(a) The authority shall develop and administer a PACE Reserve program to reduce overall costs to the property owners of PACE bonds issued by an applicant by providing a reserve of no more than 10 percent of the initial principal amount of the PACE bond.
(b) The authority shall develop and administer a PACE risk mitigation program for PACE financing to increase its acceptance in the marketplace and protect against the risk of default and foreclosure.
(Amended by Stats. 2014, Ch. 614, Sec. 4. (AB 2597) Effective January 1, 2015.)
Last modified: October 25, 2018