July 15, 2010
Contact: Aaron Hunter 202-225-2040
Rep. Susan Davis Calls on Federal Housing Finance Agency to Honor Solar Program
San Diego homeowner’s solar renovations in limbo in payment dispute
San Diego – Congresswoman Susan Davis (D-San Diego) called on the Federal Housing Finance Agency (FHFA) to find a quick solution to its concerns over the Property Assessed Clean Energy (PACE) program. The FHFA is effectively blocking homeowners from making solar energy enhancements to their homes over its refusal to back mortgages that participate in PACE.
“Many homeowners were preparing to begin improvements and have become frustrated by the delay,” said Davis. “These renovations create jobs and save energy resulting in lower energy costs for San Diegans. The FHFA needs to find a quick resolution to its concerns that will allow PACE-supported programs to move forward as soon as possible.”
Davis made her concerns known in a letter to Acting Director of the FHFA, Edward DeMarco.
The city of San Diego set up a $20 million fund for solar energy renovations to San Diego homes which would be repaid with federal funding from the American Recovery and Reinvestment Act.
With the FHFA balking at participating in the PACE, it has put homeowners, their solar projects and the companies that install them all in limbo.
Davis is an original cosponsor of legislation (H.R. 5766) to require Freddie Mac and Fannie Mae to back mortgages on homes that use the PACE programs to finance the installation of renewable energy and energy efficiency improvements.