Last week, 30 U.S. House Democrats signed on to new legislation that aims to protect Property Assessed Clean Energy (PACE) programs.
Earlier this month, the Federal Housing Finance Agency (FHFA), which oversees lending giants Fannie Mae and Freddie Mac, issued guidance to lenders across the country stating that property assessed clean energy (PACE) programs are risky and inadvisable.
As a result, the development of PACE programs came to a screeching halt.
The PACE Assessment Protection Act of 2010 would order lenders to adopt
standards that support Property Assessed Clean Energy (PACE) programs.
California’s attorney general last week sued the U.S. mortgage agencies in an effort to revive PACE.
PACE financing is an innovative means to create jobs, reduce energy
bills and dramatically cut greenhouse gas emissions. Even
modest implementation of PACE programs could create 160,000 green jobs
in the U.S., according to Representative Mike Thompson’s (D-CA) office.
PACE Programs have the strong support of the Department of Energy and
the White House, which issued its White House PACE Policy Framework on
October 18, 2009.
PACE programs are currently operational throughout California and were rapidly spreading throughout the country, before Fannie Mae and Freddie Mac issued warnings to lenders.
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It is 2010. The clock is ticking. Greenhouse gas emissions have to be stabilized by 2015. The earth is warming more rapidly than previously predicted. The U.S. is way behind schedule on this. Perhaps Fannie Mae’s CEO Michael Williams, Freddie Mac’s CEO Charles Haldeman and FHFA’s Edward DeMarco should take a look at http://www.global-warming-forecasts.com/2015-climate-change-global-warming-2015.php
For those of you who have an opinion and who would like to voice your sentiment about the PACE decision, you can reach these key decision-makers at:
Charles Haldeman Jr.
CEO
Freddie Mac
8200 Jones Branch Dr.
McLean, VA 22102-3110
Toll Free: 800-424-5401
703-903-2000 Fax: 703-903-4045
http://www.freddiemac.com
Michael Williams
CEO
Fannie Mae
3900 Wisconsin Ave. NW
Washington, DC 20016-2892
202-752-7000
Toll Free: 800-732-6643
http://www.fanniemae.com
Edward DeMarco
Acting Director
Federal Housing Finance Agency (FHFA)
1700 G Street, NW 4th Floor
Washington, DC 20552
Email: director@fhfa.gov
202-414-6923
http://www.fhfa.gov
Or you can write to:
Senate Committee on Environment and Public Works
http://epw.senate.gov/public/index.cfm?FuseAction=Members.Home
http://epw.senate.gov/public/index.cfm?FuseAction=ContactUs.ContactForm
http://epw.senate.gov/
410 Dirksen Senate Office Bldg.
Washington, DC 20510-6175
202-224-8832
Select Committee on Energy Independence and Global Warming
See http://globalwarming.house.gov/
http://globalwarming.house.gov/contact
B243 Longworth House Office Building
Washington, DC 20515
202-225-4012
Fax: 202-225-4092
http://globalwarming.house.gov/about?id=0002
PACE would increase the resale value of buildings. $171. Green building sales prices are $171 per square foot higher than non-green buildings. “According to a recent study by CoStar, green buildings that are certified under the LEED rating system …are sold for higher sales prices. …LEED certified buildings command sales prices of $171 per square foot more than the sales prices for buildings that are not LEED certified.” (Julie Stamato, Senior Attorney, “Building Green: A Win-Win for All,” Theodora Oringher Miller and Richman PC)
(Julie Stamato, Senior Attorney, “Building Green: A Win-Win for All,” Theodora Oringher Miller and Richman PC, September 2008)