Sec. 248.

155 words·~1 min read·/bill/118/s/2437/rs/section-248

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Section 184A(c) of the Housing and Community Development Act of 1992 (12 U.S.C. 1715z–13b(c)) is amended by adding at the end the following new paragraph: Notwithstanding any other provision of law, no property with a loan guaranteed under this section shall be subject to a new residential Property Assessed Clean Energy (PACE or R-PACE) loan or equivalent financing without the PACE loan or equivalent financing provider obtaining prior written consent from the Secretary, subject to such terms and conditions as the Secretary may prescribe.

Any new residential PACE or R-PACE loan or equivalent financing that is entered into by a PACE Provider absent such consent shall be deemed void ab initio and the PACE Provider shall bear all costs associated with the transactions with no recourse against the borrower resulting from the PACE transaction, including all costs incurred by any holder of a guaranteed loan or the Secretary in obtaining good and marketable title. .

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12 USC 1715z–13b(c)

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Sec. 248

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