HR 2599 · 112th Congress 2011–2013, ended

PACE Assessment Protection Act of 2011

Introduced Jul 20, 2011 Originated House Sponsor Nan A. S. Hayworth R-NY

Fact sheet

Latest action · Aug 22, 2011 Referred to the Subcommittee on Insurance, Housing and Community Opportunity.

Progress

Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.

  1. IntroducedJul 20, 2011
  2. Passed HouseNot reached
  3. Passed SenateNot reached
  4. To the PresidentNot reached
  5. Became lawNot reached

Summary

PACE Assessment Protection Act of 2011 - Requires the Director of the Federal Housing Agency (FHA) to direct the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) to issue guidance providing that the levy of a PACE (property assessed clean energy) assessment and the creation of a PACE lien do not constitute a default on any loan secured by one of its uniform instruments, and do not trigger the exercise of remedies with respect to any provision of the instrument, if the PACE assessment and the PACE lien meet specified requirements.

Lists as PACE improvements any qualified clean energy improvements, energy conservation and efficiency improvements, and water conservation and efficiency improvements.

Prohibits the FHA Director, the Comptroller of the Currency, Fannie Mae, Freddie Mac, the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration (NCUA), the Board of Governors of the Federal Reserve System, and all federal agencies and entities chartered or otherwise established under federal law from discriminating in any manner against state or local governments implementing or participating in a PACE program, or against any property that is obligated to pay a PACE assessment or is subject to a PACE lien.

Specifies requirements a PACE program, and any related PACE assessment and PACE lien, must meet to be entitled to the protections of this Act.

Details obligations of property owners with respect to PACE assessments, and requires the local government to disclose to the participating property owner the costs and risk associated with participating in the PACE program.

Prescribes requirements for: (1) non-residential properties; and (2) qualifying PACE improvements, qualifying contractors, and financing terms for residential properties.

Limits the total amount of PACE assessments for a property to 10% of its estimated value. Requires the property owner to have equity in the property of at least 15%.

Cosponsors 54

Members who signed on, in the order they did. Signatures ran from Jul 20, 2011 to Jun 7, 2012, with 14 there on the day it was introduced.

SeatCosponsorSigned on
R-TXBill FloresOriginalJul 20, 2011
R-CADaniel E. LungrenOriginalJul 20, 2011
R-ILDonald A. ManzulloOriginalJul 20, 2011
D-CADoris O. MatsuiOriginalJul 20, 2011
D-COEd PerlmutterOriginalJul 20, 2011
R-WIF. James Sensenbrenner, Jr.OriginalJul 20, 2011
D-COJared PolisOriginalJul 20, 2011
D-CALois CappsOriginalJul 20, 2011
D-CALynn C. WoolseyOriginalJul 20, 2011
D-CAMike ThompsonOriginalJul 20, 2011
R-TXPete SessionsOriginalJul 20, 2011
R-NYRichard L. HannaOriginalJul 20, 2011
R-ILRobert J. DoldOriginalJul 20, 2011
R-OKTom ColeOriginalJul 20, 2011
R-FLIleana Ros-LehtinenJul 28, 2011
Show all 54 cosponsors

Actions 4

Everything that happened, newest first.

  1. Aug 22, 2011Referred to the Subcommittee on Capital Markets and Government Sponsored Enterprises.
  2. Aug 22, 2011Referred to the Subcommittee on Insurance, Housing and Community Opportunity.
  3. Jul 20, 2011Introduced in House
  4. Jul 20, 2011Referred to the House Committee on Financial Services.

Subjects

Assigned by the Library of Congress. Policy area: Housing and Community Development.

Text 1

Each version as it was printed, newest first.

  1. Jul 20, 2011Introduced in House

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Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.