In another Orwellian move, Fannie Mae and Freddie Mac move to block PACE funding for alternative energy and energy efficiency programs in California and other states that have implemented PACE programs.
PACE funding allows a homeowner to increase their property tax as a way to finance solar energy and other energy efficiency programs.
“California needs your help immediately. The Federal Housing Finance Agency FHFA, Fannie Mae and Freddie Mac struck a body blow this month to California’s landmark efforts to lead the nation in weatherizing homes and placing solar panels on buildings, bringing to a halt more than $450 million in retrofit projects.” PUC President Michael Peevey and Commissioner Dian Grueneich wrote in a letter Tuesday.”Absent immediate federal action, California’s launch of the largest retrofit program in the country cannot happen,” they said.They said that California has allocated $50 million in federal stimulus funding for PACE programs to be implemented by more than 200 cities and counties. That, they said, would translate into more than $400 million in spending.