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PACE program offers home repair option; residents urged to research cost before applying

'I didn't know (the cost) was going to hit me as hard as it did,' resident Devii Pratt says
Posted at 5:29 PM, Mar 26, 2024
and last updated 2024-03-26 20:04:09-04

WEST PALM BEACH, Fla. — As delays mount for residents waiting for home improvement grants from the My Safe Florida Home program, another program that offers loans to homeowners is gaining some attention.

Hardening a home against storms isn't cheap, and one way to do it is with a state program that utilizes private money to give homeowners loans.

The PACE Funding Agency loan program allows individuals to perform home improvements like replacing their roofs and windows.

PACE stands for Property Assessed Clean Energy, a state program that utilizes private money.

State Rep. Mike Caruso, R-Delray Beach, brought it up as an option for residents during WPTV's recent "Coverage Collapse" special.

Boynton Beach resident Devii Pratt is among the homeowners who have used the PACE program.
Boynton Beach resident Devii Pratt is among the homeowners who have used the PACE program.

The loan for homeowners under the program requires repayment through property taxes, while doing improvements to help lower premiums.

"It was fine for me because it was something I wanted to do, a home improvement," Boynton Beach resident Devii Pratt said. "I didn't know (the cost) was going to hit me as hard as it did."

The repayment over the tax rolls has been a point of contention for several county tax collectors in Florida, including Palm Beach County which has a lawsuit against the Florida PACE Funding Agency.

The county's concerns revolve around the debt being put on the tax rolls and the termination of an agreement the county contends help protect consumers.

"The fact that FPFA terminated its agreement with the County in January 2023 is cause for consumers to use caution when entering into PACE financing agreements with FPFA," the tax collector said in an Oct 6, 2023, news release.

Mike Moran, the program's executive director, defended the criticism in October during a Zoom conference call with reporters.

Mike Moran, the executive director of the PACE, responded to questions about the program in October.
Mike Moran, the executive director of the PACE, responded to questions about the program in October.

"Personally, I feel there's some government political bureaucrats trying to take away this voluntary financing option for people to improve their property," Moran said. "That's a personal opinion of mine."

Moran also said the 9% interest for the loans is more attractive for homeowners instead of current credit card rates, and there has been an uptick in loans for new roofs.

Pratt said homeowners need to think about the loans before acting.

"I would say just do your homework," Pratt said. "Make sure you go in and you research ... make sure everything is economically feasible for you to be able to handle it."

If you have any questions or issues with homeowners insurance, email WPTV reporter Matt Sczesny at matt.sczesny@wptv.com