Mayor puts up fight for clean energy programs 

Mayor Gavin Newsom on Tuesday introduced a resolution urging San Francisco's congressional representatives to work with the Federal Housing Finance Agency to allow for the continuation of clean energy programs, including San Francisco's Green Finance loan program.

Green Finance SF, a low-cost loan program that allows residents and business owners to "green" their properties, was suspended several weeks ago. The suspension came after Freddie Mac and Fannie Mae, the main buyers of residential loans, questioned these green financing programs nationwide in May. Freddie and Fannie said the energy loans were not assessments but in effect second loans that should be subordinate to the principal mortgages.

Freddie and Fannie said they would reject mortgages on homes whose owners participate in these kind of programs, known as Property Assessment Clean Energy.

The mayor's resolution is the latest effort to get the suspension reversed. Last week, Sen. Barbara Boxer introduced legislation that would protect PACE programs. A week before, California Attorney General Jerry Brown filed a lawsuit against the mortgage giants.

About The Author

Erin Sherbert

Pin It
Favorite

Speaking of...

More by Erin Sherbert

Latest in Government & Politics

© 2018 The San Francisco Examiner

Website powered by Foundation