Individuals and real estate companies involved in flipping properties in Miami-Dade County are currently all ears on what the next step would be for the area's planned taxing district designed to finance energy efficiency-related improvements for homes and commercial structures. The plan is the same as the ones already in place in Boulder, Colorado and Berkeley, California.
Investors who buy and sell Dade foreclosed homes are currently waiting on what the outcome of the county commission's discussion would be. Currently, the debate is centered on the issue of who will be paid first in case of foreclosures. In late July, the commission has grated a hearing for an ordinance that takes the area one step further towards having a Voluntary Energy Efficiency and Renewable Energy Program in place.
This hearing came after a report was presented to the commissioners regarding how the Property Assess Clean Energy (PACE) works. The county has since examined how the program will affect properties under Florida foreclosure listings and how it works in other areas, like New Mexico, Colorado and California.
The interest of those who are flipping properties in Miami-Dade was aroused by the ordinance proposed by Commissioner Katy Sorenson which would allow owners of commercial and residential properties in the area to make energy-efficient improvements in their properties with the help of a loan that would be repaid by an assessment attached to the owners' property taxes.
The program is expected to affect, not just property owners, but also those who are into buying properties for sale in the area. The ordinance also specified that the amount to be spent on the improvements should not be more than 10% of the property's just value as assessed by the property appraiser of the county.
However, the main point of contention with regards to the PACE financing program is the provision stating that, should a property get foreclosed, the energy efficiency-related debt would be paid first before the mortgage attached to the property. The provision has raised protests from officials of the Federal Housing Finance Authority.
The debate surrounding who will be paid first, the housing agency or PACE, is still ongoing in the area. While the issue remains unresolved, investors who are flipping properties in Miami-Dade would have to wait and see how the program can potentially impact their businesses.
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