Bill Text: FL S1208 | 2021 | Regular Session | Introduced
NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: Resiliency Energy Environment Florida (REEF) Program
Spectrum: Bipartisan Bill
Status: (Failed) 2021-04-30 - Died in Appropriations [S1208 Detail]
Download: Florida-2021-S1208-Introduced.html
Bill Title: Resiliency Energy Environment Florida (REEF) Program
Spectrum: Bipartisan Bill
Status: (Failed) 2021-04-30 - Died in Appropriations [S1208 Detail]
Download: Florida-2021-S1208-Introduced.html
Florida Senate - 2021 SB 1208 By Senator Rodriguez 39-00420A-21 20211208__ 1 A bill to be entitled 2 An act relating to property assessed clean energy 3 program; amending s. 163.08, F.S.; revising 4 legislative intent regarding the types of improvements 5 that qualify for specified financing under this act; 6 defining and redefining terms; specifying that a 7 property owner may apply to a PACE program for certain 8 purposes; providing that costs incurred by the PACE 9 program may be collected as a non-ad valorem 10 assessment; authorizing a local government to enter 11 into agreements with PACE administrators and to incur 12 debt; authorizing a local government to enter into a 13 PACE assessment contract only with the record owner of 14 the affected property; revising the items a local 15 government or a PACE administrator must reasonably 16 determine before entering into a PACE contract; 17 requiring a qualifying improvement to be affixed or 18 plan to be affixed to specified properties before 19 final funding; authorizing a PACE assessment contract 20 to cover qualifying improvements on real properties 21 under new construction; specifying the information a 22 PACE administrator must provide each real property 23 owner or an authorized representative about the 24 qualifying improvements; requiring a PACE 25 administrator to make specified determinations about a 26 property owner’s ability to pay the annual PACE 27 assessment; specifying information a PACE 28 administrator must provide to the residential real 29 property owner or an authorized representative before 30 entering into a PACE assessment contract; specifying a 31 timeframe within which a residential real property 32 owner may cancel a PACE assessment contract; 33 prohibiting the term of a PACE assessment contract 34 from exceeding specified timeframes; prohibiting a 35 PACE administrator from offering specified types of 36 financing for residential real properties; prohibiting 37 a PACE administrator from enrolling certain PACE 38 contractors unless certain conditions are met; 39 providing requirements that must be met before a PACE 40 administrator may disburse funds; specifying marketing 41 and communications guidelines that PACE administrators 42 and PACE contractors must comply with when 43 communicating with residential real property owners; 44 prohibiting a PACE contractor from engaging in certain 45 practices regarding pricing of qualifying improvement 46 on residential real properties; providing an effective 47 date. 48 49 Be It Enacted by the Legislature of the State of Florida: 50 51 Section 1. Subsections (1), (2), (4), (6) through (10), 52 (12), (13), and (14) of section 163.08, Florida Statutes, are 53 amended, and subsections (17) through (25) are added to that 54 section, to read: 55 163.08 Supplemental authority for improvements to real 56 property.— 57 (1)(a) In chapter 2008-227, Laws of Florida, the 58 Legislature amended the energy goal of the state comprehensive 59 plan to provide, in part, that the state shall reduce its energy 60 requirements through enhanced conservation and efficiency 61 measures in all end-use sectors and reduce atmospheric carbon 62 dioxide by promoting an increased use of renewable energy 63 resources. That act also declared it the public policy of the 64 state to play a leading role in developing and instituting 65 energy management programs that promote energy conservation, 66 energy security, and the reduction of greenhouse gases. In 67 addition to establishing policies to promote the use of 68 renewable energy, the Legislature provided for a schedule of 69 increases in energy performance of buildings subject to the 70 Florida Energy Efficiency Code for Building Construction. In 71 chapter 2008-191, Laws of Florida, the Legislature adopted new 72 energy conservation and greenhouse gas reduction comprehensive 73 planning requirements for local governments. In the 2008 general 74 election, the voters of this state approved a constitutional 75 amendment authorizing the Legislature, by general law, to 76 prohibit consideration of any change or improvement made for the 77 purpose of improving a property’s resistance to wind or flood 78 damage or the installation of a renewable energy source device 79 in the determination of the assessed value of residential real 80 property. 