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Residential Pace Loan Program

    Residential PACE Loan Program

    A local government or an authority designated by the local government may establish a residential PACE loan program to finance cost-effective energy improvements to enable homeowners to pay for the cost-effective energy improvements to qualifying residential real property with the net proceeds and interest earnings of revenue bonds authorized in Minnesota Statutes Section 216C.436, subd. 8.

    A residential PACE administrator as defined in Minnesota Statutes Section 216C.435, subd. 10a  must be licensed with the Department of Commerce.

    Apply

    Minnesota uses the Nationwide Mortgage Licensing System (NMLS). Company/business entities applying for the residential PACE administrator license are required to use the NMLS.

    Please read Minnesota Statutes Sections 216C.435 – 216.437 before applying for a Residential PACE Administrator license. Unlicensed activity may result in administrative action.

    • $1,000 initial license application fee
    • $100,000 surety bond (minimum)

    Renewal

    Licenses issued under Minnesota Statutes Section 216C.437 expire on December 31 and are renewable on January 1 of each year. Renewal is completed through the NMLS. The renewal fee is $500.

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