Copyright: Chones
On January 29, HUD Secretary Julian Castro announced joint actions with the state of California to expand financing for energy-efficiency and solar energy improvements in federally-assisted and insured multifamily housing. Specifically, funding can now be accessed through the Property Assessed Clean Energy (PACE) program, which is part of an Obama Administration initiative focused on installing 100 megawatts of renewable energy across federally-subsidized housing by 2020.
PACE enables property owners to avoid the upfront costs of energy savings installation by entering into an assessment contract with the participating PACE locality. The contract specifies that the property owner will repay the costs of the improvement through a property tax assessment. HUD must preapprove all proposed PACE financing for its assisted and insured housing.
NMHC/NAA members with questions can contact NMHC Vice President of Housing Policy Lisa Blackwell at lblackwell@nmhc.org.