81 (b) The Legislature finds that all energy-consuming 82 improved properties that are not using energy conservation 83 strategies contribute to the burden affecting all improved 84 property resulting from fossil fuel energy production. Improved 85 property that has been retrofitted with energy-related 86 qualifying improvements receives the special benefit of 87 alleviating the property’s burden from energy consumption. All 88 improved properties not protected from wind or flood damage by 89 wind or flood resistantresistancequalifying improvements 90 contribute to the burden affecting all improved property 91 resulting from potential wind or flood damage. Improved property 92 that has been retrofitted with wind or flood resistant 93resistancequalifying improvements receives the special benefit 94 of reducing the property’s burden from potential wind or flood 95 damage. Further, the installation and operation of qualifying 96 improvements not only benefit the affected properties for which 97 the improvements are made, but also assist in fulfilling the 98 goals of the state’s energy and hurricane mitigation policies. 99 (c) Properties that do not use advanced technologies for 100 wastewater removal contribute to the water quality problems 101 affecting the state and particularly the coastal areas. Improved 102 properties that have been retrofitted with advanced onsite 103 treatment systems or have converted to central sewerage 104 significantly benefit the quality of water that may enter 105 streams, lakes, rivers, aquifers, canals, estuaries, or coastal 106 areas. Properties that are not protected from harmful 107 environmental health hazards contribute to the environmental 108 health burdens affecting the state. Properties that have been 109 improved to mitigate against or prevent environmental health 110 hazards benefit the general environmental health of the people 111 within this state. 112 (d) In order to make qualifying improvements more 113 affordable and assist property owners who wish to undertake such 114 improvements, the Legislature finds that there is a compelling 115 state interest in enabling property owners to voluntarily 116 finance such improvements with local government assistance. 117 (e)(c)The Legislature determines that the actions 118 authorized under this section, including, but not limited to, 119 the financing of qualifying improvements through the execution 120 of property assessed clean energy assessment contractsfinancing121agreementsand the related imposition of voluntary assessments 122 are reasonable and necessary to serve and achieve a compelling 123 state interest and are necessary for the prosperity and welfare 124 of the state and its property owners and inhabitants. 125 (2) As used in this section, the term: 126 (a) “Commercial real property” means, unless otherwise 127 determined by a local government, any property not defined as a 128 residential real property, that will be or is improved by a 129 qualifying improvement, including, but not limited to, the 130 following: 131 1. A multifamily residential property comprised of five or 132 more dwelling units. 133 2. A commercial real property. 134 3. An industrial building or property. 135 4. Agricultural property. 136 5. A residential property owned by a business entity. 137 (b)(a)“Local government” means a county, a municipality, a 138 dependent special district as defined in s. 189.012, or a 139 separate legal entity created pursuant to s. 163.01(7). 140 (c)(b)“PACE administrator” means an entity with whom a 141 local government contracts to administer a PACE program. 142 (d) “PACE assessment” means the non-ad valorem assessment 143 securing the annual repayment of financing obtained by an owner 144 of commercial or residential real property for a qualifying 145 improvement under this chapter. 146 (e) “PACE assessment contract” means the financing 147 contract, under a PACE program, between a local government and a 148 property owner for the acquisition or installation of qualifying 149 improvements. 150 (f) “PACE contractor” means an independent contractor who 151 contracts with a property owner to install qualifying 152 improvements on real property and is not the owner of such 153 property. 154 (g) “PACE program” means a program established by a local 155 government, alone or in partnership with other local governments 156 or a PACE administrator, to finance qualifying improvements on 157 commercial or residential real properties. 158 (h) “Qualifying improvement” includes any: 159 1. Energy conservation and efficiency improvement, which is 160 a measure to reduce consumption through conservation or a more 161 efficient use of electricity, natural gas, propane, or other 162 forms of energy on the property, including, but not limited to, 163 air sealing; installation of insulation; installation of energy 164 efficient heating, cooling, or ventilation systems; building 165 modifications to increase the use of daylight; replacement of 166 windows; installation of energy controls or energy recovery 167 systems; installation of electric vehicle charging equipment; 168 installation of battery storage systems; and installation of 169 efficient lighting equipment. 170 2. Renewable energy improvement, which is the installation 171 of any system in which the electrical, mechanical, or thermal 172 energy is produced from a method that uses one or more of the 173 following fuels or energy sources: hydrogen, solar energy, 174 geothermal energy, bioenergy, and wind energy. 