The New Energy Improvement District (NEID) is pleased to announce several program enhancements, effective immediately, including retroactive project financing, refinancing, and updated underwriting guidelines. These enhancements are reflected in the latest version (5.2) of the Program Guide, available on the Resources section of the program’s website (copace.com).
A summary of the new program elements, authorized by the NEID Board of Directors, follows:
Retroactive Project Financing: (Program Guide, pages 14-15) retroactive project financing enables an eligible property owner that has completed a new construction project or gut rehabilitation project within two years from certificate of occupancy to retroactively finance these projects through the C-PACE program.
Refinancing: (Program Guide, pages 15-16) refinancing enables an eligible property owner that previously used the C-PACE program to finance eligible improvements to an existing building or new construction project to refinance the outstanding C-PACE assessment lien with the existing capital provider or with a different qualified capital provider.
Updated Underwriting Guidelines: (Program Guide, page 29) for existing building retrofit projects where there is no mortgage on the property or construction lender involved to underwrite the transaction and provide consent for C-PACE financing, an appraisal is required to establish the C-PACE assessment lien to property value percentage. The C-PACE assessment lien to value percentage shall not exceed 25% on such existing building retrofit projects.
More information on these program enhancements can be found in the Program Guide at the page references above.