Fannie and Freddie freeze Vail's green home initiative
Dylan Hoffman, energy program manager for Pitkin County, issued a statement Tuesday announcing that the local Smart Energy Program has been put on “an indefinite hold” due to federal decisions having an “immediate and detrimental impact on Property-Assessed Clean Energy (PACE) programs.”
Voters in Eagle, Gunnison and Pitkin counties approved referendums last November authorizing their governments to assume debts of $7 million, $3 million and $10 million, respectively, to lend to homeowners for energy-efficient upgrades that would be repaid through property tax assessments. Property liens would secure the assessments by following the property if it were to be resold.
But that became a problem for Fannie Mae and Freddie Mac. The federally backed mortgage giants told lenders in May they would deny loans associated with PACE programs out of concern the property liens would be senior to Fannie and Freddie's positions. If a property went into foreclosure, the PACE lien could be paid off before the mortgage, which would ultimately leave taxpayers holding the bill. Last month, the Federal Housing Finance Agency (FHFA), which oversees Fannie and Freddie, issued a statement warning that lenders and taxpayers faced “significant” financial risk from PACE programs.
In some communities, the PACE repayments are over a 20-year term but in Pitkin County it is 15 years.
Eagle has been working with Gunnison and Pitkin counties to create a regional Energy Smart Program.
Pitkin County “is extremely disappointed by the lack of flexibility and vision that has been encountered with the FHFA (Federal Housing Finance Agency) and with Fannie Mae and Freddie Mac, and will continue to work with our local Congressional members as well as other stakeholders around the country to try to resolve these issues as quickly as possible,” the statement from Hoffman's office said.
It's not just ski towns like Aspen and Vail that are feeling the pinch.
The state of California, the Sierra Club and other entities have filed lawsuits challenging the feds.
“Fannie Mae and Freddie Mac received enormous federal bailouts, but now they're throwing up impermeable barriers to bank lending that creates jobs, stimulates the economy and boosts clean energy,” California Attorney General Jerry Brown said.
Legislation in the House and Senate also have been introduced to try to restrict the Federal Housing Finance Agency's ability to change underwriting standards that harm PACE communities. The Federal Housing Finance Agency is working with members of Congress to try to come up with terms that would allow PACE programs to flourish while also limiting the risk to lenders and taxpayers.
Local officials say they hope that either a federal judge rules in favor of legal action like that brought by California, Congress works out a solution or that the Obama administration intervenes.
In the meantime, Pitkin County is exploring several “bridge” financing scenarios that include identifying all existing loan products for energy improvements and determine if new loan products could be developed with the assistance of state and federal grant opportunities; moving forward with PACE upgrades for properties with non-conforming loans not held to Fannie and Freddie underwriting standards or properties without mortgages; or directing funds to commercial properties, which don't have to conform to Federal Housing Finance Agency rules.
50 Comments on "Fannie and Freddie freeze Vail's green home initiative"
kmlangley – Sept. 05, 2010, at 10:06 p.m.
Gentlemen, the issues with the PACE financing are bad news ... but there are attractive alternatives ... as a successful 26 year veteran of the residential lending business, when I heard of the issues with Fannie /Freddie and PACE, I started working on solutions ... check out my Blog ...
Spread the word ... together we can make a difference.
lepetiw688 – May 06, 2022, at 7:34 a.m.
I would like to express appreciation to you for rescuing me from this type of dilemma. Right after looking through the internet and meeting ways that were not powerful, I assumed my life was well over. Living minus the approaches to the problems you have sorted out through your good post is a critical case, and the kind which may have in a negative way affected my entire career if I had not come across your blog. Your main competence and kindness in handling all the stuff was important. I don’t know what I would’ve done if I hadn’t come across such a point like this. I can at this moment look forward to my future. Thanks for your time so much for this high quality and result oriented help. I won’t be reluctant to recommend your web sites to anyone who needs and wants tips about this subject. http://www.betflik28.co
lepetiw688 – May 06, 2022, at 12:48 p.m.
