S. 3642: PACE Assessment Protection Act of 2010
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S. 3642: PACE Assessment Protection Act of 2010
111th Congress · introduced 2010-07-22 · Housing and Community Development · Latest: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
federal
Follow this bill, step by step
- Where it came from: introduced 2010-07-22 · official record
- Who proposed it: Sen. Boxer, Barbara [D-CA] · what a sponsor is
- What happened next: no floor votes in our records yet. Why?
- Where it stands now: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. Not final yet: this can still change. We check for updates every day.
- If it becomes law and spends money: follow the money to money laws, then agencies and contracts and grants.
Official title
PACE Assessment Protection Act of 2010
Plain summary
PACE Assessment Protection Act of 2010 - Directs the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) to adopt underwriting standards that are consistent with the Guidelines for Pilot PACE Financing Programs issued on May 7, 2010, by the Department of Energy (DOE). Provides that liens or other property obligations that secure property taxes or assessments under a PACE program and that are consistent with such standards shall be considered to comply with the Uniform Instruments of Fannie Mae and Freddie Mac and shall not constitute a default on an existing mortgage or trigger the exercise of lender's remedies for a property with such a lien. Defines a "PACE program" as a property assessed clean energy program under which a state or political subdivision levies taxes or assessments on real property to finance the installation of renewable energy and energy efficiency improvements. Prohibits Fannie Mae and Freddie Mac from requiring repayment of a PACE program tax or assessment in order for a property owner to finance, refinance, or transfer property that meets their underwriting criteria without consideration of the PACE program lien. Requires the underwriting standards to provide that, in the event that a tax or assessment under a PACE program is delinquent, only the unpaid delinquent amount along with applicable penalties, interest, and costs will be subject to foreclosure and not the entire amount. Prohibits the Federal Housing Finance Agency, Fannie Mae, Freddie Mac, and all federal agencies and entities chartered under federal law from discriminating against communities implementing or participating in a PACE program.
Congressional Research Service summary (Introduced in Senate), quoted unchanged (nonpartisan). Read the source.
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What does this mean? (plain words)
Official text
PACE Assessment Protection Act of 2010
Source: Congressional Research Service summary (Introduced in Senate)
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How did my representative vote? · This bill's floor votes
Officials and money
Sponsor: Sen. Boxer, Barbara [D-CA] · 6 cosponsors
Cost estimate: No cost estimate published yet.
Cosponsors on this site
Jeff Merkley (D-OR), Kirsten E. Gillibrand (D-NY), Michael F. Bennet (D-CO), Jeanne Shaheen (D-NH)
No linked floor roll calls in our collected records yet. This does not mean the bill has never had a vote. Check the official bill history.
Words on this page, explained (2)
- Obligation
- A binding promise by a government agency to pay money, for example by signing a contract or awarding a grant. Spending data such as USAspending.gov counts money when it is obligated, which can be before it is actually paid out.
- Property tax
- A tax on land, buildings and some business property, based on its value. In Texas it is set and collected by local governments (cities, counties, school districts and special districts), not by the state.
Plain meanings written from linked sources. All words.
Sources
- Congressional Research Service summary (Introduced in Senate)
- Congress.gov
- Data: GovInfo BILLSTATUS bulk data (Library of Congress), BILLSTATUS-111s3642.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/111/s>
Record fed-us-cong111-s3642 · catalog fed-us-congress-bills-cong111 · updated 2026-11-15 by psicol fed-bills-cong111