Friday, December 24, 2010

P.A.C.E. Comes to Lauderhill

The City Commission has approved on first reading, 5-0, to allow for P.A.C.E. legislation as authorized by the Florida Legislature, for commercial properties only.

P.A.C.E. stands for Property Assessment Clean Energy, and provides for a method for property owners in borrowing funds to make improvements that relate to energy efficiency. The legislation would authorize the City of Lauderhill to arrange for and provide funding which would be secured by the property through a special assessment. Funding can come from any source and in other places has been through private lenders.

The energy efficiency improvements can include such items as energy efficient air conditioners and insulation among other possibilities. It would assist commercial properties to obtain much needed capital to make infrastructure modifications. Funding that they may not be able to get through convention loans.

The properties could include residential properties, but at this time Fannie Mae and Freddie Mac, the primary lenders for residential properties, has objected to such applications. So for now it is only being applied to commercial properties.

If approved on second reading in January, then Mayor Richard Kaplan, the sponsor of the legislation, will proceed to seek available sources to fund the loans along with seeking properties owners interested in pursuing these loans.

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