:
More good news: Senator Boxer (D-CA) has introduced a bill in the Senate that has been co-sponsored by our own Senator Gillibrand and two others.
You can keep up to date with the nationwide effort here:
which includes a "Take Action" link or here:
To the extent we can pass local resolutions supporting these national efforts and/or send letters to key members of Congress, that would be great. The bottom-up support lends tremendous weight to Congressional efforts to negotiate a future for PACE with the FHFA... I have attached templates for both.
Please forward this e-mail on to your own networks! PACE is worth fighting for!
Please feel free to call or get back to me...
David Gabrielson, Councilman
Town of Bedford, New York
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From http://www.npr.org/templates/story/story.php?storyId=128700648 ...
Outlook Dims For Popular Energy-Efficiency Loans
by JOHN MCCHESNEY
July 29, 2010
A White House-backed program that allows property owners to pay for energy improvements like solar panels or efficient furnaces through an additional assessment to their property taxes may soon be shut down.
The federal agency that oversees mortgage giants Fannie Mae and Freddie Mac has slammed the door on the program - known as PACE, or Property Assessed Clean Energy - saying it poses a risk to mortgage lenders. That has frustrated PACE supporters, who say the program has helped cut down their energy bills and increased the value of their property.
Making It Easier To Go Solar
On a broad rooftop in Santa Rosa, Calif., workers are installing a large array of solar panels - more than 200 of them. The $300,000 project was financed by Sonoma County, under a PACE program called Sonoma County Energy Independence.
"We will hopefully make enough energy to take care of all of our needs," says Arnie Carston, the owner of ProSource Flooring, where the panels were being installed.
Carston is a proud Republican - and a strong supporter of the county program.
"The main reason I wanted to do this," Carston says, "is so that somebody doesn't have to pump a couple thousand gallons of oil out of the ground to make electricity to run my building."
But the ruling by the Federal Housing Finance Agency - the regulator that oversees Fannie Mae and Freddie Mac - has cast doubt on Sonoma County's 18-month-old program. Similar PACE programs in 22 other states are also at risk.
Carston says he just can't understand why the agency has pulled the rug from under the program.
"It's not doing anything except making America stronger, if we all did this," Carston says. "You know, for the government to come in now and say that you can't do this ... it's a surprise to me that someone hasn't thought this out."
Scrutiny For A Growing Program
Sonoma County has loaned out $30 million for energy improvements to more than 1,000 homes and businesses since the program began a year and a half ago.
Now that Fannie Mae and Freddie Mac have been told by their regulator to steer clear of the program, some contractors, like John Sutter, are being forced to cut back.
"I'd have to lay off about half my workforce of 15 employees right at this time," Sutter says. "Just at the point we're actually gearing up to increase our workforce, I'm laying off."
So what is it about these programs that the FHFA doesn't like? The primary objection is that in the event of a default, the new tax obligation takes priority over the original mortgage.
Program supporters pooh-pooh that objection, saying that the lender would only have to pay off any back property taxes - a small fraction of the total amount.
But that's not true, says acting FHFA Director Edward DeMarco.
"It is not just what is the unpaid accrued amount on the PACE assessment," he says. "It goes to what can be realized as the value from this property in a foreclosure sale."
In other words, what if prospective buyers don't like that additional property tax and demand a lower price? The mortgage lender eats the loss.
That won't happen, PACE supporters argue, because the house will have increased in value.
Debating Value Of Energy Improvements
Terry Kelley sealed and insulated his house in Sebastopol, Calif., using $20,000 of county money.
"We've found that it has made a huge difference in our winter utility bills," he says. "Our gas usage dropped by half."
And that, Kelley says, makes his house more valuable.
PACE supporters argue that these programs work just like other tax assessments, such as the ones for sidewalks, sewers and streets: They serve a community good by using sustainable energy and reducing greenhouse gases.
But that's comparing apples and oranges, says the FHFA's DeMarco.
"Well, I can leave it to your listeners to decide whether an individual homeowner making a decision on their own to do some sort of energy retrofit just to their property is akin to improving the sewers network in an entire neighborhood or community or not," DeMarco says.
DeMarco says his agency is talking with members of Congress who have introduced legislation to save the program. Meanwhile, California Attorney General Jerry Brown has sued FHFA over the issue, and Sonoma County has elected to continue its program, using other lenders.
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July 2, 2010, 12:11 PM
Analysis: Energy Lien Is Little Threat to Loan Giants
By TODD WOODY
In an article in The Times on Thursday, I explained how Fannie Mae and Freddie Mac, the government-chartered mortgage giants, have derailed an innovate financing program that lets homeowners pay for expensive solar panels and energy efficiency upgrades over time through an annual surcharge on their property tax bills.
