Homeowners need more than a mortgage — they need the tools to stay

Homeowners are facing a crisis.

A crisis in property insurance. A crisis in affordability. And with hurricane season fast approaching, a growing sense of anxiety across the Southeast about what comes next.

We have seen this before. Hurricanes Helene and Milton caused more than $100 billion in damage across Florida alone, according to the National Oceanic and Atmospheric Administration (NOAA). Families are still rebuilding, still navigating insurance challenges and still asking how they can better protect their homes before the next storm hits.

At the same time, many are struggling to keep up with rising costs. The challenge today is not only buying a home. It is holding onto one.

Expanding credit access for home protection

That is why President Trump’s recent actions to expand access to credit and lower borrowing costs are so important. His Executive Order on promoting access to mortgage credit is a step in the right direction, and efforts to cap credit card interest rates recognize a simple reality. When financing is more affordable, families have a better chance of staying afloat.

But access to credit should not stop at the front door.

Homeowners also need practical, affordable ways to invest in the safety and resilience of the homes they already have. That is especially true in Florida, where preparing for hurricane season is not optional. It is essential.

We know what works. Stronger roofs, impact-resistant windows and doors and energy-efficient upgrades can make the difference between a home that withstands a storm and one that does not. They can also help lower utility bills and reduce pressure on property insurance premiums.

The problem is cost.

How R-PACE financing makes a difference

For many families, these upgrades are out of reach through traditional financing. That is where Residential Property Assessed Clean Energy financing, or R-PACE, has made a real difference.

In Florida alone, R-PACE has supported more than 155,000 home improvement projects, totaling over $3.9 billion in investment. It is a major economic driver and a key partner in strengthening communities.

It also delivers real results. According to a University of South Florida study, R-PACE-financed projects will help homeowners avoid $250 million in disaster displacement costs and over $970 million in disaster losses, leading to savings of over $1.2 billion in insurance premiums.

R-PACE works because it meets people where they are. It allows homeowners to use their home equity to finance critical upgrades with long-term, fixed-rate payments. Qualification is based on home equity and ability to repay, not just credit scores. That makes it more accessible, especially for Hispanic families and Hispanic-owned small businesses that often face barriers in traditional lending markets.

Florida has also taken steps to ensure the program is safe and transparent.

Balancing consumer protection with federal regulation

In 2024, state lawmakers passed Senate Bill 770 to modernize R-PACE and strengthen consumer protections. The law established clear ability-to-repay standards, income-based qualifications, stronger disclosures and contractor oversight. It also expanded the program to include septic-to-sewer conversions and flood mitigation projects.

Florida proved you can protect consumers while preserving access to a tool that helps homeowners prepare for real-world risks. But Biden-era regulations that recently went into effect are threatening the availability and affordability of R-PACE by adding red tape that only creates more confusion and delays for consumers.

At a time when families are already under pressure, the last thing we should be doing is adding more red tape to solutions that work.

An opportunity to revisit federal frameworks

Fortunately, President Trump’s Executive Order on access to mortgage credit provides an opportunity for regulators at the Consumer Financial Protection Bureau to revisit the federal regulatory framework for low-risk transactions, including R-PACE. 

Federal regulators should use this moment to tailor rules to the unique structure of low-risk financing like R-PACE, rather than forcing it into a one-size-fits-all mortgage framework. Doing so will preserve access to a proven tool that helps homeowners invest in resilience, reduce costs and stay in their homes.

Expanding access to mortgage credit is important. Making sure homeowners can protect and keep their homes is just as critical.

Julio Fuentes is the President and CEO of the Florida State Hispanic Chamber of Commerce
This column does not necessarily reflect the opinion of HousingWire’s editorial department and its owners. To contact the editor responsible for this piece: [email protected].