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Home My WebLink AboutEmail from Jonathan Kevles - Renew Financial's Q3 Quarterly Report for 2017 & CaliforniaFIRST Activity Statement Menchaca, Clarissa Subject: FW: CSAC Board Dinner and Conference, and PACE in Butte County Attachments: CaliforniaFIRST PACE - Quarterly Report Q3 2017,pdf; RenewFinancial 2017-Q3 Report - Butte.xlsx From:Jonathan Kevles [mailto:ikevles@renewfinancial.com] Sent: Sunday, November 26, 2017 11:44 PM To:dbrowni@buttecounty.net;Teeter, Doug<DTee,ter@buttecounty.net>;Taggart, Kevin<ktaggart@buttecounty,ne >; Wahl, Larry<LWahil@buttecounty,net>; Connelly, Bill <BConnel1v@buttecounty.net>; Kirk, Maureen <MKirk@buttecounty.net>; Wilson,Joanne<J BWilsonebuttecountV.net>; Macarthiy,Jennifer <JMacarthy@buttecounty.net>; Sweeney, Kathleen <KASweeneV@ buttecounty.net>; Hahn, Paul <PHahnebuttecounty.ne >; Moak, Peggy<pmoak@buttecounty.net>; Lambert,Steve<SLambert@buttecounty.net> Subject: CSAC Board Dinner and Conference, and PACE in Butte County Dear Butte County Supervisors and County Staff: Hello. My name is Jonathan KevIes. I work at Renew Financial, the PACE financing company that is the Program Administrator of the CalifomiaFIRST PACE program. .1 am pleased to provide you our Q3 Quarterly Report for 2017 (the attached Excel document). It includes a jurisdiction level summary of our CaliforniaFIRST Residential PACE program activity throughout Butte County, including our program's estimated economic and environmental impacts. I have also, attached a PDF that highlights our statewide program activity, and some important developments regarding PACE financing that focuses on two recently approved bills in Sacramento that enhance consumer protections for homeowners who choose to utilize PACE. I will be attending the CSAC Board dinner on Tuesday and we will be at booth 334 during the conference in the Exhibition Hall. I look forward to answering any questions that you or your staff may have regarding PACE and our company. Thank you for your attention, Jonathan Levies Jonathan Kevles Vice President Renew Financial) 510-350-3709 (w) 213-610-6805 (c) 'kevlesO-renewfinancial,com renewfinancial.com Follow us on Twitter I Faceboo,k I Linkedin ^M. 5% rm & a rMILUS RENEW �� FINANCIAL,., RENEW Q3 20:17 Quarterly Repiort FINANCIAL., gill CaLiforniaFIRST CahforniaFIRST Activity Surnmary CaliforniaFIRST's PACE activity continued to grow across the State. This growth is due to both increased awareness and more communities voting to make PACE available. Our program is now available in over 400 cities and counties across California, covering close to 90% of the State's population. The following is a summary of CaliforniaFIRST program activity: ill —7Time P eriod # of Funded Projects. $ Amount Financed a �ir� quar Quarter 201Z2,881 8590,0!- -- - .......... j_ 7 SinceProgram Inception 22,579622,400,00 00 jobs Created 5,159 46,279 kilowatts of Solar Lifetime Metric Tons of 8 Equivalent# of Cars Off the Road ,Avoided GHG Emissions Year 11 1 01111111 'd , a : i " dill Time Period #of Funded Projects $ Amount Financed . .... ...... All of 2017 to Date 16 62,500,000 Since Program Inception_ 56 107,000,000 Please see the Excel file that accompanied the email to which, this report was attached for a detailed summary of program activity and economic and environmental impact estimates in your community, as well as in the, other communities in your county. PACE News - Consurner Priotectlioi'l Erdihancenlents Passage of AB 1284 and SB 242 On October 3, 2017, Governor Brown signed into law two important pieces of legislation: AB 1284 and SB 242, These bills build significantly off of last year's PACE bill, AB 2693.1 AB 1284 and SB 242 establish a clear, enforceable statewide consumer protection framework that will help ensure positive outcomes for homeowners, and the continued viability and sustainability of PACE. The following page lists key provisions of each of these two new bill's. 7,AB 2693 went into effect onjonuory 7, 2017 and requires disclosures modeled after the mortgage industry's Know Before You owe form. Mis means that prior to sill a PACE assessment contract, the homeowner must be provided a disclosure that clearly enumerates key details of the financing contract such as the interest rote,APR,fees and total omountfinonced. ANNOVATIVE I NG RENEW Sola ION OM FINANCIAL TFR Rd (D Red Financial,2017 RENEW Q3 201�7 Quarterly Report FINANCIAL,. SB 242 (Ski nner-Dababineh)- Additional Consumer Protections Requires a recorded, live, confirmation of terms call between the PACE provider and property owner before he/she signs their assessment contract(reinforcing AB 2693's written disclosures). Starting January 1, 2019, PACE providers who undertake the confirmation of terms call with a property owner in Spanish, Chinese, Korean,Tagalog and Vietnamese must also provide the property owner with their contractual documents in that language. Establishes an