175 3. Wind, storm, and flood resistance improvement, which 176 includes, but is not limited to: 177 a. Improving the strength of the roof deck attachment.;178 b. Creating a secondary water barrier to prevent water 179 intrusion.;180 c. Installing wind-resistant shingles.;181 d. Installing gable-end bracing.;182 e. Reinforcing roof-to-wall connections.;183 f. Installing storm shutters.; or184 g. Installing opening protections. 185 h. Installing backup power or battery storage systems. 186 4. Wastewater treatment improvement, which includes the 187 replacement or improvement of an onsite sewage treatment and 188 disposal system with an advanced onsite treatment and disposal 189 system or technology or the replacement of an onsite sewage 190 treatment and disposal system with a central sewage system. For 191 purposes of this section, the term “wastewater treatment 192 improvement” includes repairs or modifications made to an onsite 193 sewage treatment and disposal system under s. 381.0065. 194 5. Flood and water damage mitigation and resiliency 195 improvement, which includes projects and installations: 196 a. To raise a structure above the base flood elevation to 197 reduce flood damage. 198 b. To build or repair a flood diversion apparatus or sea 199 wall improvement, which includes, but is not limited to, seawall 200 repairs and replacements, banks, berms, green-grey 201 infrastructure, upland stem walls, or other infrastructure that 202 impedes tidal waters from flowing onto adjacent property or 203 public right-of-way. 204 c. That use flood damage resistant building materials. 205 d. That mitigate or eliminate the potential for microbial 206 growth. 207 e. That use electrical, mechanical, plumbing, or other 208 system improvements to reduce flood damage. 209 f. That may qualify for reductions in flood insurance 210 premiums. 211 6. Health and environmental hazards measure or improvement, 212 which is a measure or an improvement intended to mitigate 213 harmful health and environmental hazards to property occupants, 214 including measures or improvements that mitigate or remove: 215 a. The presence of lead, heavy metals, polyfluoroalkyl 216 substance contamination, or other harmful contaminants in 217 potable water systems. Improvements may include conversion of 218 well water to municipal water systems, replacement of lead water 219 service lines, or installation of water filters. 220 b. Asbestos. 221 c. Lead paint contamination in housing built before 1978. 222 d. Indoor air pollution or contaminants, including 223 particulate matter, viruses, bacteria, and mold. 224 7. Water conservation or efficiency improvement, which is a 225 measure or improvement to reduce the usage of water or increase 226 the efficiency of water usage. 227 (i) “Residential real property” means a residential 228 property of four or fewer dwelling units that may be benefited 229 by installation of a qualifying improvement. 230 (4) Subject to local government ordinance or resolution, a 231 property owner may apply to a PACE programthe local government232 for funding to finance a qualifying improvement and enter into a 233 PACE assessment contractfinancing agreementwith the local 234 government. Costs incurred by the PACE programlocal government235 for such purpose may be collected as a non-ad valorem 236 assessment. A non-ad valorem assessment shall be collected 237 pursuant to s. 197.3632 and, notwithstanding s. 197.3632(8)(a), 238 isshallnotbesubject to a discount for early payment. 239 However, the notice and adoption requirements of s. 197.3632(4) 240 do not apply if this section is used and complied with, and the 241 intent resolution, publication of notice, and mailed notices to 242 the property appraiser, tax collector, and Department of Revenue 243 required by s. 197.3632(3)(a) may be provided on or before 244 August 15 in conjunction with any non-ad valorem assessment 245 authorized by this section, if the property appraiser, tax 246 collector, and local government agree. 247 (6) A local government may enter into an agreement with a 248 PACE administrator to administer a PACE programA qualifying249improvement program may be administered by a for-profit entity250or a not-for-profit organization on behalf of and at the251discretion of the local government. 252 (7) A local government may incur debt for the purpose of 253 providing financing for thesuchimprovements, which is payable 254 from revenues received from the improved property, or any other 255 available revenue source authorized by law. 256 (8) A local government may enter into a PACE assessment 257 contract to finance or refinance a qualifying improvement 258financing agreementonly with the record owner of the affected 259 property. Any PACE assessment contractfinancing agreement260 entered into pursuant to this section or a summary memorandum of 261 such contractagreementshall be submitted for recording 262recordedin the public records of the county within which the 263 property is located by thesponsoring unit oflocal government 264 within 5 days after execution of the contractagreement. The 265 recorded contractagreementshall provide constructive notice 266 that the PACE assessment to be levied on the property 267 constitutes a lien of equal dignity to county taxes and 268 assessments from the date of recordation. 