§ 39-26.5-7. Administration of PACE Loan loss reserve fund.
(a) The Rhode Island infrastructure bank is hereby authorized to create, set up on its books, and administer one or more PACE funds for the purpose of providing financial assistance to residential and commercial property owners for PACE projects. Additionally, the Rhode Island infrastructure bank may enter into an agreement with one or more approved institutions, to create one or more loan loss reserve funds (LRF) or other financing mechanisms to provide financial incentives or additional security for PACE projects.
(b) In the event that there is a foreclosure of a PACE property and the proceeds resulting from such a foreclosure are insufficient to pay the past due balances on the associated PACE assessment, after all superior liens have been satisfied, payment from the LRF shall be made from the LRF in the amount of the past due balances on the PACE assessment. The LRF shall be administered by the Rhode Island infrastructure bank or by the institution selected by the Rhode Island infrastructure bank; in the latter case the Rhode Island infrastructure bank shall provide oversight of the LRF.
(P.L. 2013, ch. 271, § 1; P.L. 2013, ch. 361, § 1; P.L. 2015, ch. 141, art. 14, § 9.)