State Capitol Report: Senate’s unanimous vote for PACE bond bill and more

In today’s State Capitol Report, Illinois REALTORS® notes that House Bill 2831 will be sent to Gov. Bruce Rauner for his consideration after the Senate unanimously approved it earlier this week.

Members can log in to the May 19 edition for a brief explanation of how the bill could help cities or counties to establish clean energy programs. Illinois REALTORS® strongly supports the bill. Read the State Capitol Report now.

The State Capitol Report also provides this week’s updates on other bills under consideration by the House and Senate, including a companion bill to HB 2831. That bill (SB 1700), was passed by the Senate but no hearing date has been set in the House.

 

 

PACE bill unanimously approved in Illinois Senate; on to Gov. Rauner

Bigstock Image

On Wednesday afternoon, the Illinois Senate unanimously approved House Bill 2831, the Property Assessed Clean Energy (PACE) bill.  The bill will now be sent to the Gov. Bruce Rauner for his consideration/signature.

The legislation creates the Property Assessed Clean Energy (PACE) Act to provide for this innovative financing mechanism for specified energy efficiency improvements on commercial and industrial properties. A city or county may establish a clean energy program and create a PACE area by entering into a voluntary assessment contract with the property owner to finance or refinance energy projects.

The repayment of the costs of the energy project are through assessments on the property. Key safeguards include:

  • recording of the voluntary contract,
  • requirement that there be written consent of the existing mortgage holder,
  • contractors agree to adhere to terms and conditions established by the unit of local government,
  • property has no delinquencies,
  • owner is current on all mortgage debt, and
  • amount of the assessment in relation to the greater of the assessed value of the property or the appraised value cannot exceed 25 percent.

Illinois REALTORS® Invite Veterans for a Session on Homeownership

Persin

Carpenter

In partnership with the City of Aurora Veterans Advisory Council, the Illinois REALTORS® are hosting a Homeownership 101 session in an effort to equip and educate our American Heroes on the basics of homeownership.

Illinois REALTORS® President Doug Carpenter, who is also a U.S. Air Force Veteran, will be kicking off the afternoon on May 22 at the Prisco Center in Aurora Illinois. He will be followed by a series of presenters that will cover credit and credit scoring and preparing for the loan application.

Also participating in the afternoon event is Jack Persin, chair of the Illinois REALTORS® Veterans Task Force and Veteran of the U.S. Navy. He will walk through the basics of a home search and writing an offer. Download a flyer for the event.

Full information of this session and the rest of the weeks events can be found at http://vetsweekaurora.org.