US Congress House Bill 2599 (Prior Session Legislation)

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August 22 2011 - Referred to the Subcommittee on Insurance, Housing and Community Opportunity.
Pending: House Subcommittee on Insurance, Housing and Community Opportunity Committee
Text: Latest bill text (Introduced) [PDF]

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%.

PACE Assessment Protection Act of 2011

Rep Hayworth, Nan A. S.	Rep Baca, Joe	Rep Bilbray, Brian P.	Rep Bono Mack, Mary
Rep Calvert, Ken	Rep Campbell, John	Rep Capps, Lois	Rep Carnahan, Russ
Rep Clay, Wm. Lacy	Rep Cole, Tom	Rep Conyers, John, Jr.	Rep Costa, Jim
Rep Davis, Susan A.	Rep DeGette, Diana	Rep Diaz-Balart, Mario	Rep Dold, Robert J.
Rep Eshoo, Anna G.	Rep Filner, Bob	Rep Fitzpatrick, Michael G.	Rep Flores, Bill
Rep Garamendi, John	Rep Hanna, Richard L.	Rep Hastings, Alcee L.	Rep Hinchey, Maurice D.
Rep Hirono, Mazie K.	Rep Honda, Michael M.	Rep King, Peter T.	Rep Kinzinger, Adam
Rep Levin, Sander M.	Rep Lofgren, Zoe	Rep Lowey, Nita M.	Rep Lujan, Ben Ray
Rep Lungren, Daniel E.	Rep Manzullo, Donald A.	Rep Matsui, Doris O.	Rep McIntyre, Mike
Rep McNerney, Jerry	Rep Miller, George	Rep Moran, James P.	Rep Perlmutter, Ed
Rep Polis, Jared	Rep Rooney, Thomas J.	Rep Ros-Lehtinen, Ileana	Rep Sarbanes, John P.
Rep Schiff, Adam B.	Rep Sensenbrenner, F. James, Jr.	Rep Sessions, Pete	Rep Smith, Lamar
Rep Southerland, Steve II	Rep Speier, Jackie	Rep Stark, Fortney Pete	Rep Thompson, Mike
Rep West, Allen B.	Rep Woolsey, Lynn C.	Rep Young, C.W. Bill

Date	Chamber	Action
2011-08-22	House	Referred to the Subcommittee on Insurance, Housing and Community Opportunity.
2011-08-22	House	Referred to the Subcommittee on Capital Markets and Government Sponsored Enterprises.
2011-07-20	House	Referred to the House Committee on Financial Services.

Type	Source
Summary	http://thomas.loc.gov/cgi-bin/bdquery/z?d112:HN02599:@@@L&summ2=m&
Text	http://gpo.gov/fdsys/pkg/BILLS-112hr2599ih/pdf/BILLS-112hr2599ih.pdf