ProPublica
Lawmakers approved consumer protections and oversight to PACE loans that have disproportionately burdened borrowers in Black neighborhoods.
A legislative measure that would add consumer protections and oversight to programs that make high-interest “clean energy” loans in Missouri will go to the governor for his signature, after the state House on Wednesday voted overwhelmingly to pass it. A
ProPublica investigation found the programs disproportionately burden borrowers in predominantly Black neighborhoods.
The House voted 137-12 on the proposal, with two members voting “present.” The
The measure would require that residential Property Assessed Clean Energy programs be reviewed by the state Division of Finance at least every other year. Currently, PACE programs have to submit annual reports to the state, but ProPublica’s investigation found there was little oversight.
This story was originally published by ProPublica.
A legislative measure that would add consumer protections and oversight to programs that make high-interest “clean energy” loans in Missouri will go to the governor for his signature, after the state House on Wednesday voted overwhelmingly to pass it. A
ProPublica investigation found the programs disproportionately burden borrowers in predominantly Black neighborhoods.
The House voted 137-12 on the proposal, with two members voting “present.” The
The measure would require that residential Property Assessed Clean Energy programs be reviewed by the state Division of Finance at least every other year. Currently, PACE programs have to submit annual reports to the state, but ProPublica’s investigation found there was little oversight.
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The measure would require that residential Property Assessed Clean Energy programs be reviewed by the state Division of Finance at least every other year. Currently, PACE programs have to submit annual reports to the state, but ProPublica’s investigation found there was little oversight.
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Diana Thomas needed a new furnace and four small basement windows for her two-story home on the east side of Kansas City. But she had little cash and bad credit.
In late 2016, a contractor told her about a loan program that required no money down and would let her pay off the balance over time as part of her annual property tax bill. Her first payment wouldn’t be due until the end of the following year.