HomeMy WebLinkAboutSubmittal-Commissioner Carollo-Addendum Notice of RightsSubmitted into the blie
record for items) 1 • q
On City Clerk
ADDENDUM 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 special assessment remains 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:
15-01OtD �JO jY ,t6 I— Commi3Siffyr Caroli[-Adden(IUM Mh(e-