News & Blog

  • Renovate America adding income review to PACE underwriting

    Source: American Banker

    Building on existing underwriting policies and consumer disclosures, Renovate America will add income review to its underwriting toolbox. Read an except from the article below:

    Patrick Moore, Renovate America’s newly appointed chief lending officer, told Asset Securitization Report that borrower income data will be used in underwriting both PACE loans and an unsecured program funding through local government entities and unsecured loans to finance a wider range of home improvement projects. It will help determine approvals as well as potential loan sizes. The company has been collecting income data for its unsecured lending product, Benji, since 2016.

    The move is being made in anticipation of proposed state legislation in California that would mandate “good faith” underwriting standards on PACE loans, including obtaining credit reports and “in some cases, verifying income, assets, and debt obligations,” according to Senate Bill 242.

    Read the full article.

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    MikeRenovate America adding income review to PACE underwriting
  • PACENation is hiring a Director of Membership and Events

    Position: Director of Membership and Events
    Location: New York
    Status: Full-time; Exempt  

    Position Summary
    PACENation is the leading research and advocacy project of New Venture Fund, promoting Property Assessed Clean Energy (PACE) financing. PACE is a simple and effective way to finance energy efficiency, renewable energy, and water conservation upgrades to buildings. PACENation promotes PACE by providing leadership, support, data and networking opportunities for the varied universe of PACE market stakeholders, that include private investors, property owners, local governments, elected officials, energy service providers, and more. You can learn more about PACENation at www.pacenation.org.

    We are looking for a driven and enthusiastic individual to manage two aspects of PACENation’s business: Membership and Events. PACENation relies in part on member dues to finance its activities, and we are looking for an energetic, personable and organized individual to maintain and grow our existing Member Services Program. Candidates must be well-polished and

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    MikePACENation is hiring a Director of Membership and Events
  • PACENation Statement on Los Angeles Times’ coverage of Property Assessed Clean Energy (June 4th and 5th), by reporter Andrew Khouri

    The LA Times has done a well-researched piece on the work of PACE providers and government entities to strengthen one of the most successful policy ideas to deploy energy efficiency and renewable energy into American homes — strengthening our clean energy economy and residential infrastructure – and to expand access to credit for homeowners to make home improvements.  To date, over $3.7 billion in PACE financing has helped more than 150,000 homeowners make improvements to their homes, many of whom would not have been able to do so without the option of PACE financing.  This reporting comes at a time when the federal government is moving responsibility for infrastructure modernization to the private sector, and when states and cities are looking for effective options to advance clean energy.

    The reporting captures broad support for PACE, as well as why the industry is working at the company, state, and federal policy levels to safeguard homeowners from misrepresentation, and to actually remove bad actors with poor consumer protection records from the PACE marketplace.  The underlying allegations in the homeowner stories highlighted have solutions in the companies’ practices as well as pending California legislation (SB 242, carried by Sen. Nancy Skinner).  A spokesperson for Governor Jerry Brown is quoted saying “The Governor continues to support PACE as a way for Californians to play their part in responding to a rapidly changing climate,” adding that he’s “open to additional opportunities to continue improving the program.”  Even the sponsor of a bill currently opposed by PACENation in the U.S House of Representatives, Rep. Brad Sherman, says in the story he’s “certainly not hostile to the PACE program,” and that “it does an awful lot of good.”

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    MikePACENation Statement on Los Angeles Times’ coverage of Property Assessed Clean Energy (June 4th and 5th), by reporter Andrew Khouri
  • Largest-ever PACE Transaction Closed at $40 Million

     CleanFund, Petros and Renew Financial collaborate to provide critical seismic improvements to Seton Medical Center

    Seton Medical Center campus, Daily City, California (PRNewsfoto/CleanFund Commercial PACE Capit)

    Seton Medical Center campus, Daily City, California

    DALY CITY, CA (May 23, 2017) – Today, CleanFund Commercial PACE Capital, Petros PACE Finance, and Renew Financial completed funding for $40 million of seismic upgrades to the Seton Medical Center, owned by Verity Health Systems, in Daly City, CA. This project is the largest PACE financing in history, quadrupling the previous record of $10 million on a single project.

    Renew Financial administered the project through the CaliforniaFIRST PACE Program. CleanFund originated the transaction, bringing in PETROS and each provided $20 million to fund the critical safety improvements, which will allow the building to meet California’s mandatory Hospital Seismic Safety Act (SB 1953).

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    MikeLargest-ever PACE Transaction Closed at $40 Million
  • Coalition of environmental groups urge Congress to save PACE

    A coalition of supporters, organized by Brightline Defense and including Build It Green, CalSEIA, Climate Action Campaign, the Center for Sustainable Energy, Cleantech San Diego, California Energy Storage Alliance, and Vote Solar have sent a letter to congress urging action on proposed legislation that would kill PACE financing, one of America’s most effective means of financing energy-efficiency and renewable-energy property improvements.

    Read an excerpt and download the letter below:

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    MikeCoalition of environmental groups urge Congress to save PACE
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