The program is called Property Assessed Clean Energy, or PACE, and it has been authorized by 22 states since 2008. The energy improvement assessments are secured by a lien on the home, but the agencies, which hold more than half of mortgages in the United States, recently sent letters to lenders warning them that such liens could not take priority over a mortgage. Fannie and Freddie worry that if a homeowner defaults, taxpayers will be left in the lurch, as property taxes generally are paid before mortgages are.
Putting aside whether such liens are any different from the property tax assessments commonly used to finance municipal improvements, how big a potential liability would Fannie and Freddie face?
Not very big, according to an analysis by the California attorney general's office.
In a June 22 letter to the Federal Housing Finance Agency, which oversees Fannie and Freddie, Ken Alex, a senior assistant attorney general, cited the example of a homeowner who obtains $15,000 in financing from a PACE program to pay for a solar array and energy efficiency upgrades.
With a 7 percent interest rate and a 20-year payback term, the annual assessment on the homeowner's property tax bill would be about $1,500.
"At the time of foreclosure for failing to pay the mortgage, it is likely that at most, one PACE assessment of $1,500 would have achieved priority lien status," Mr. Alex wrote.
"This exercise suggests that with a portfolio of Fannie/Freddie mortgages that have PACE liens, assuming a high foreclosure rate of 10 percent, PACE seniority would average $150 per home," he added. "Using a more reasonable foreclosure rate of 5 percent, average PACE seniority per home would be a mere $75."
That scenario applies to California, where under state law a new owner would assume responsibility to pay ongoing tax assessments.
As I wrote in the article, some lenders have responded to the Fannie and Freddie letters by requiring homeowners to pay off the entire assessment before they issue a new loan or refinance a mortgage.
The uncertainty created by the Fannie and Freddie letters has prompted local governments to suspend most PACE programs until the agencies clarify whether an energy lien violates a mortgage.
7:02 p.m. | Updated
On Friday, Representative Henry A. Waxman, chairman of the House Committee on Energy and Commerce, and Representative Barney Frank, chairman of the House Committee on Financial Services, sent a letter to top Obama administration officials urging them to act quickly on the issue.
"It is our hope that your offices can quickly identify, agree on and publish guidelines that would allow PACE financing programs to continue while ensuring that both taxpayer and private mortgage investments are protected," they wrote in a letter to Treasury Secretary Timothy F. Geithner, Energy Secretary Steven Chu and Edward DeMarco, the acting director of the Federal Housing Finance Agency.
"In the meantime, we ask that homeowners participating in the pioneering PACE programs already in operation be immediately assured that they are not in violation of their loans."
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From http://www.newrules.org/energy/news/fannie-mae-and-freddie-mac-wont-allow-pace-liens ...
Fannie Mae and Freddie Mac Won't Allow PACE liens
By John Farrell on July 2, 2010
Fannie Mae and Freddie Mac have told federal regulators and plan to release additional guidance indicating that the senior lien status of PACE liens is not acceptable. This declaration comes despite recent articles highlighting the minimal impact of PACE liens on the lenders' balance sheets, White House and DOE support for the program, and the 23 states who have enabled Property Assessed Clean Energy Financing (see image).
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From http://www.govtrack.us/congress/bill.xpd?bill=h111-5766 ...
Federal Action Grassroots Toolkit
We need your help now to ask Congress to take immediate action by passing "The PACE Assessment Protection Act of 2010" (H.R. 5766) so that our nation can use this innovative local government tool to unlock investment in clean energy and create jobs. There are three main activities that you can engage in to help out.
-Contact your Member of Congress and Senators today - and urge them to pass legislation immediately to save PACE (see letter template in item E. below)
-Contact your local newspaper (see PACE Media Memo in H. below for guidance)
-Pass a resolution in your city or county supporting PACE (see Sample Municipal Resolution for guidance in I. below)
In this PACE Grassroots Action Toolkit, we have provided materials to assist you in your effort to communicate to Congress. Our work is urgent: Congress will only be in session for 8 more weeks in 2010. The focus of our effort is the Senate Banking Committee and House Financial Services Committee. But all members of Congress need to hear from us.
