The HERO (Home Energy Renovation Opportunity) program, which appears to be thriving in some Southern California Counties.
The Home Energy Renovation Opportunity (HERO) Program, which was launched in December 2011, is a Property Assessed Clean Energy (PACE) financing program. PACE programs allow homeowners to finance energy improvements, and to repay the financing through special assessments on their property taxes.
In most cases the property tax assessment will stay with the property if it is sold or refinanced. Under the HERO Program, when the property is sold or refinanced, the remaining assessment lien payments may stay with the property. However, the lender may require the sellers to pay off the remaining balance when the property is refinanced or sold. The new buyer’s lender may impose restrictions when financing the home purchase.
Popular Home Energy Upgrade Projects:
Notice should be given to any purchaser of the property that the property is subject to a program assessment lien, and to provide any purchaser a copy of the recorded contract.
Look for it in your Property Profile and your Preliminary Report from Landwood Title Company.
For a list of frequently asked questions and participating areas, please visit the HERO program website at www.heroprogram.com.
The information set forth herein is intended as an overview and should not be construed as legal, financial, or tax advice.