WEST PALM BEACH, Fla. — A state-approved home improvement financing program is drawing both interest and concern from Florida homeowners and officials.
As more homeowners look for options to counter high insurance premiums and make their homes stronger against storms, they are looking at Florida's PACE program.
WATCH BELOW: PACE home improvement loans raise concerns among tax collectors
PACE, which stands for Property Assessed Clean Energy, is described as a public entity that provides homeowners with financing options for energy-efficient and hurricane-resistant home improvements.
Pace in Florida is administered through four providers who offer the loans to homeowners, which are tied to property taxes.
"I think consumers need to be very cautious," St. Lucie County tax collector Chris Craft said. "If you're in a financial hardship and you need to make these improvements on your home, be prepared, your property tax bill will go up."
Craft also points out that homeowners who then fall behind on their taxes could possibly be in a position to lose their homes.
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Florida PACE Funding Agency told WPTV Scripps partner in Tampa that 86% of respondents rated their PACE experience favorably, scoring a 4 or 5.
Recent legislative changes have also been aimed at improving the program for homeowners.
"These changes will bring much-needed modernization and ensure that this vital financing option remains available to homeowners right in time to help Floridians protect their homes against the upcoming hurricane season," said Mark Floyd, CEO of Renew Financial, another PACE provider, at the time the changes were approved.
The changes reinforced local governments' control of PACE, and also cleared up language on homeowner repayments, and opened up the program for septic to sewer conversions.
"Make sure you get full disclosure of the documents," Craft said.
Matt Sczesny is determined every day to help you find solutions in Florida's coverage collapse. If you have a question or comment on homeowners insurance, you can reach out to him any time.
