3.0.0 3642 2023-01-11T13:21:42Z 2023-01-11T13:21:42Z Senate S S 2010-07-22 111 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Standing Referred to 2010-07-22T23:05:56Z PACE Assessment Protection Act of 2010 111 5766 HR 2010-07-15 Referred to the House Committee on Financial Services. Identical bill CRS 2010-07-22 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. IntroReferral 2010-07-22 Sponsor introductory remarks on measure. (CR S6206) IntroReferral B00100 9 Library of Congress 2010-07-22 Introduced in Senate IntroReferral 10000 9 Library of Congress B000711 Sen. Boxer, Barbara [D-CA] BARBARA BOXER D CA N M001176 Sen. Merkley, Jeff [D-OR] Jeff Merkley D OR 2010-07-22 True G000555 Sen. Gillibrand, Kirsten E. [D-NY] Kirsten Gillibrand D NY E. 2010-07-22 True B001265 Sen. Begich, Mark [D-AK] Mark Begich D AK 2010-07-22 True B001267 Sen. Bennet, Michael F. [D-CO] Michael Bennet D CO 2010-07-27 False U000038 Sen. Udall, Mark [D-CO] MARK UDALL D CO 2010-08-02 False S001181 Sen. Shaheen, Jeanne [D-NH] Jeanne Shaheen D NH 2010-11-17 False Housing and Community Development Alternative and renewable resources Building construction Energy efficiency and conservation Environmental technology Government corporations and government-sponsored enterprises Housing finance and home ownership State and local taxation Housing and Community Development 00 2010-07-22 Introduced in Senate 2010-11-04T15:14:07Z PACE Assessment Protection Act of 2010 - Directs the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) to adopt underwriting standards that are consistent with the Guidelines for Pilot PACE Financing Programs issued on May 7, 2010, by the Department of Energy (DOE). Provides that liens or other property obligations that secure property taxes or assessments under a PACE program and that are consistent with such standards shall be considered to comply with the Uniform Instruments of Fannie Mae and Freddie Mac and shall not constitute a default on an existing mortgage or trigger the exercise of lender's remedies for a property with such a lien.

Defines a "PACE program" as a property assessed clean energy program under which a state or political subdivision levies taxes or assessments on real property to finance the installation of renewable energy and energy efficiency improvements.

Prohibits Fannie Mae and Freddie Mac from requiring repayment of a PACE program tax or assessment in order for a property owner to finance, refinance, or transfer property that meets their underwriting criteria without consideration of the PACE program lien. Requires the underwriting standards to provide that, in the event that a tax or assessment under a PACE program is delinquent, only the unpaid delinquent amount along with applicable penalties, interest, and costs will be subject to foreclosure and not the entire amount.

Prohibits the Federal Housing Finance Agency, Fannie Mae, Freddie Mac, and all federal agencies and entities chartered under federal law from discriminating against communities implementing or participating in a PACE program.

]]> PACE Assessment Protection Act of 2010 Display Title PACE Assessment Protection Act of 2010 Official Title as Introduced A bill to ensure that the underwriting standards of Fannie Mae and Freddie Mac facilitate the use of property assessed clean energy programs to finance the installation of renewable energy and energy efficiency improvements. Introduced in Senate IS Short Titles as Introduced PACE Assessment Protection Act of 2010 Introduced in Senate 2010-07-22T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-111s3642is/xml/BILLS-111s3642is.xml 2010-07-22 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.