Learn the risks of PACE financing for lenders, investors and title professionals while identifying the risks of your interests and your customers.
Property Assessed Clean Energy (PACE) financing allows an owner of residential or commercial real estate to pay for energy efficient upgrades through 'loans' they pay back annually through their property tax assessments. PACE financing creates a super priority lien on the property that runs with the land. Additionally, clauses that prohibit PACE financing in mortgages are unenforceable. If an owner defaults on the assessment, the property may be taken by tax deed or other local tax enforcement procedures. No ability to repay or underwriting guidelines are required. In December, 2017, the Federal Housing Administration announced it will not insure mortgages on properties with PACE liens. In a strange alliance, consumer advocates and bank lobbyists are working together to reform the law in this area. This topic will help you be able to assess the risk your business faces with regard to PACE liens and you will be able to develop and implement a strategy to minimize the negative impact on your business.
Agenda
Faculty
Ashley M. Elmore Drew, Esq.
Spencer Fane
- Senior Counsel in the Tampa office of Greenspoon Marder LLP
- Provides legal and regulatory compliance guidance to business, real estate, and financial services clients on a wide range of Federal and State topics, including but not limited to the following: RESPA, SCRA, TILA, MLA, PACE Financing, Vendor Management, ECOA, FDCPA, FCRA, FACTA, UDAAP, FATCA, FACTA and myriad regulations. She also represents clients in regulatory and consumer defense litigation
- Was featured in the Tampa Bay Business Journal, discussing the impact of the 2016 election on Dodd-Frank and the effect on community banks
- Has written numerous articles
- Can be contacted at 813-769-7038 or [email protected]
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