Hi this is a fantastic article. I’m going to e-mail this to my buddies. I stumbled on this while exploring on google I’ll be sure to come back. thanks for sharing. www.Hubhengjing888.com.com
lepetiw688 – May 07, 2022, at 2:02 p.m.
Thanks for the great post on your blog, it really gives me an insight on this topic.~”:~: 안전놀이터
lepetiw688 – May 08, 2022, at 8:07 a.m.
Man that was very entertaining and at the same time informative.,..** Canada visum online
lepetiw688 – May 09, 2022, at 6:58 a.m.
You produced some decent points there. I looked on the net to the issue and found most people go together with together with your web site. 스웨디시
lepetiw688 – May 09, 2022, at 10:57 a.m.
John Chow is definitely my idol, i think that guy is extra-ordinary. he is really talented., Wohnen
lepetiw688 – May 09, 2022, at 2:20 p.m.
Over 7.9 million refugees have been forced to flee Ukraine. The IRC is on the ground in Poland supporting displaced children and families with vital supplies. Your gift will help us provide food, medical care and emergency support services to families whose lives are shattered by conflict in countries like Ukraine, Afghanistan, Syria, and Yemen. ukraine donate
lepetiw688 – May 10, 2022, at 6:47 a.m.
If you’re these days gifted products, it comes down without drugs, and also you also interest that this are jealous of of most these kind of remaining outdoorsman near you who may predicament utilizing this crisis. caravan leisure store baywind residences condo
lepetiw688 – May 10, 2022, at 12:07 p.m.
Thank you for this specific facts I was basically seeking all Bing to find it! Meme Coins
lepetiw688 – May 11, 2022, at 7:58 a.m.
Some truly interesting information, well written and broadly user pleasant. ЗАХТЕВИ ЗА ВИЗУ ЗА НОВИ ЗЕЛАНД
lepetiw688 – May 14, 2022, at 7:55 a.m.
I keep listening to the news bulletin lecture about receiving free online grant applications so I have been looking around for the most excellent site to get one. Could you advise me please, where could i get some? Solicitud de visa india
farhan – May 15, 2022, at 9:56 a.m.
Roofs that are neglected and begin to suffer wear and tear can actually cause further damage to other parts of the roof, as well as the interior of your home. If you want to prevent your roof from reaching into your wallet and continually taking money out, RoofRepairInsider
lepetiw688 – May 16, 2022, at 4:38 a.m.
Hello! I know this is kinda off topic however , I’d figured I’d ask. Would you be interested in trading links or maybe guest writing a blog article or vice-versa? My site covers a lot of the same topics as yours and I think we could greatly benefit from each other. If you’re interested feel free to shoot me an e-mail. I look forward to hearing from you! Terrific blog by the way! ויזת כניסה לקנדה
lepetiw688 – May 18, 2022, at 6:13 a.m.
You have a few helpful ideas! Perhaps I should think of trying to do this myself. Respectfully เว็บหวย
lepetiw688 – May 18, 2022, at 6:43 a.m.
Aw, i thought this was a very good post. In notion I would like to put in writing like that additionally – taking time and actual effort to manufacture a excellent article… but what / things I say… I procrastinate alot and no indicates apparently get something accomplished. เครดิต ฟรี 100
lepetiw688 – May 18, 2022, at 7:02 a.m.
I was reading some of your content on this internet site and I conceive this internet site is real informative ! Retain putting up. Ufa slot wallet
lepetiw688 – May 18, 2022, at 7:22 a.m.
I’d should seek advice from you here. Which is not something I usually do! I love to reading an article that can get people to believe. Also, thank you permitting me to comment! ae casino
lepetiw688 – May 18, 2022, at 7:59 a.m.
I think you will find there’s problem with your website by using Opera browser. pg slot
lepetiw688 – May 18, 2022, at 8:19 a.m.
Excellent weblog right here! Additionally your website a lot up fast! What host are you the use of? Can I am getting your associate hyperlink on your host? I wish my website loaded up as fast as yours lol. kingmaker casino
lepetiw688 – May 18, 2022, at 11:47 a.m.