269 (9) Before entering into a PACE assessment contract 270financing agreement, the local government or the PACE 271 administratorlocal governmentshall reasonably determine that: 272 (a) All property taxes and any other assessments levied on 273 the same bill as property taxes are current and have been paid 274and have not been delinquentfor the preceding 3 years or the 275 property owner’s period of ownership, whichever is less; 276 (b) That there are no involuntary liens, including, but not 277 limited to, construction liens on the property; 278 (c) That no notices of default or other evidence of 279 property-based debt delinquency have been recorded and not 280 released during the preceding 3 years or the property owner’s 281 period of ownership, whichever is less; 282 (d) The property owner has recorded all other PACE 283 assessments or that the PACE assessments have been funded and 284 not yet recorded on the property; and 285 (e) That the property owner is current on all mortgage debt 286 on the property. 287 (10) Before final funding, a qualifying improvement must 288shall be affixed or plan to be affixed to a commercial or 289 residential realbuilding or facility that is part of the290 property and shall constitute an improvement to that property 291the building or facility or a fixture attached to the building292or facility. A PACE assessment contractAn agreement between a293local government and a qualifying property ownermaynotcover 294 qualifyingwind-resistanceimprovements on commercial or 295 residential real propertiesin buildings or facilitiesunder new 296 constructionor construction for which a certificate of297occupancy or similar evidence of substantial completion of new298construction or improvement has not been issued. 299 (12)(a) Without the consent of the holders or loan 300 servicers of any mortgage encumbering or otherwise secured by 301 the property, the total amount of any non-ad valorem assessment 302 for a property under this section may not exceed 20 percent of 303 the just value of the property as determined by the county 304 property appraiser. 305 (b) Notwithstanding paragraph (a), a PACEnon-ad valorem306 assessment for a qualifying improvement defined in subparagraph 307 (2)(h)1.(2)(b)1.or subparagraph (2)(h)2.(2)(b)2.that is 308 supported by an energy audit is not subject to the limits in 309 this subsection if the audit demonstrates that the annual energy 310 savings from the qualified improvement equals or exceeds the 311 annual repayment amount of the PACEnon-ad valoremassessment. 312 (13) At least 30 days before entering into a PACE 313 assessment contractfinancing agreement, the property owner 314 shall provide to the holders or loan servicers of any existing 315 mortgages encumbering or otherwise secured by the property a 316 notice of the owner’s intent to enter into a PACE assessment 317 contractfinancing agreementtogether with the maximum principal 318 amount to be financed and the maximum annual PACE assessment 319 necessary to repay that amount. A verified copy or other proof 320 of such notice shall be provided to the local government. A 321 provision in any PACE assessment contractagreementbetween a 322 mortgagee or other lienholder and a property owner, or otherwise 323 now or hereafter binding upon a property owner, which allows for 324 acceleration of payment of the mortgage, note, or lien or other 325 unilateral modification solely as a result of entering into a 326 PACE assessment contractfinancing agreementas provided for in 327 this section is not enforceable. This subsection does not limit 328 the authority of the holder or loan servicer to increase the 329 required monthly escrow by an amount necessary toannuallypay 330 the annual PACEqualifying improvementassessment. 331 (14) At or before the time a purchaser executes a contract 332 for the sale and purchase of any property for which a PACEnon333ad valoremassessment has been levied under this section and has 334 an unpaid balance due, the seller mustshallgive the 335 prospective purchaser a written disclosure statement in the 336 following form, which shall be set forth in the contract or in a 337 separate writing: 338 339 QUALIFYING IMPROVEMENTS FOR ENERGY EFFICIENCY, 340 RENEWABLE ENERGY, FLOOD MITIGATION,ORWIND 341 RESISTANCE, ADVANCED TECHNOLOGIES FOR WASTEWATER 342 TREATMENT, ENVIRONMENTAL HEALTH, OR WATER 343 CONSERVATION.