PACE funds are sourced from private or institutional investments and are secured against the property value with an assessment on the property taxes. PACE can cover 100% of the project costs with financing terms up to 20 years, and the property tax assessment is automatically transferable upon a property sale. The PACE tax assessment is non-accelerating and generally viewed as off-balance sheet. PACE financing can be utilized with leased commercial properties with long term tenants as both the property tax and utility costs are passed through to the lessee.
Over 30 states and 400 municipalities have enacted PACE legislation with the list rapidly expanding, and over 200 commercial PACE deals have been successfully transacted. Contact us to find out more about your project location.