BR sells their items under five applications with name of ice cream, cakes, sundaes, beverages and prepacks. They have other promotional packages individually or as subprogram of any other programs. 카드현금화
lepetiw688 – May 19, 2022, at 7:25 a.m.
It’s a beautiful country, more people need to recognise that. usa visa FAQ
lepetiw688 – May 21, 2022, at 6:20 a.m.
Excellent read, I just passed this onto a colleague who was doing some research on that. And he just bought me lunch since I found it for him smile So let me rephrase that: Thank you for lunch! Full body electrolysis
lepetiw688 – May 21, 2022, at 11:55 a.m.
Hey – nice blog, just wanting around some blogs, seems a reasonably nice platform You Are using. I’m presently using Drupal for a couple of of my sites but looking to change one in every of them over to a platform very a lot the identical to yours as a trial run. Anything specifically you’d recommend about it? app in pc
lepetiw688 – May 24, 2022, at 6:09 a.m.
We’re glad to be a visitor of your thoroughgoing webpage, regards due to this rare info! 먹튀검증
lepetiw688 – May 24, 2022, at 1:23 p.m.
The crucial point to recognize is this fact applies not just in , but additionally to. Visa d'affaires en Inde
lepetiw688 – May 25, 2022, at 6:29 a.m.
Thanks for your posting on this blog site. From my experience, there are occassions when softening way up a photograph could provide the photo shooter with a little an inspired flare. More often than not however, that soft clouds isn’t just what you had planned and can usually spoil a normally good picture, especially if you thinking about enlarging the item. 안전놀이터
lepetiw688 – May 25, 2022, at 12:17 p.m.
I simply desired to thank you so much yet again. I’m not certain what I would’ve handled without the type of advice shared by you directly on this problem. This was an absolute difficult situation in my view, nevertheless being able to see this professional strategy you solved that forced me to cry with happiness. I will be happy for this support and thus believe you know what a powerful job you were carrying out educating the others all through your website. I’m certain you’ve never met all of us. 먹튀폴리스
lepetiw688 – May 26, 2022, at 4:52 a.m.
Dead written articles , Really enjoyed reading . 마사지구직사이트
lepetiw688 – May 27, 2022, at 6:20 a.m.
I’m impressed, I must say. Actually rarely do you encounter a blog that’s both educative and entertaining, and let me tell you, you’ve got hit the nail to the head. Your notion is outstanding; the issue is an issue that not enough people are speaking intelligently about. I am very happy that we found this at my look for something about it. 꽁머니 2만원
lepetiw688 – May 27, 2022, at 8:10 a.m.
Aw, that was a really top quality post. In theory I’d like to write like this too – taking time and also real effort to make a excellent article… but what can I say… I procrastinate alot and also by no means seem to get something done. 꽁조아
lepetiw688 – May 28, 2022, at 7:46 a.m.
Rise Of The Lycans do have some great fighting scene between the werewolves and the vampires, it is a nice movie:: Turkey Visitor Visa
lepetiw688 – May 28, 2022, at 8:48 a.m.
I’m really inspired along with your writing talents and also with the structure in your blog. Is this a paid subject or did you customize it yourself? Anyway stay up the nice quality writing, it’s uncommon to peer a nice blog like this one these days. 다음드
lepetiw688 – May 29, 2022, at 5:46 a.m.
Hi there, I just found your site and wanted to say that I’ve truly enjoyed browsing your blog posts. After all I’ll be subscribing to your feed and I hope you write again very soon! บาคาร่า sa
lepetiw688 – May 30, 2022, at 2:19 p.m.
howdy, I’m having bad luck trying to rank up for the words “victorias secret coupon codes”… Please approve my comment!! تأشيرة الهند السياحية
lepetiw688 – June 02, 2022, at 6:10 a.m.
The color of your blog is quite great. i would love to have those colors too on my blog.*.;-’ 먹튀사이트
lepetiw688 – June 02, 2022, at 8:27 a.m.
