Real Estate

City of Los Angeles sues developer for PACE loan fraud

Los Angeles contractor Eco Solar Home Improvement and affiliated companies defrauded low-income homeowners by convincing them to take out clean energy loans they could not afford and then abandoning their projects, the city of Los Angeles alleged in a lawsuit filed recently. The case brings to light the glaring potential for abuse of the increasingly popular PACE program, which is not regulated as heavily as other financial services.

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