PACE - Local Clean Energy Programs under Attack

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Roy Wasson

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Jun 20, 2010, 5:12:24 PM6/20/10

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Roy D. Wasson

Fund Manager
Renewable Energy Fund, Ltd.
Suite 600 Courthouse Plaza
28 West Flagler Street
Miami, FL 33130
(305) 666-5053

Dear Friends:

Cities and counties throughout the U.S. are developing new finance programs that help Americans install solar and improve the energy efficiency of their homes and businesses. Called Property Assessed Clean Energy (PACE), these programs help local governments bring new jobs, energy bill savings, and environmental benefits to their communities.

Unfortunately, PACE is facing a serious threat that could render these programs dead in the water.

The threat comes from Fannie Mae and Freddie Mac, quasi-governmental entities that underwrite over half of the mortgages in the country. They recently issued guidance suggesting that property owners with mortgages from these lending giants may be prohibited from participating in PACE programs. If this situation is not addressed immediately, the Fannie Mae and Freddie Mac "Lender Letters" will likely mean that federally authorized and supported PACE programs across America (over $100 million in federal funds allocated thus far) will shut down, employees will be laid off, and our nation will lose the ability to unlock an extraordinary new means to retrofit homes and buildings across America.

The Department of Energy, state and local governments, and many others working to address this problem. Yet, Fannie Mae and Freddie Mac have repeatedly missed their own deadlines for resolving the issue. It's time to step up the pressure. Can you urge two key Members of Congress to step in and remedy this harmful impasse?

TAKE ACTION TO PROTECT PACE HERE: http://salsa.democracyinaction.org/o/1179/p/dia/action/public/?action_KEY=4128

Onwards,

Annie + Vote Solar Team

The Vote Solar Initiative
300 Brannan Street, Suite 609
San Francisco, CA 94107
www.votesolar.org