S.3642 - PACE Assessment Protection Act of 2010111th Congress (2009-2010)
|Sponsor:||Sen. Boxer, Barbara [D-CA] (Introduced 07/22/2010)|
|Committees:||Senate - Banking, Housing, and Urban Affairs|
|Latest Action:||07/22/2010 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (All Actions)|
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Summary: S.3642 — 111th Congress (2009-2010)All Bill Information (Except Text)
Introduced in Senate (07/22/2010)
PACE Assessment Protection Act of 2010 - Directs the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) to adopt underwriting standards that are consistent with the Guidelines for Pilot PACE Financing Programs issued on May 7, 2010, by the Department of Energy (DOE). Provides that liens or other property obligations that secure property taxes or assessments under a PACE program and that are consistent with such standards shall be considered to comply with the Uniform Instruments of Fannie Mae and Freddie Mac and shall not constitute a default on an existing mortgage or trigger the exercise of lender's remedies for a property with such a lien.
Defines a "PACE program" as a property assessed clean energy program under which a state or political subdivision levies taxes or assessments on real property to finance the installation of renewable energy and energy efficiency improvements.
Prohibits Fannie Mae and Freddie Mac from requiring repayment of a PACE program tax or assessment in order for a property owner to finance, refinance, or transfer property that meets their underwriting criteria without consideration of the PACE program lien. Requires the underwriting standards to provide that, in the event that a tax or assessment under a PACE program is delinquent, only the unpaid delinquent amount along with applicable penalties, interest, and costs will be subject to foreclosure and not the entire amount.
Prohibits the Federal Housing Finance Agency, Fannie Mae, Freddie Mac, and all federal agencies and entities chartered under federal law from discriminating against communities implementing or participating in a PACE program.