Rep. Nan Hayworth (R-Bedford) promoted the PACE Protection Act in Bedford Hills, which she said will save money, create jobs and reduce greenhouse gas emissions.
Bill Friedman is spending about $20,000 to make his 1920s home on Babbit Road more energy efficient, with a 15-year loan obtained through NYSERDA’s consumer finance program in conjunction with Energize Bedford, the town’s pilot energy retrofit program.
He’s thrilled with the improvements—and the prospect of lowered heating bills this winter—but said he would have jumped at the chance to pay for the project through a property tax assessment on his home.
“If I decide to move in five or ten years, I’ll carry the loan with me,” said the 50-year-old John Jay High School teacher. “With PACE, the next homeowner would assume the debt—along with the benefits of the improved house.”
If Rep. Nan Hayworth is successful with the bill she introduced in July, more homeowners will have the option of paying for energy retrofits this way.
At a press conference held Tuesday at Friedman’s home in Bedford Hills, Hayworth touted the benefits of the Property Assessed Clean Energy program, or PACE, which proponents say will help broaden the appeal to homebuyers concerned about getting the value out of the work involved with energy efficiency improvements.
Bedford Supervisor Lee Roberts and Tom Bregman, Bedford's energy director, also attended and thanked Hayworth for introducing the legislation, which could encourage more residents to go through the assessment and upgrade process.
PACE has been adopted in New York and 26 other states across the country but hit a snag last year when federal housing regulators advised mortgage giants Freddie Mac and Fannie Mae to prohibit loans with PACE assessments.
Critics say taxpayers could stand to lose if a homeowner defaults on a mortgage with PACE—typically, property taxes have to be paid first from any proceeds on a foreclosed home.
But Hayworth said the bill, which has 39 sponsors and bi-partisan support, puts conditions in place to lower the investment risk in case of foreclosure.
David Gabrielson, Bedford town councilman and executive director of PACENow, a nonprofit advocacy group for the program, explained that PACE allows a municipality to sell a bond to raise money from the private sector that is repaid directly to the lender by the homeowner.
“The town participates, it extends the financing and it collects the assessment—but there’s no tax on anyone who does not participate in the voluntary program,” he said. “We see PACE as fantastic model for creating jobs and helping make America more energy independent.”
Energy-related jobs have been added to at least one local company, said Kevin Brenner, of Brenner Builders and Healthy Home Energy & Consulting in Bedford Hills.
“It’s a win-win-win,” he said. “We’ve been able to hire two more people this year, and I only see that growing.”
He’s thrilled with the improvements—and the prospect of lowered heating bills this winter—but said he would have jumped at the chance to pay for the project through a property tax assessment on his home.
“If I decide to move in five or ten years, I’ll carry the loan with me,” said the 50-year-old John Jay High School teacher. “With PACE, the next homeowner would assume the debt—along with the benefits of the improved house.”
If Rep. Nan Hayworth is successful with the bill she introduced in July, more homeowners will have the option of paying for energy retrofits this way.
At a press conference held Tuesday at Friedman’s home in Bedford Hills, Hayworth touted the benefits of the Property Assessed Clean Energy program, or PACE, which proponents say will help broaden the appeal to homebuyers concerned about getting the value out of the work involved with energy efficiency improvements.
Bedford Supervisor Lee Roberts and Tom Bregman, Bedford's energy director, also attended and thanked Hayworth for introducing the legislation, which could encourage more residents to go through the assessment and upgrade process.
PACE has been adopted in New York and 26 other states across the country but hit a snag last year when federal housing regulators advised mortgage giants Freddie Mac and Fannie Mae to prohibit loans with PACE assessments.
Critics say taxpayers could stand to lose if a homeowner defaults on a mortgage with PACE—typically, property taxes have to be paid first from any proceeds on a foreclosed home.
But Hayworth said the bill, which has 39 sponsors and bi-partisan support, puts conditions in place to lower the investment risk in case of foreclosure.
David Gabrielson, Bedford town councilman and executive director of PACENow, a nonprofit advocacy group for the program, explained that PACE allows a municipality to sell a bond to raise money from the private sector that is repaid directly to the lender by the homeowner.
“The town participates, it extends the financing and it collects the assessment—but there’s no tax on anyone who does not participate in the voluntary program,” he said. “We see PACE as fantastic model for creating jobs and helping make America more energy independent.”
Energy-related jobs have been added to at least one local company, said Kevin Brenner, of Brenner Builders and Healthy Home Energy & Consulting in Bedford Hills.
“It’s a win-win-win,” he said. “We’ve been able to hire two more people this year, and I only see that growing.”
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