HomeMy WebLinkAboutExhibit "A" - SubADDENDUM NOTICE OF RIGHTS AND
RESPONSIBILITIES FOR PROPERTY OWNERS IN THE
CLEAN ENERGY CORRIDOR PACE DISTRICT
• The Green Corridor District (the "District") does not guarantee that the Property
Assessed Clean Energy (PACE) Program (the "Program") is your best
financing option. The City of Miami is not responsible for any legal issues that
may arise as a result of this financing option.
• The special assessment will appear on your tax bill and is meant to remain with
the property until it is fully paid, even if the property is sold.
• In accordance with Florida law, the lien securing the obligation to pay the
special assessments will be senior to all private liens, including existing
mortgage(s). Many mortgage and loan documents limit the ability of a Property
Owner to place senior liens on property without consent of the lender, or
authorize the lender to obligate borrowers to prepay the senior obligation.
Property owners are required to notify their lenders prior to submitting a
Program funding request and to provide the District with a copy of the
notification letter and proof of mailing.
• The Federal Housing Finance Agency (FHFA) has issued policy guidelines that
question the validity of PACE assessments; however, Florida law only requires
the Property Owner to NOTIFY their mortgage holder of their intent to
participate in the PACE program. The FHFA appears to have instructed
Government -Sponsored Enterprises (GSEs such as; Fannie Mae and Freddie
Mac) not to purchase home loans when there is a senior lien such as a PACE
special assessment. Therefore, in order to refinance your home loan, or for
a prospective purchaser of your property to obtain a loan secured by the
property, the special assessment may need to be paid off.
I CERTIFY THAT I HAVE READ AND UNDERSTAND THE ABOVE DISCLOSURE
ADDRESS:
PROPERTY OWNER NO.1
PROPERTY OWNER NO. 2
SIGNATURE:
SIGNATURE:
NAME:
NAME:
DATE:
DATE: