NYC PACE Program Status Update | Program Rules Available for Public Review.
October 22, 2020
Advancing a process that began with the passage of LL97 and LL96 in 2019 and was recently highlighted by Mayor Bill De Blasio’s signing of Executive Order 60 in August, the New York City Department of Finance has published for public comment the proposed rules for the NYC PACE program, officially referred to as the “Sustainable Energy Loan Program.” The deadline for public comment is December 2, 2020, while the NYCEEC (program administrator) anticipates financing will become available in early 2021according to a notification released yesterday.
The proposed rules set forth for review include eligibility criteria, terms for remittance, reporting requirements, and certifications required of energy auditors. A link to the proposed rules is provided here.
The program rules available for review indicate that the NYC program will operate similarly to other high-profile PACE programs. This comes as no surprise as the Mayor’s Office of Sustainability and NYCEEC reached out to a wide array of stakeholders and consulted several existing programs to develop a best-of-breed program.
Program guidelines include :
- Property eligibility: real commercial properties undergoing permanent or fixed improvements.
- Property owner eligibility: owner must be current on all taxes and not owe on any civil penalties.
- Eligible improvements: energy efficiency, renewable energy, energy audits, and feasibility studies.
- Program operations: flow of funds as well as information reporting requirements and obligations of lender.
Stakeholders who wish to comment on the proposed rules may comment at the City’s Webex Event Center page, or by arranging (in advance) the ability for “in-person” comment at the public hearing scheduled for 11 AM on November 30, 2020 by contacting Joan Best at (212) 748-7214.
