Property Assessed Clean Energy (PACE) Loss Reserve
- Incentive Website
- Incentive Status: Active
- Application Due Date: Ongoing
- Total Allocation: $10,000,000
The PACE Loss Reserve Program administered by the California Alternative Energy and Advanced Transportation Financing Authority (CAEATFA) works with partners and lenders to support PACE financing for energy or water efficiency and clean energy home improvements. Property owners in a PACE-designated area can use PACE financing to retrofit their homes without putting any money down and repay via property tax bills. The PACE Loss Reserve Program’s goal is to increase availability of residential PACE financing by making first mortgage lenders whole for direct losses as a result of a PACE lien in a foreclosure or forced sale
Do I Qualify?
PACE Program administrators offering PACE financing for residential properties of three units or fewer are eligible to apply to the PACE Loss Reserve Program. Program administrators must meet various requirements established in CAEATFA's program regulations in order to be approved.