Here's a prime example of what can be so infuriating about the federal bureaucracy.
Hundreds of California property owners have taken advantage of special loans to make their homes and businesses greener. Thousands more are to become eligible this year.
But the program — which lets owners repay the loans later as part of property tax bills – is now in limbo.
Last month, Fannie Mae and Freddie Mac issued warning letters to lenders that such energy loans could put homeowners in default of their mortgages. Those would be the same out-of-control mortgage giants that needed a gargantuan taxpayer bailout of $145 billion and counting to survive the housing meltdown. And their stance comes despite the White House strongly encouraging such programs, through policy and hundreds of millions in stimulus funding.
California, with the passage of Assembly Bill 811 in 2008, is the unquestioned national leader in the Property Assessed Clean Energy program, so has the most to lose. Homeowners get help with the upfront costs of solar panels and energy efficiency projects, thereby growing California's clean tech economy.
Half the counties in the state have such a program or are starting one, including Sacramento. Since launching its version in late March, Placer County has been processing $2 million in loans a month.
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