Miami-Dade County - Florida PACE Finance Programs

Summary

Note:  In 2010, the Federal Housing Finance Agency (FHFA), which has authority over mortgage underwriters Fannie Mae and Freddie Mac, directed these enterprises against purchasing mortgages of homes with a PACE lien due to its senior status above a mortgage. Most residential PACE activity subsided following this directive; however, some residential PACE programs are now operating with loan loss reserve funds, appropriate disclosures, or other protections meant to address FHFA's concerns. Commercial PACE programs were not directly affected by FHFA’s actions, as Fannie Mae and Freddie Mac do not underwrite commercial mortgages. Visit PACENation for more information about PACE financing and a comprehensive list of all PACE programs across the country.

In November 2010, the Miami-Dade County Board of County Commissioners adopted Ordinance No. 10-78, creating the Voluntary Energy Efficiency and Renewable Energy Program, which could be adopted by municipalities within the County. In July 2016, the Board approved Resolution R-734-16, which extended PACE to the unincorporated areas of the County.

The 2016 Resolution also approved agreements between the County and Green Corridor Property Assessment Clean Energy District (Green Corridor) and its administrator, Ygrene Energy Fund Florida. Per the terms of the agreement, Ygrene will administer the County's PACE program on its behalf and with participation from the County. However, in 2023, the agreement between the County and Green Corridor Property Assessment Clean Energy District and its administrator, Ygrene Energy Fund Florida, was terminated.

Summary:

Miami-Dade County homeowners, businesses and industries in unincorporated Miami-Dade County interested in solar panels, hurricane windows and other energy saving upgrades now have another financing option through the Property Assessed Clean Energy (PACE) program.

PACE allows property owners to receive upfront financing for a variety of energy-related home improvements, then repay the debt through voluntary assessments on their property tax bills.

Although the County has to authorize PACE programs to operate in unincorporated Miami-Dade County, the County does not administer or operate the programs in any way. All contractual PACE agreements are between property owners and the PACE district, a non-County entity.

To foster competition and protect consumers, Miami-Dade County has included compliance requirements in its agreements with each PACE provider such as provisions for clear communication with customers, disclosure of all fees and risks associated with participating in the program, prepayment penalties and hardship exceptions, and mandatory data reporting.

For a list of current PACE providers please visit the cited website.