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Need to Know Steve Sharpe National Consumer Law Center September - PowerPoint PPT Presentation

Jan 04, 2023 •229 likes •314 views

Residential PACE Programs in Ohio What You Need to Know Steve Sharpe National Consumer Law Center September 19, 2019 Ohio Land Bank Conference PACE Mortgage loans offered through home improvement contractors Failure to pay on

  1. Residential PACE Programs in Ohio – What You Need to Know Steve Sharpe National Consumer Law Center September 19, 2019 Ohio Land Bank Conference

  2. PACE • Mortgage loans offered through home improvement contractors • Failure to pay on taxes or increased mortgage payments puts home at risk of foreclosure • Stories in NCLC Material 2

  3. Problems We’ve Seen • Contractor misrepresentation • Poor and unnecessary work • High cost, high balance loans • Homeowners without the ability to repay 3

  4. Ohio’s Proposed Consumer Protection • To make the program safe, we need: – Third party verification/documentation of consumer’s income and debt – Reasonable debt to income ratio/ability to repay standards – A right to rescind/cooling off period 4

  5. Ohio’s Proposed Consumer Protection • To make the program safe, we need: – Specified contractor requirements and ways to monitor compliance – Clear and explicit consumer remedies 5

  6. NCLC PACE Material • Residential Property Assessed Clean Energy (PACE) Loans: The Perils of Easy Money for Clean Energy Improvements – https://www.nclc.org/images/pdf/energy_utility _telecom/pace/ib-pace-stories.pdf • Comments – ANPR to the CFPB PACE – https://www.nclc.org/images/pdf/energy_utility _telecom/pace/nclc-nhlp-pace-comments- %20may2019.pdf 6

  7. Contact Steven Sharpe, Of Counsel National Consumer Law Center 513-331-1074 ssharpe@nclc.org Senior Attorney Legal Aid Society of Southwest Ohio ssharpe@lascinti.org 7

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