A. Guide to Action - Local and State Governments
B. Guide to Action - Businesses
C. Guide to Action - Individuals
D. PACE Summary for Legislators (7-12-10)
E. Congressional Letter Template (7-19-10)
F. Response to FHFA/OCC July 6th letters (7-12-10)
G. Congressional Outreach Contact Info (7-14-10)
H. PACE Media Memo (7-14-10)
I. Sample Municipal Resolution and Staff Report (7-19-10)
J. PACE Presentation to Senate Banking Committee (7-22-10)
Please send all copies of all congressional letters to firstname.lastname@example.org
A PACE bond is a bond where the proceeds are lent to commercial and residential property owners to finance energy retrofits (efficiency measures and small renewable energy systems) and who then repay their loans over 20 years via an annual assessment on their property tax bill. PACE bonds can be issued by municipal financing districts or finance companies and the proceeds can be typically used to retrofit both commercial and residential properties.
The PACE bond market has the potential to dramatically accelerate the energy retrofitting of America's building stock due to the below advantages.
PACE Impact: Property tax lien oriented financing that dramatically improves the economics of energy retrofits (efficiency measures and micro renewable energy)
To see who supports PACE please see our PACE Legislation Endorser List.
See Other Letters to FHFA and Congress
What is PACE?:
Below are a list of resources that can help you better under stand what Property Assessed Clean Energy (PACE) is, and how the PACE financing model works.
A. Slide Introduction to PACE - Senate Banking Committee Presentation (7-22-10)
B. 2009 Milken Institute PACE Finance Panel (Audio) (4-29-09)
C. Details of PACE Programs
D. PACE Market Sizing (Commercial) - Johnson Controls Estimate
E. PACE Explained in Simple Terms
Advantages of PACE Financing:
* Significant job creation
* Accelerates movement toward energy independence & reduces GHG emissions
* Very low fiscal cost & high probability of success
* Lower energy bills and substantially reduced upfront costs for energy retrofits
* Improved return on investment/positive cash flow on retrofits (annual savings > cost)
States, Cities & Municipalities:
* Immediate job creation
* No credit or general obligation risk
* Obligation is liability of real estate owner
* Greenhouse gas reductions/energy independence
* Opt in: Only those real estate owners who opt in pay for it
Existing Mortgage Lenders:
* Borrowers cash flow/credit profile improves (energy savings > annual tax cost)
* Property/collateral value increases
* Virtually no risk of loss as property tax liens are senior to mortgage debt
* 97% of property taxes are current & losses are less than 1%
Brief History of PACE:
The ability for our nation to finance energy retrofits with PACE bonds emerged in 2008 with the passage of enabling legislation in California. In recognition of the large benefits of PACE finance, the following states have recently passed enabling legislation: CA, CO, FL, GA, IL, LA, ME, MD, MN, MO, NV, NH, NM, NY, NC, OH, OK, OR, TX, VT, VA, WI, and legislation is pending in Arizona. Florida and Hawaii have existing ability to launch PACE programs. The first PACE bond was issued by Berkeley, CA in January, 2009.
PACE Legislation Endorser List
How To Establish PACE In Your State
PACE State Legislation Battle Toolkit:
A. PACE Constitutionality White Paper: Paul Hastings Report (5-28-10)
B. PACE Summary Description for Legislators
C. PACE Webinar on State Strategies for Passing Legislation
D. PACE Concerns & White House Solutions
E. PACE Programs: Historical Precedent, Seniority and Benefits to Existing Lenders
F. PACE Lien Seniority in Foreclosure is Immaterial
G. Template for PACE Letter to State Legislator
H. PACE Letter Template to Legislator Which Addresses Lender/Consumer Concerns
I. Template for State Legislation Coalition Petition
J. The 10 Must Haves for PACE State Enabling Legislation
K. Barclays Capital Memo - PACE Seniority is Mandatory
L. PACE White Paper, May 2010
Municipal Administration of PACE Program:
A. Simple Steps: How to Implement a PACE Program
B. PACE Local Government Guide (9-2009)
PACE Programs By State:
A. Current Clean Energy Municipal Financing Bills - State by State
· DDatabase of State Incentives for Renewables & Efficiency
· PACE Legislation Table (2-10-10)
