PACE Funding helps communities reduce energy and water usage, reach climate change policy goals, prepare for natural disasters
LOS GATOS, Calif., May 11, 2022 /PRNewswire/ — The City of Maywood, in Los Angeles County, has voted to approve the Property Assessed Clean Energy (PACE) home improvement financing option, available through the California-based company Home Run Financing. This innovative financing mechanism helps communities upgrade their housing stock to be more energy and water efficient and more resilient in the face of earthquakes and wildfires, while creating good jobs in the clean energy sector.
PACE enables homeowners to make renewable energy, energy and water efficiency, and earthquake and wildfire related upgrades, then pay over time through their property taxes. Because of this payment mechanism, PACE providers must be approved by each city and county.
“PACE is an equity creator,” explained Robert Giles, CEO of Home Run Financing. “This financing model opens up access to capital for underbanked, underfinanced communities, including low-income communities and communities of color. These communities have welcomed the PACE model with its inclusive accessibility and robust consumer protections.” Maywood has the highest proportion of Latinos and immigrants in Los Angeles County.
Maywood joins Alhambra, Arcadia, Covina, and Montebello, that have added PACE as an option for their property owners since last year. More than 45 cities in Los Angeles County have now approved a PACE program; the following have access to Home Run PACE financing: Agoura Hills, Alhambra, Arcadia, Azusa, Baldwin Park, Claremont, Commerce, Covina, Cudahy, Duarte, El Monte, Gardena, Glendale, Glendora, Inglewood, La Verne, Lancaster, Long Beach, City of Los Angeles, Lynwood, Maywood, Montebello, Monterey Park, Norwalk, Palmdale, Redondo Beach, Santa Fe Springs, Santa Monica, Torrance, Walnut, West Covina and West Hollywood.
“Approving PACE unanimously is a great step forward for Maywood,” said Mayor Heber Marquez. “We live with ongoing injustices, inequities, and rising property prices, but PACE brings a new type of hope through equitable financing solutions Latino communities often don’t qualify for, bringing efficient water and energy options for homeowners.”
The PACE financing model has evolved significantly over the last decade. It now provides the strongest consumer protections of any home improvement financing product, requiring price cap protections on project costs; additional protections for elderly and low-income homeowners; financial hardship protection policies; term verification calls to confirm the homeowner understands their contract terms; a call to verify the project is complete before the contractor gets paid; third-party inspection of the completed project; and rigorous contractor oversight and training, among several other stringent consumer protection measures.
Learn more at www.homerunfinancing.com.