Published: January 2018
The report Commercial PACE for Affordable Multifamily Housing has recently been published.
Developed by Vermont Energy Efficiency Corporation (VEIC) on behalf of the Energy Efficiency for All Project, a joint effort of the Natural Resources Defense Council, the National Housing Trust, the Energy Foundation and Elevate Energy, the report looks in depth at the handful of affordable multifamily transactions that have used this financing tool.
Since 2009, more than 30 states have enacted Commercial Property Assessed Clean Energy (C-PACE) legislation, an innovative tool that commercial, industrial and multifamily property owners can use to secure affordable, long-term financing for energy upgrades to their buildings. C-PACE has taken off in the past year with dollar usage more than doubling since 2016, enabling over 1000 commercial buildings across the country to secure more than $450 million in financing from this program. However, few owners in the affordable multifamily housing sector have taken advantage of C-PACE. This report seeks to understand whether there is an opportunity for C-PACE to fill a gap in financing energy efficiency in the affordable multifamily buildings sector and if so, what are the best practices for ensuring this financing mechanism benefits affordable multifamily stakeholders.