—The property being purchased is located 344 within the jurisdiction of a local government that has 345 placed an assessment on the property pursuant to s. 346 163.08, Florida Statutes. The assessment is for a 347 qualifying improvement to the property relating to 348 energy efficiency, renewable energy, flood mitigation, 349orwind resistance, advanced technologies for 350 wastewater treatment, environmental health, or water 351 conservation, and is not based on the value of 352 property. You are encouraged to contact the county 353 property appraiser’s office to learn more about this 354 and other assessments that may be provided by law. 355 356 (17) Before entering into a PACE assessment contract for a 357 qualifying improvement on a residential real property, a PACE 358 administrator must reasonably determine that the property owner 359 has an ability to pay the estimated annual PACE assessment 360 based, at a minimum, on the following: 361 (a) For property owners seeking PACE financing where the 362 total estimated annual payment amount of all PACE assessments 363 authorized on the property is $4,800 or less, or the equivalent 364 of $400 per month, plus an additional amount that represents the 365 rate of inflation established by the United States Bureau of 366 Labor Statistics’ Consumer Price Index, the PACE administrator, 367 at a minimum, must use the underwriting requirements in 368 subsection (9) and confirm the property owner is not currently 369 in bankruptcy in determining whether the property owner has a 370 reasonable ability to pay the PACE assessment. 371 (b) For property owners seeking PACE financing where the 372 total estimated annual payment amount of all PACE assessments 373 authorized on the property is greater than $4,800, or the 374 equivalent of $400 per month, plus an additional amount that 375 represents the rate of inflation established by the United 376 States Bureau of Labor Statistics’ Consumer Price Index, the 377 PACE administrator, at a minimum, must use the underwriting 378 requirements in subsection (9), to confirm that the property 379 owner is not in bankruptcy and determine that the total 380 estimated annual payment amount for all the PACE assessment 381 contracts authorized on the property does not exceed 10 percent 382 of the property owner’s annual household income. Income may be 383 confirmed using information gathered from reputable third 384 parties that provide reasonably reliable evidence of the 385 property owner’s household income. Income may not be confirmed 386 solely from a property owner’s statement. 387 (18) Before entering into a PACE assessment contract for a 388 qualifying improvement on a residential real property, the PACE 389 administrator must: 390 (a) Provide a financing estimate and disclosure to the 391 residential real property owner that includes: 392 1. The total amount estimated to be funded, including the 393 cost of the qualifying improvements, program fees, and 394 capitalized interest, if any. 395 2. The estimated annual PACE assessment. 396 3. The term of the PACE assessment. 397 4. The fixed interest charged and estimated annual 398 percentage rate. 399 5. A description of the qualifying improvement. 400 6. A disclosure that if the property owner sells or 401 refinances the property, the property owner, as a condition of 402 the sale or the refinance, may be required by a mortgage lender 403 to pay off the full amount owed under each PACE assessment 404 contract. 405 7. A disclosure that the PACE assessment will be collected 406 along with the property owner’s property taxes and will result 407 in a lien on the property from the date the PACE assessment 408 contract is executed. 409 8. A disclosure that failure to pay the PACE assessment may 410 result in penalties and fees, along with the issuance of a tax 411 certificate that could result in the property owner losing the 412 real property. 413 (b) Conduct, with a residential real property owner or an 414 authorized representative, an oral, recorded telephone call 415 during which time the PACE administrator must use plain 416 language. The PACE administrator must ask the residential real 417 property owner if he or she would like to communicate primarily 418 in a language other than English. A PACE administrator may not 419 leave a voicemail to the residential real property owner to 420 satisfy this requirement. A PACE administrator, as part of this 421 telephone call, must confirm with the residential real property 422 owner: 423 1. That at least one residential real property owner has 424 access to a copy of the PACE assessment contract and financing 425 estimates and disclosures. 426 2. The qualifying improvement that is being financed. 427 3. The total estimated annual costs that the residential 428 real property owner will have to pay under the PACE assessment 429 contract, including applicable fees. 430 4. The total estimated average monthly equivalent amount of 431 funds the residential real property owner would have to save in 432 order to pay the annual costs of the PACE assessment, including 433 applicable fees. 434 5. The estimated date the residential real property owner’s 435 first property tax payment that includes the PACE assessment 436 will be due. 437 6. The term of the PACE assessment contract. 438 7. That payments for the PACE assessment contract will 439 cause the residential real property owner’s annual tax bill to 440 increase, that payments will be made through an additional 441 annual assessment on the property, and will be paid either 442 directly to the county tax collector’s office as part of the 443 total annual secured property tax bill or may be paid through 444 the residential real property owner’s mortgage escrow account. 