Article on PACE in New York Times

Lowell forwarded this article to me from NYT this week.

Yes, we have this in Virginia.  My SB 110 bill in 2010 set up a process for localities to collect property taxes and apply them to outstanding loans for home improvements.  The loans could then be “bundled” and sold in order to raise investment capital.

The bill was strongly endorsed by the HVAC industry, which gets an immediate benefit from any improvement project (inevitably there are upgrades to HVAC facilities).

That’s jobs, my friend.

In the next few months, we’ll need to get VA localities involved to bid on this investment capital and process the home loans.

 

 

 

 

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  • http://Isophorone.blogspot.com Isophorone

    Bundling mortgage loans created a whole lot of jobs, at least temporarily. I hope these loans are based on good credit! (See also “Reckless Endangerment” by NY Times reporter Gretchen Morgenson.)

    • Big Greek

      This nothing more than a “Tax Plan”, as the first two words in the title of the article show and is Chap’s way of creating jobs.

      I asked Chap this simple question on his Facebook page…”Chap, Please name one thing that you have accomplished which has helped generate jobs and improve the local economy? The only thing I see is that you promote raising taxes and government regulations. Please clarify.”
      Chap’s response…” Because your comment is Tea Party talking points and not actual facts, there’s nothing really to clarify. If you have a specific Q, then let me know. Cheers, Chap”

      His response is pure arrogance and not leadership.

    • Chap Petersen

      Ice: That’s an excellent point, especially in light of the meltdown of mortgage securitization market a couple years ago. Obviously these loans would be secured and there would have to be sufficient equity in the house (which means a lot of current homes could not qualify). The ideal candidate would be an older house on a valuable piece of land, which could be hte security.