Hillsborough commission considers reviving controversial PACE loan program
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Photo illustration: Brendan Lynch/Axios. Photo: Mike Ehrmann/Getty Images)
Hillsborough's GOP-led commission will discuss whether to revive a home-energy loan program which has been accused of "predatory behavior."
Why it matters: Hundreds of homeowners have complained about the program, arguing that it takes advantage of those with low incomes and can cause them to lose their homes.
Between the lines: The Property Assessed Clean Energy (PACE) program offers financing options for "energy-efficient" home improvements, with costs added as a lien on the consumer's property tax bill.
- Gov. Ron DeSantis signed a bill into law last month that aims to improve oversight of the program. Consumer lawyers, however, have said that it "failed to provide meaningful guardrails."
Catch up quick: In 2020, the Hillsborough Commission banned PACE from operating in the county. New commissioners on both sides of the aisle have since asked the commission to reconsider that decision.
- Commissioner Joshua Wostal (R) is the latest to do so. Commissioner Pat Kemp (D), who voted to repeal PACE in 2020, filed a motion last week that urged her colleagues not to reverse the ban.
- Hillsborough County Tax Collector Nancy Millan and Pasco County Tax Collector Mike Fasano are scheduled to speak about the program at Wednesday's meeting.
The big picture: In Hillsborough, about 50 people are at risk of losing their homes because of the PACE program, records show. The figure is close to 300 in Pasco County, where the program continues to operate.
- A man in Pasco County saw his property tax bill rise from $500 a year to $2,500 after he accepted a PACE loan. He lost his home in 2020 as a result of unpaid back taxes, WFLA reported.
What they're saying: "I'm terribly worried the commission will rush into PACE without understanding it," Kemp tells Axios. "And if they do, residents will pay the price."
- Millan tells Axios that the program could be successful with proper oversight. She adds that, should the commission allow it to operate again, protections must be put in place for consumers.
- "We don't want to see people lose their homes," Millan says.
What's next: The commission will take up the issue on Wednesday at 9am.