Home improvement program with few protections Is exploding

Source: Alex Harris, Miami Herald

A decade ago, if a Floridian wanted extra cash to replace a roof, install solar panels or a brand new air conditioner, the most common choice was a bank loan. But for the last few years, homeowners have had a controversial new option.

Called the Property Assessed Clean Energy program or PACE, it allows homeowners to borrow tens of thousands of dollars for energy-efficient or hurricane-resistant improvements to their home with no money down and no credit check required. Instead, a new type of private lending industry collects payments through property tax bills.

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