PACE ASSESSMENTS - GENERAL INFO

 

PACE Assessments are financed with a form of Bond Financing and are not similar to a traditional loan.  The repayment of interest is dependent upon the dates the bond was initiated and paid annually. A PACE Assessment is repaid annually through the property tax bill. A property with a PACE Assessment will have a PACE lien recorded in the County of their property titled "Summary Memorandum". The Summary Memorandum will include details on the financed amount and the PACE Administrator (Company) that provided the financing. 

 

PACE Assessments cannot be subordinated. The Lender has the choice to keep the assessment on the property or request it be paid in full at the time of closing.

The following information is intended for property owners and Title Agents requesting payoffs for PACE Assessments related to a Refinancing of the current mortgage or a Home Sale. 

REFINANCE

The 2021 Property Tax Bill will not be amended following a full payoff.  The property tax bill must be paid accordingly. 

What does this mean for this home sale?

  • The sale is paying off the assessment in full. 

  • The property will have an assessment payment due on their property tax bill. 

  • There will be an overpayment of the assessment. 

What happens with the overpayment?

  • Upon receiving the PACE Assessment through the property tax bill and a reconciliation of the account, overpayments in the amounts larger than $100.00 will be refunded no later than June 30th. The Annual Assessment Administration Fee and current Annual Tax Collection Administration Fee are not refundable. 

What needs to be done to receive the Payoff Request Document?​

HOME SALES

The 2021 Property Tax Bill will not be amended following a full payoff and home sale. The property tax bill must be paid accordingly. 

What does this mean for this home sale?

  • The sale is paying off the assessment in full. 

  • The property will have an assessment payment due on their property tax bill. 

  • There will be an overpayment of the assessment. 

What happens with the overpayment?

  • Upon receiving the PACE Assessment through the property tax bill and a reconciliation of the account, overpayments in the amounts larger than $100.00 will be refunded no later than June 30th. The Annual Assessment Administration Fee and current Annual Tax Collection Administration Fee are not refundable. 

What needs to be done prior to requesting a payoff?

  1. Determine who will be the responsible party for the PACE Assessment overpayment.  

  2. Download the form: Notice to Property Owners Form

  3. Fill in the "To be completed by Title Agent" section of the form. 

  4. Send the form for signatures to the current and new property owners. 

  5. Send the completed form with all signatures to info@fdfcbonds.com

                                                                                [These steps are also listed on the form.]

What needs to be done to receive the Payoff Request Document?

  1. Send the completed Notice to Property Owner Form to info@fdfcbonds.com 

  2. Complete the Online Prepayment Request Form and pay the processing fee online. 

FEES AND PROCESSING PAYMENTS

What are the Payoff Document Processing Fees?

  • Standard: Processed within 3 to 5 business days require a $50 fee. 

  • Expedited: Processed within 2 business days, excluding holidays require a $70 fee.

What happens when the full payment is processed?

  • An email confirmation of funds received will be sent to the requestor upon the Florida Development Finance Corporation receiving notification from the Banking institution. Please allow seven to ten days for payments to be processed.

  • The "Bond Call Date" documented on the payoff request will determine the date the account will be eligible for an official Satisfaction of Assessment to be recorded with the assessed property county.