Thank you for the auspicious writeup. It in fact was a amusement account it. Look advanced to far added agreeable from you! By the way, how can we communicate? 먹튀폴리스 이동
lepetiw688 – June 04, 2022, at 5:14 a.m.
Fascinating blog! Is your theme custom made or did you download it from somewhere? A theme like yours with a few simple adjustements would really make my blog jump out. Please let me know where you got your theme. Appreciate it indian visa eligible countries
lepetiw688 – June 04, 2022, at 9:06 a.m.
Can I just now say thats a relief to uncover someone that in fact knows what theyre dealing with online. You actually realize how to bring a problem to light to make it important. Lots more people have to ought to see this and can see this side of your story. I cant believe youre less well-liked since you also absolutely hold the gift. Slot Pragmatic
lepetiw688 – June 05, 2022, at 3:28 a.m.
It is my very first time that i have a look at this website. I recently came across countless interesting information in your weblog notably this discussion. Among the numerous responses on your writings, I guess I’m not the only one experiencing all of the excitement right here! Pochon Tissu
lepetiw688 – June 05, 2022, at 6:38 a.m.
Thanks a lot for this particular information I had been exploring all Msn to be able to discover it! تأشيرة الهند الطبية
lepetiw688 – June 08, 2022, at 4:34 a.m.
I’ve been absent for a while, but now I remember why I used to love this web site. Thanks , I will try and check back more frequently. How frequently you update your site? 꽁머니 2만원
lepetiw688 – June 08, 2022, at 6:56 a.m.
“”To start earning money with your blog, initially use Google Adsense but gradually as your traffic increases”\" 꽁조아
lepetiw688 – June 11, 2022, at 10:57 a.m.
Undeniably believe that which you stated. Your favorite reason seemed to be on the internet the simplest thing to be aware of. I say to you, I certainly get annoyed while people think about worries that they just don’t know about. You managed to hit the nail upon the top as well as defined out the whole thing without having side effect , people can take a signal. Will likely be back to get more. Thanks 꽁머니홍보
lepetiw688 – June 12, 2022, at 8:49 a.m.
I recognize there exists a great deal of spam on this blog site. Do you need help cleaning them up? I can help among courses! 먹튀폴리스
lepetiw688 – June 12, 2022, at 2:12 p.m.
I am honored to be one of the readers of the blog post. Thanks to your own generous support I’m the first in my household to have some knowledge concerning this topic. Growing up within a less privileged neighborhood has not only made available challenges of access to the internet, but it has moreover made me realize the quality of being blessed with all the wealth of information on your web blog. 토토사이트
lepetiw688 – June 20, 2022, at 3:58 a.m.
well, there are so many tourist attractions that you find on asia and europe. i would really love to travel a lot* กล้องวงจรปิด wifi
lepetiw688 – June 20, 2022, at 6:43 a.m.
Well I sincerely liked reading it. This post procured by you is very useful for correct planning. รับติดตั้งกล้องวงจรปิด ราชบุรี
farhan – Sept. 19, 2022, at 9:51 a.m.
If you don't feel confident inspecting a roof at roof height, you can of course attempt to inspect the roof from ground level using a pair of high strength binoculars. South Carolina roof repair
Daniel Williams – Aug. 29, 2010, at 9:59 a.m.
Another sign that, the US Govt. wants to keep it's citizens from creating and installing viable energy alternatives. In 1926 an American inventor created a fuel less generator that would have enabled all of mankind to supply unlimited energy to their homes for less than 100 dollars. His patent was bought, by who else an oil company and his generator was put on moth balls.
In the thirties another American inventor created a carburetor that enabled gasoline engines to get 200 m.p.g. these carburetor's were installed in tanks during WW II enabling American tanks to out distance their supply lines, after the war they were never heard from again.
It has never made any sense to me why we would build our society around a finite energy source, when there are other alternatives available . . . . Oh yeah now I get it MONEY, baby!
Once again Johnny Joe public gets the shaft!