LOS ANGELES — In 2015, Los Angeles County launched the PACE program to allow residents to use the equity in their homes to finance energy efficiency and water-saving improvements.
However, the contractor companies handling the program allegedly targeted the loans toward homeowners who could not afford them. As a result, many homeowners lost their homes or were at risk of losing their houses.
Twin lawsuits filed in 2018 by the co-counsel, Public Counsel Bet Tzedek and Hogan Lovells, also alleged the county needed to have the proper safeguards in place to protect the homeowner. After years of litigation, the lawsuit ended in a settlement earlier this year.
Eligible homeowners are those who entered into a Renew Financial Assessment Contract or Renovate America Assessment Contract with LA County between March 1, 2015, and March 31, 2018, and have a recorded lien against their property.
Homeowners have until June 13 to submit a claim through the website.
Those who choose to opt out and seek litigation on their own must also opt out online.