The State has created a $10 million reserve fund to reimburse mortgage lenders. The fund would repay the lenders if people who finance clean energy projects through property tax payments default on their loans.
Evan Westrup with Governor Jerry Brown's office says the Federal Housing Finance Agency prohibited mortgage lenders Freddie Mac and Fannie Mae from accepting additional liens for homeowners who wished to finance PACE projects.
"The main concern of the Federal Government was around the financial liability and potential cost if these properties fell into foreclosure," says Westrup.
Jonathan Gemma is with Aztec Solar in Sacramento. He says solar companies have lost business because mortgage lenders wouldn't agree to additional liens to repay clean energy projects.
"Now if there is this reserve fund in place was able to ease concerns of that mortgage lender that there is some backing to this," he says, "they would allow the PACE financing to go and this opens up the opportunity to more people to be able to finance energy efficient equipment."
Besides solar panels, eligible equipment under the PACE program includes low-flow toilets, insulation, and energy-efficient light fixtures.
The mortgage loss reserve program will be run by the California Alternative Energy and Advanced Transportation Financing Authority.
A campaign to pay for more school field trips to The Yolo Bypass/Vic Fazio Wildlife Area got a big push today - from Fazio himself.
Dollar Tree Stores Inc. has been ordered by an Alameda County Superior Court judge to pay $2.7 million to settle an environmental lawsuit. The suit was brought by nearly 50 California city and county district attorneys.
California is already working to reduce its carbon footprint. But new goals approved by a state Senate committee today would ramp up that effort
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A proposal to build a gun range in El Dorado County has some neighbors in the area of the project concerned about noise, safety and other issues.