445 8. That the qualifying residential property owner has 446 disclosed whether the property has received or is seeking 447 additional PACE assessments and has disclosed all other PACE 448 assessments or special taxes that are or about to be placed on 449 the property. 450 9. That the property will be subject to a lien during the 451 term of the PACE assessment contract and that the obligations 452 under the contract may be required to be paid in full before the 453 residential real property owner sells or refinances the 454 property. 455 10. That any potential utility or insurance savings are not 456 guaranteed and will not reduce the PACE assessment or total 457 assessment amount. 458 11. That the PACE administrator or PACE contractor does not 459 provide tax advice and that the residential real property owner 460 should seek professional tax advice if he or she has questions 461 regarding tax credits, tax deductibility, or other tax impacts 462 of the qualifying improvement or the PACE assessment contract. 463 (19) The residential real property owner may cancel the 464 PACE assessment contract within 3 business days after signing 465 the PACE assessment contract without any financial penalty for 466 doing so. 467 (20) The term of a PACE assessment contract on residential 468 real property may not exceed the useful life of the qualifying 469 improvement being installed or the weighted average useful life 470 of all qualifying improvements being financed if multiple 471 qualifying improvements are being financed. A financing term may 472 not exceed 30 years. 473 (21) A PACE administrator may not offer PACE assessment 474 financing on any residential real property that includes any of 475 the following: 476 (a) A negative amortization schedule; 477 (b) A balloon payment; or 478 (c) Prepayment fees, other than nominal administrative 479 costs. 480 (22) For residential real property, a PACE administrator: 481 (a) May not enroll a PACE contractor who offers PACE 482 financing on residential real property unless: 483 1. The PACE administrator must make a reasonable effort to 484 review that the PACE contractor maintains in good standing an 485 appropriate license from the state, if applicable, as well as 486 any other permits, licenses, or registrations required for 487 engaging in its business in the jurisdiction where it operates 488 and maintains all state required bond and insurance coverage. 489 2. A PACE administrator obtains the PACE contractor’s 490 written agreement that the PACE contractor will act in 491 accordance with all applicable laws, including applicable 492 advertising and marketing laws and regulations. 493 (b) Must maintain a process to enroll new PACE contractors 494 that includes reasonable review of the following for each 495 contractor: 496 1. Relevant work or project history. 497 2. Financial and reputational background checks. 498 3. Criminal background check. 499 4. Status on Better Business Bureau or other online 500 platforms that track contractor reviews. 501 (23)(a) Before disbursing funds to a PACE contractor for a 502 qualifying improvement on residential real property, a PACE 503 administrator must first confirm the applicable work or service 504 has been completed, either through written certification from 505 the property owner, a recorded telephone call with the property 506 owner, or a site inspection through third-party means. 507 (b) A PACE administrator may not disclose to a PACE 508 contractor or to a third party engaged in soliciting a PACE 509 assessment contract the maximum PACE financing amount that a for 510 which a residential real property owner is eligible. 511 (24) Each PACE administrator and PACE contractor must 512 comply with the following marketing and communications 513 guidelines when communicating with residential real property 514 owners: 515 (a) A PACE administrator or PACE contractor may not suggest 516 or imply: 517 1. That PACE is a government assistance program; 518 2. That qualifying improvements are free or that PACE 519 assessment financing is a free program; or 520 3. That the financing of a qualifying improvement using the 521 PACE program does not require the property owner to repay the 522 financial obligation. 523 (b) A PACE administrator or PACE contractor may not make 524 any representation as to the tax deductibility of a PACE 525 assessment on residential real property. A PACE administrator or 526 PACE contractor may encourage a property owner to seek the 527 advice of a tax professional regarding tax matters related to 528 PACE assessments. 529 (25) A PACE contractor should not present a higher price 530 for a qualifying improvement on residential real property 531 financed by a PACE assessment contract than the PACE contractor 532 would otherwise reasonably present if the qualifying improvement 533 were not being financed through a PACE assessment contract. 534 Section 2. This act shall take effect July 1, 2021.