- June 22, 2021
- Posted by: Stratford Team
- Category: Business
John Oliver turned his attention this week to a public lending program called Pace, whose state-supported clean energy loans have stranded many vulnerable homeowners in overwhelming debt or at risk of losing their homes. The program, which stands for Property Assessed Clean Energy, “is a cautionary tale about how good intentions when not paired with careful, smart design, can end in disaster,” the Last Week Tonight host explained.
Through Pace, local governments borrow money at low rates made available to low-income borrowers for energy-saving home improvements, which are then paid back through increases to property taxes.
Oliver dug into several issues with the program, widely used in California, Missouri and Florida with expansions in the works for Ohio and New York, which has left borrowers vulnerable to manipulation and foreclosure on their homes.
The average Pace loan is about $25,000, with repayment periods last between five and 25 years. “But…
