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Florida PACE funding agency reports $15.35 million in assessments to Pasco County; state law changes noted
Summary
A representative for the Florida PACE funding agency presented the triennial report to the Pasco County BOCC, stating $15,347,146 in assessments had originated in the county and noting state legislation that added consumer protections and expanded eligible projects to include septic-to-sewer and flood mitigation.
Rachel Hobbs, representing Home Run Financing and speaking on behalf of the Florida PACE funding agency, presented the agency's three-year required report to the Pasco County Board of County Commissioners on May 20.
Hobbs told the board that, through February of the reporting year, the Florida PACE funding agency had originated $15,347,146 in assessments in the unincorporated parts of Pasco County, with an average assessment of $20,545.
"The total of the assessments that have been originated until February this year is dollars $15,347,146 with the average amount of the assessment being $20,545," Hobbs said. She noted that the report applies only to the Florida PACE funding agency's activity in the unincorporated county and not to other PACE districts operating in Pasco.
Hobbs also summarized state-level changes to PACE law that took effect July 1 of the prior year: new consumer protections including confirmed terms and an ability-to-pay test, a reduction of maximum terms from 30 years to 20 years, and designation of the Florida Auditor General as the state regulator for PACE. She said the law also expanded eligible projects to include septic-to-sewer conversions and flood mitigation.
Hobbs identified the county's interlocal agreement with the Florida PACE funding agency (dated May 2019) as the basis for the reporting obligation and provided copies of the two-page report to staff.
Action at the meeting: A commissioner moved to accept the report; the motion was seconded and the board approved the report on the record.
Why this matters: PACE financing can provide homeowners an option to fund property-level resilience, energy and water improvements. The state changes Hobbs described reduce maximum loan terms, require affordability checks and expand eligible projects — changes that could affect the size, duration and compliance process for future PACE assessments in Pasco County.
