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Supervisors back resolution to revive Green Finance SF residential PACE program
Summary
The Board of Supervisors budget committee advanced a resolution urging revival of Green Finance SF, a residential PACE program for 1–4 unit properties that would be privately financed and include workforce provisions; staff cited a $10 million state reserve to address FHFA concerns. The item was moved to the full Board without opposition.
Supervisor Mark Farrell urged the committee to support restarting Green Finance SF, a residential Property Assessed Clean Energy (PACE) financing program that he said would let San Franciscans finance energy-efficiency and renewable-energy upgrades through property tax assessments with no cost to the city. "This special form of financing will help to overcome market barriers," Farrell said, and stressed a workforce component to ensure local hiring.
Rich Chen, program manager for Green Finance SF at the Department of the Environment, said eligible property owners would apply and be approved based on underwriting criteria such as mortgage and tax payment history and equity. "The governor stepped up and put $10,000,000 aside to help mitigate any remaining risk to Fannie and Freddie," Chen said, describing the state reserve as a key factor in moving forward after federal housing regulators’ 2010 statements created uncertainty.
Josh Arce, president of the Commission on the Environment, and local contractor Jeanine Cotter of Luminalt told the committee they support the program and emphasized workforce training and local contractor qualification as priorities. The Budget Analyst’s Office reviewed HSA’s and the department’s estimates and recommended approval of the resolution.
The committee opened public comment; none spoke on the item. Supervisor Farrell made a motion to move the resolution forward with the committee’s recommendation; the committee advanced the item to the full Board without opposition. The full Board will consider the resolution at its next agenda unless otherwise noted.
