Property Assessed Clean Energy (PACE)
Overview
–> Important Updates Below / Actualizaciónes Importantes más adelante <–
Many in California believed that Property Assessed Clean Energy (PACE) financing would bring California homeowners into a green-energy future through its novel use of the secured property tax assessments to pay for clean energy upgrades, but this financing product has not lived up to its promises.
Instead, Public Counsel has been overwhelmed with clients—most commonly people of color and seniors—who have had their hard-earned home equity stripped due to the poor regulation and design of this program. Because these loans are paid as part of a homeowner’s property taxes, they get “first lien” position, which means that a homeowner who cannot afford to pay the increased property taxes — either directly to the County or as part of their mortgage payment — will face foreclosure.
In addition to filing two class actions against the County of Los Angeles and its private financing administrators, our Consumer Impact team provides counsel and advice and, in some cases, limited representation to PACE victims. To date in 2021 we have cleared more than $1.5 million in fraudulent PACE lien debt for our clients.
Important Updates / Actualizaciónes Importantes
If you received a letter stating that you are eligible to participate in the California Mortgage Relief Program and have questions or need assistance with your application, please email FPC@publiccounsel.org or you can call 213-385-2977, ext. 326 and leave a message. We will do our best to contact you within 48 business hours of receiving your message, but please be aware that high call volume may delay our response.
UPDATE: March 26, 2024 – We have settled our PACE class action lawsuit, and the court granted preliminary approval of the settlement. Los Angeles County and Renew Financial Holdings have agreed to a $12 million settlement to pay homeowners for unaffordable PACE property liens. Under the settlement, anyone who entered into a Renew Financial (operating the CalFirst program) or Renovate America (operating the HERO program) in Los Angeles County between March 1, 2015, and March 31, 2018, qualifies if a lien was recorded against their property. For more info about the settlement, click here. To get informed when the official settlement claim form is ready, click here.
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Si recibió una carta indicando que es elegible para participar en El Programa de Rescate Hipotecario de California y tiene preguntas o necesita asistencia con su solicitud, por favor mándenos un E-mail a FPC@publiccounsel.org o llame al 213-385-2977, ext. 326 y deje un mensaje.
ACTUALIZACIÓN: 26 de marzo de 2024 – Hemos resuelto nuestra demanda colectiva sobre PACE y el tribunal otorgó la aprobación preliminar del acuerdo. Según el acuerdo, cualquier persona que haya celebrado un Renew Financial (que opera el programa CalFirst) o Renovate America (que opera el programa HERO) en el condado de Los Ángeles entre el 1 de marzo de 2015 y el 31 de marzo de 2018, califica si se registró un gravamen contra su propiedad. Para obtener más información sobre el acuerdo, haga clic aquí. Para recibir información cuando el formulario oficial de reclamación del acuerdo esté listo, haga clic aquí.
