SUBJECT
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Authorize the Chair to execute a letter in support of SB 770 (2024).
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DESCRIPTION
In 2010, the Florida Legislature provided specific authority for local governments to create qualifying improvement programs, commonly referred to as Property Assessed Clean Energy (PACE) programs. Unlike a traditional bank loan, which is based on credit and financial records, PACE agreements are based on home equity and allow PACE providers to place a lien on the property and collect annual payments through the property tax bill. The bump to the tax bill can be steep, and unlike a loan from a bank, failing to pay a tax bill can lead to a tax deed sale.
In addition, one provider, the Florida PACE Financing Agency (FPFA), has abused the legislative intent of s. 163.08, for PACE programs to operate within the jurisdiction of a local government without the approval of the local board. This unprecedented action subjects unsuspecting homeowners to predatory PACE lenders with the potential to lose their homes through the tax deed process.
SB 770 will expand consumer protections for Florida homeowners. In addition, it preserves home-rule for counties by prohibiting a PACE program from operating in counties without an interlocal agreement.
RECOMMENDATION
Authorize the Chair to execute a letter in support of SB 770 (2024).
FISCAL IMPACT
No fiscal impact.
CONTACT INFORMATION
Randy Mink, County Attorney
863-534-7679