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June 23, 2017: A New Form of Predatory Lending is on the Rise - "Green" Loans Leave Vulnerable Homeowners in the Red

In recent years, the federal government and several state legislatures have created the legal framework for the marketing of Property Assessed Clean Energy (PACE) loans to residential homeowners to allow them to finance green upgrades like solar panels. While the concept of the PACE program looks good at first blush, the actual implementation has been a different story. Because of the way they are marketed and structured and because certain critical consumer protection laws are not being applied to them, residential PACE loans create a serious risk of foreclosure, particularly for low-income, senior and other vulnerable homeowners.

These dangerous loans are currently being marketed - usually door-to-door by contractors - in California, Florida and Missouri and are authorized in several other states. Though some jurisdictions have started to take a hard look at whether the PACE program actually benefits their citizens, the program has a lot of political support and continues to expand around the country. For more information about how the PACE program works and doesn't work, see the National Consumer Law Center's policy brief on the issue. Please contact Lisa Sitkin at NHLP (lsitkin@nhlp.org) for a consultation if you have a client with a PACE loan who is facing foreclosure or struggling to repay the loan.

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