DBRS, Inc. (DBRS) published the commentary titled “Residential PACE Delinquency Trends.” In this commentary, DBRS examines delinquency trends for Property Assessed Clean Energy (PACE) obligations. Highlights of the commentary include:
-- While PACE is a relatively new asset class, there is sufficient data to analyze performance in recent years;
-- The limited performance history shows strong performance with very low delinquency levels around 2% to 4% at the peak, declining to less than 1% within 12 months;
-- PACE delinquency metrics are lower than general aggregate property tax and single-family residential only property tax delinquency levels. PACE also shows consistent performance and very low volatility across tax years; and
-- Healthier performance relative to all residential tax payors may reflect self-selection of PACE homeowners to improve their properties.
A full copy of this commentary is available by contacting us at firstname.lastname@example.org.