A: Florida PACE is funded through private investments, not taxpayer money. These funds finance home improvement projects, which property owners repay over time through their property tax bill at a fixed rate.

A: Applying for Florida PACE is very simple, but it does have some eligibility requirements to secure the voluntary financing. While no money down or credit checks are required, here are the things needed to qualify:

• All property taxes are paid and have not been delinquent for three years
• Current on all mortgage debt on the property
• No notices of default in the preceding three years
• No involuntary liens

A: The Florida PACE Funding Agency has several consumer protections in place to protect Florida property owners:

Cannot finance longer that the useful life of a product. For example, a roof might be financed for 30 years, but an air conditioner for only 10 years. Three (3) day right to cancel finance agreement before work commences without penalty.

“Welcome Call” – this is a recorded telephone call with the property owner (in their choice of language), ensuring they fully understand the financing terms.
“Closing Call” – this is a recorded telephone call (in their choice of language) to confirm the work was completed per the home improvement contract.

Property Owner signs a Certificate of Completion authorizing the contractor to be funded after the work has been performed. PACE providers are not permitted to offer cash kickbacks to contractors for using PACE financing.

A: Lender consent is not necessary under Florida statute unless the amount financed will “exceed 20 percent of the just value of the property”

For example, if your air conditioner breaks on a Saturday morning, you do not have to wait until Monday to call your bank and get your mortgage company to consent to your PACE financing. While many commercial projects work cooperatively with lenders and get lender consent, it is not required by Florida Statute.

A: Applying for PACE is very simple, but it does have some eligibility requirements to secure voluntary financing:

• No money down required
• No credit checks required
• All property taxes are paid and have not been delinquent for 3 years
• No involuntary liens
• No notices of default in the preceding 3 years
• Current on all mortgage debt on the property