The Property Assessed Clean Energy (PACE) financing has been pioneered by municipalities and counties in California as a way for property owners to finance voluntary energy and water efficiency and clean energy improvements. As with any program, problems exist, and recent trends have shown that with PACE loans, there is great potential for abusive lending practices and fraud, particularly for loans made to older and low-income homeowners. If adopted, AB 874 would authorize the California Alternative Energy and Advanced Transportation Financing Authority to develop and administer the PACE risk mitigation program to address residential PACE-related mortgage and tax delinquencies to avoid default or foreclosure.

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