New York City Releases C-PACE Program Guidelines


Summary

After nearly two years of anticipation, New York City (NYC) recently re-released its C-PACE program guidelines in an effort to plug what had been seen as critical holes in previous iterations. Highlights include (1) new construction and major renovations officially becoming eligible under C-PACE (as opposed to just retrofits being eligible), (2) electrified buildings and certain other efficient improvements being exempt from the 1.0 SIR (as defined below) requirement, (3) ground-leased projects officially becoming C-PACE eligible, and (4) the future adoption of NYC's tax lien securitization program as an enforcement mechanism for lenders.