CSAC Finance Corporation Unveils Two New Energy Programs
Property Assessed Clean Energy (PACE) Programs created much excitement over the last couple years as they created a great financing tool for property owners to install energy and water improvements to be paid back via a line item on their property tax bill. Unfortunately, PACE financing for residential properties was dealt a serious blow in 2010 when Fannie Mae and Freddie Mac refused to back mortgages with PACE liens on them. Working around these challenges, the California Statewide Communities Development Authority (CSCDA), a program of the CSAC Finance Corporation, unveiled CaliforniaFIRST on September 19th, a PACE program years in the making.
CaliforniaFIRST was launched in 14 California counties and 126 cities and is a Property Assessed Clean Energy (PACE) finance program for non-residential properties. The Program allows property owners to finance the installation of energy and water improvements on commercial, industrial or multi-family buildings and pay the amount back as a line item on their property tax bill. The CaliforniaFIRST Program is administered by Renewable Funding. More information on CaliiforniaFIRST, can be found at www.californiafirst.org.
Recognizing the need for public agencies and nonprofits to conduct your own energy improvements, CSCDA also unviled the Sustainable Energy Bond Program to provide public agencies and nonprofit organizations throughout California with access to tax exempt financing for critical sustainable energy investments. This program empowers counties and other public agencies to contract with an Energy Service Company (ESCO) to complete energy and water conservation measures. Improvements could include street lighting, building lighting, pumps, HVAC, system controls, boilers, chillers, ducting, windows, partial roofing, toilets and others. More information on the Sustainable Energy Bond Program can be found at here.
CSCDA creates innovative, low-cost, pooled finance programs to respond to the fiscal needs of city and county participants. Both CSCDA and the CSAC Finance Corporation strive to be responsive to county and local government needs by creating programs to address real-time issues your currently facing. For more information on these programs, or if you have any ideas on other program needs, please contact Laura Labanieh Campbell, CSAC Finance Corporation Program Manager, at 916.650.8186 or firstname.lastname@example.org.