B. California: PACE State Enabling Legislation (AB 811); (AB 474); (SB 279)
· City of Berkeley PACE Program
· City of San Francisco "GreenFinanceSF" (4-8-10);: "GreenFinanceSF Project List" (2-25-10)
· City of Yucaipa's Energy Independence Program
· Palm Desert PACE Program
· San Diego County PACE Program
· Sonoma County PACE Program
· Western Riverside County - Energy Efficiency and Water Conservation Program
C. Colorado: PACE State Enabling Legislation (HB 08-1350)
· Boulder County PACE Program
D. Illinois: PACE State Enabling Legislation (SB 583)
E. Louisiana: PACE State Enabling Legislation (SB 224)
F. Maryland: PACE State Enabling Legislation (HB 1567)
· Annapolis PACE Program
· Montgomery County PACE Program
G. Michigan: (HB5640)
H. Missouri: PACE State Enabling Legislation (SHB 1692)
I. Nevada: PACE State Enabling Legislation (SB 358)
J. New Hampshire: PACE State Enabling Legislation (HB 1554)
K. New Mexico: PACE State Enabling Legislation (HB 572)
L. New York: PACE State Enabling Legislation
· NYS PACE LAW (S66004)
· Town of Babylon: Long Island Green Homes
· Bedford, NY: PACE State Legislative Exemption Specific to Town of Bedford
· City of Binghamton PACE Program (5867-A); (A08890)
M. North Carolina (Note: Law needs to be amended as it requires revolving loan) (HB 1389)
N. Ohio: (HB 1)
O. Oklahoma: (SB 668)
P. Oregon: PACE State Enabling Legislation (HB 2181); (HB 2626)
Q. Texas: PACE State Enabling Legislation (HB 1391); (HB 1937)
R. Vermont: PACE State Enabling Legislation (H 446)
S. Virginia: PACE State Enabling Legislation (SB 1212)
T. Wisconsin: AB 255
U. Arizona: PACE State Enabling Legislation (HB 2335)
V. Connecticut: (Raised Bill 5465 - Section 5)
W. Florida: Proposed PACE State Enabling Legislation (Precourt/Hasner Press Release)
X. a href="http://assembly.state.ny.us/leg/?bn=A07611&sh=t" target="blank"> New York: (A 7611); (A 2672)
PACE In the News:
A. NY State to Receive Largest DOE Grant to Accelerate PACE
B. Harvard Business Review - Energy Alternatives: A Market Solution for Achieving "Green" by Jack Hidary (Jan/Feb 2010)
C. Scientific American - World Changing Ideas: 20 Ways to Build a Cleaner, Healthier, Smarter World (11/03/09)
D. New York State Passes PACE Finance Enabling Legislation (11-17-09)
E. Vice President Biden/Secretary Chu/Secretary Donovan's PACE Announcement at "Recovery Through Retrofit" Conference (10-19-09)
· YouTube Link to Announcement Highlights
· C-SPAN Link to Full Announcement
F. "Recovery Through Retrofit" Report (Released 10-19-09)
· Policy Framework for PACE Programs (10-18-09)
· White House DOE Grants
G. Senator PACE Letter to President Obama (11-10-09)
H. President Clinton's Clinton Global Initiative Announcement
· YouTube Link to CGI Announcement
I. Governor Schwarzenegger's Announcement (9-24-09)
J. Mayor Jerry Sanders (R), San Diego (9-24-09)
K. Board of Boulder County Commissioners (9-24-09)
L. PACENow Executive Director Job Description
M. America's First Major PACE Commercial Project: Santa Rosa Plaza Mall Installs "Cool Roof"
N. Congressman Israel PACE Op-Ed (10-19-09)
PACE and Existing Mortgage Lender: Legal Analyses:
A. PACE Programs: Historical Precedent, Seniority and Benefits to Existing Lenders
B. PACE Bloomberg Law Article (Jan 2010)
C. Jones Hall Memo: Consent Legal Analysis (5-14-09)
D. Commercial Mortgages: Legal Consent Issues & Solutions (5-2009)
Potential Federal Government/DOE Scaling of Nationwide PACE Program:
A. EPA Finance Advisory Board Recommends PACE Programs/Presidential Task Force (6-15-09)
B. PACE Distribution Model
C. Sample DOE PACE Guarantee "Reservation" Form
D. Two Different Bond Financing Routes
E. PACE Bond Tax-exemption Cost/Benefit Analysis
Property Tax Credit History - California and Washington:
A. 2006-2007 (CA)
B. 2007-2008 (CA)
C. 2008 Property Tax Statistics (WA)
Articles/Studies on the Value of Retrofits:
A. Appraisal Journal. Evidence of Rational Market Valuations for Home Energy Efficiency (1998)
B. Assessing the Market Impacts of Third Party Certification on Residential Properties (5-29-09)
C. Doing Well by Doing Good? Green Office Buildings (8-12-09)
A. University of California, Berkeley PACE Website
B. Article on San Diego, Palm Desert, etc (1-26-09)
C. Environment Magazine PACE Finance Article (Jan/Feb 2009)
D. Homeowner Presentation
E. Historical State by State Analysis of Housing Units By Structure
F. Commercial/residential Real Estate Default History