PACE Program Manual Quiz

PACE Program Manual Quiz

The term of the PACE loan may be extended for as long as the useful life of the improvement, typically 20-25 years(Required)
Any Michigan local unit of government may opt into the Lean & Green Michigan PACE program(Required)
Which of the following is NOT an example of an eligible property?(Required)
The existing holder of a morgage or other real property lien must give written consent to a PACE loan(Required)
Local goverments that join the Lean & Green Michigan PACE district formally approve a PACE program report for their community(Required)
The Authorized Official of the member jurisdiction in which a property is located decides whether to approve PACE financing and may enter into a PACE special assessment agreement at their sole discretion(Required)
For a property to be eligible for a PACE loan, the following must be determined:(Required)
If a property with a PACE assessment is sold, the responsibility for the assessment payments transfer to a new owner(Required)
Energy effciency improvments must be removed from the property upon the sale or transfer of the property to a new owner(Required)
Examples of eligible Renewable Energy Systems include:(Required)
PACE financing can be more than 50% of the as-completed property value(Required)
New construction energy projects do not need to demonstrate that the building exceeds the applicable requirements of the Michigan uniform energy code(Required)
Projects with HUD financing may br eligible for PACE financing(Required)
Upon notice from the PACE lender that the PACE financing has been paid in full, the Special Assessment agreement will be released(Required)
PACE brings private capital investment to communities(Required)
Lean & Green Michigan requires a 10% deposit and application fee for all projects(Required)
The Special Assessment Agreement is a legal document that affixes the PACE loan to the tax roll(Required)

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