expanded"right to cancel"for a property owner using PACE, enabiing the property owner to cancel their separate home improvement contract if they cancel their PACE financing within their three-day right to cancel - protecting them from being obligated to pay for a project without a viable means of financing in hand. Establishes a ban on compensating contractors beyond the actual price of the home improvement project, as well as prohibiting paying for contractor co-marketing and limiting contractor reimbursements for training expenses to $100. Requires contractors to quote a property owner the same price as cash for a home improvement project when the owner is using PACE financing. Prevents PACE providers from disclosing to contractors the amount of funds for which the, property owner is eligible under a PACE assessment. Establishes data reporting requirements to local government partners, including aggregated data that speaks to the projected energy and water savings and job creation impacts, as well as on categories of products installed and homeowners served. AB 1284 (Dababne�i-Skinlner-Caider,oi" : PACE Regulation and Ability to Pay in Underwriting Strengthens and standardizes the current underwriting standards in PACE based on home equity and on- time mortgage and tax payment history; and requires that statistically calibrated Automated Valuation Models are used for establishing the value of the home. Establishes new underwriting standards predicated on income verification and ability-to-pay to determine that property owners can meet their annual PACE obligation in addition to their current debt obligations and basic household expenses. Establishes a licensing and regulatory framework for the PACE industry in California, which will be subject to oversight by the California Department of Business Oversight(DB,O). Requires PACE providers to undergo background investigations and satisfy net worth requirements in order to obtain a license. Requires PACE providers to enroll and train home improvement contractors and their individual sales reps; and holds PACE providers accountable for screening and monitoring the contractors and individual sales reps enrolled in their programs. Empowers the DBO with enforcement authority to take action against PACE providers who do not meet their obligations to promote the interests of consumers,which includes prohibiting PACE providers from, working with contractors or individual sales reps who engage in activity harmful to consumers. hM ,,.OVATIVF RENEW FINANCINr SOLUTICN FROM FINANCIAL RL201602170C Renew Financial,20a 7 RENEW Q3 2017 Quarterly Report FINANOAL.., MUNNOMMMMMI1 Supporters of AB '1284 and/or SB 242, Businesses and Business Associations Local Government Organizations • Bay Area Council (1284) More than 70 local government elected officials • CalAsian Chamber of Commerce . California League of Cities • California Association of County Treasurers and - California State Association of Counties Tax Collectors (1284) Local Government Commission • California Bankers Association (1284) Los Angeles County • California Building Industry Association • Rural County Representatives of California California Business Properties Assoc. (242) • California Chamber of Commerce (11284) 0 South Bay Cities Council of Gov'ts. (242) • California Credit Union League (1284) . Southern CA Assn of Governments (242) • California Escrow Association (1284) . Western Riverside Council of Governments • California Hispanic Chamber of Commerce (242) (1284) • California Land Title Association (1284) Renewable Energy/Environmental • California Mortgage Bankers Assn (1284) Organizations • Dividend Solar • Advanced Energy Economy • Energy Efficient Equity(11284) • Brightline Defense • National Federation of Independent Business • Build It Green • Orange County Business, Council (1284) • California Energy Storage Association • Owens Corning • California Solar Energy Industries Association • PACENation (CALSEIA) • Renew Financial Center for Sustainable Energy • Renovate America • Cleantech San Diego TechNet (11284), • Climate Action Campaign • U n ite,d Trustees Association (1284) Efficiency Demand Management Council (242) • Environmental Defense Fund • League of Conservation Voters California (242) • Natural Resources Defense Council • Sierra Club California • Vote Solar Links to Articles Op-ed by Senator Nancy Skinnier, Capitol Weekly: hLt_p,_Ljs3p�olweeLdLoe(taa_ce-ELnejUji a _n=iW LA Times: ht ://www.latii-nes.com/bL,Isiness/la-f hil i �ac Is-20170916-stot-v.ht,ml Realtor agrees with Visalia PACE vote, Visalia Times-Delta: ht�tp://www.vpsaliatimesdelt,a.corii/stD-ry/ o oi n i on/2 01 7/Oi9/1 9/rea Ito r-a erees-visa I i a-pa_ce .:vote/678676001 AN INNOVATIVE INANCVNG RENEW F FINANCIAL SOLUTION FAOM RL20160217,01 0 Renew Finarcil,2017 D /a ^� / m ;x j, r/ saa z l! am.i SH / / I&@ ml d��"s r, f gid;: � �aF„•�.- 2� ...all I m Y Y�sm [1 Ali 8 11 2 m �f l� Y Et # m k 'rt.6 aVd k �Rm IAC .m