PACE funds energy upgrades to buildings that create jobs, make properties more valuable, and help states achieve policy goals. It’s 100% voluntary and it’s being adopted in every region of our nation.

PACE Updates

D.C. PACE Funds $25 Million for Efficiency and Solar at D.C. United Stadium

Source: Office of Mayor Muriel Bowser

(WASHINGTON, DC) – Today, Mayor Bowser and DC United announced a $25 million private clean energy financing deal for the installation of state-of-the-art energy and water efficiency measures, an 884 KW solar array, and stormwater retention systems at DC United’s 20,000-seat Audi Field soccer stadium. The measures are being funded through the Department of Energy and Environment’s Property Assessed Clean Energy (DC PACE) program, DC’s innovative green financing solution, which operates through a public-private partnership, allowing local lenders to fund environmentally beneficial projects at no cost to taxpayers. This deal, done through a relationship with locally-based EagleBank, marks the nation’s largest single PACE note issued to date, and the first issued for a stadium project.

“We know that cities throughout the U.S. will be leading the fight against climate change, and this deal is an example of how Washington, DC can think globally while acting locally,” said Mayor Bowser who recently signed an executive order committing DC to meet the goals of the Paris Climate Accord. “This deal will not only allow us to green Audi Field, it will also create new opportunities for local businesses and high-quality green jobs for DC residents.”

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MikeD.C. PACE Funds $25 Million for Efficiency and Solar at D.C. United Stadium

Renovate America adding income review to PACE underwriting

Source: American Banker

Building on existing underwriting policies and consumer disclosures, Renovate America will add income review to its underwriting toolbox. Read an except from the article below:

Patrick Moore, Renovate America’s newly appointed chief lending officer, told Asset Securitization Report that borrower income data will be used in underwriting both PACE loans and an unsecured program funding through local government entities and unsecured loans to finance a wider range of home improvement projects. It will help determine approvals as well as potential loan sizes. The company has been collecting income data for its unsecured lending product, Benji, since 2016.

The move is being made in anticipation of proposed state legislation in California that would mandate “good faith” underwriting standards on PACE loans, including obtaining credit reports and “in some cases, verifying income, assets, and debt obligations,” according to Senate Bill 242.

Read the full article.

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MikeRenovate America adding income review to PACE underwriting

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Resources & Downloads

PACENation’s Consumer Protection Policies

PACENation’s consumer protection policies (CPP Version 2) represent the strongest protections and disclosures for homeowners investing in energy efficiency or renewable energy.

Study: PACE Makes Homes More Valuable

In the first economic study of homes with PACE upgrades, three different methodologies and three home price indices were examined and all turned up the same results; PACE is good for the resale value of homes, even after taking into account the financing costs. Published in the Journal of Structured Finance January 2016.

Whitepaper: Benefits of PACE for Commercial Real Estate Companies

For commercial real estate property owners, PACE financing can remove the typical barriers to the implementation of energy efficiency improvements. In this whitepaper, George Caraghiaur explains how to take advantage of the many benefits PACE provides to commercial real estate companies.

2009-2016 C-PACE Market Overview

From 2009-2016, the commercial PACE market provided financing for 1020 commercial projects that amounted to $340 million in total funding.

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