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Strengthen Federalism: Enact Legislation Supporting Residential Property Assessed Clean Energy Financing

Devashree Saha

Congress should enact legislation that supports residential property assessed clean energy (PACE) programs in the nation’s states and metropolitan areas. Such legislation should require the Federal Housing Finance Agency (FHFA) to allow Fannie Mae and Freddie Mac to purchase residential mortgages with PACE assessments while at the same time providing responsible underwriting standards and a set of benchmarks for residential PACE assessments in order to minimize financial risks to mortgage holders.

Along these lines, congressional support of residential PACE programs would:

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