States pass legislation authorizing CPACE financing, which then allows counties & cities to develop a CPACE program. CPACE administrators are selected to regulate the CPACE program and other counties and cities may choose to opt into the program.
Property owners and Developers secure CPACE financing from a CPACE lender, alongside senior loan and equity.
Loan Funds are then repaid via a special assessment on the property tax bill.
Benefits of CPACE Financing
100% financing of hard and soft costs with no out-of-pocket fees
Increases net operating income and property value
Fixed-rate financing with up to 30-year terms
Ability to recover as an operating expense
Displaces higher cost mezzanine and equity capital
Decreases utility and maintenance costs
Promotes economic development and urban revitalization
Facilitates sustainable building design
Non-recourse…. No Personal Guarantee
Non-Accelerating and transferable
Interest only options available
Approved CPACE States
PACE-enabling legislation is active in 38 states plus D.C., and PACE programs are now active (launched and operating) in 28 states plus D.C. Residential PACE is currently offered in California, Florida, and Missouri.
Loan Amounts: $1mm to $950mm