October 1, 2015- Los Gatos, CA. Pace Funding Group LLC (PACEfunding) announced today that it has entered into a partnership with California Statewide Communities Development Authority (CSCDA”) to act as a program administrator for CSCDA’s Open PACE program.
Robert Giles, PACEfunding’s CEO, said “we are excited to be able to roll out our financing product to the California market through CSCDA. CSCDA has a long track record of bringing innovative financing programs to California municipalities and Open PACE will be yet another success for them”. Mr. Giles made the observation the “the PACE market saw a lot of growth in the past year, and our mission is to broaden the market by offering a more competitive product”.
PACEfunding provides an innovative tool for property owners to finance the installation of solar, energy efficiency, water efficiency, electric vehicle charging infrastructure, and seismic strengthening improvements to their homes and commercial properties as a way to reduce their energy and/or water usage which and reduce carbon footprints.
Participation in PACEfunding’s program is voluntary, requiring the consent of property owners. Property owners have the option to repay the amount financed over either a 5-, 10-, 15-, 20- or 25-year period dependent upon the expected useful life of the products and repay the financing through semi-annual installments collected as a property tax assessment lien.
About the Company: PACEfunding, a California LLC, is a PACE program manager based in Los Gatos, California. PACEfunding’s financing is available throughout the State of California for a variety of pre-approved energy efficiency improvements to homes and buildings including but not limited to solar electric, solar thermal, HVAC, roofing, windows/doors and water conservation equipment.
About CSCDA: The California Statewide Communities Development Authority (“CSCDA”) was created in 1988, under California’s Joint Exercise of Powers Act, to provide California’s local governments with an effective tool for the timely financing of community-based public benefit projects. CSCDA is sponsored by the California State Association of Counties and the League of California Cities. Currently, more than 500 cities, counties and special districts have become Program Participants to CSCDA – which serves as their conduit issuer and provides access to an efficient mechanism to finance locally-approved projects.
In 2015, CSCDA launched an Open PACE platform (“CSCDA Open PACE Program”), a turnkey solution for residential and commercial property owners to allow the financing of certain distributed generation renewable energy sources, energy efficiency improvements, water efficiency improvements, seismic strengthening improvements, electric vehicle charging infrastructure and such other work, infrastructure or improvements as may be authorized by law from time to time that are permanently fixed to real property (the “Authorized Improvements”) through the levy of contractual assessments pursuant to Chapter 29 of Division 7 of the California Streets & Highways Code (“Chapter 29”) and the issuance of improvement bonds under the Improvement Bond Act of 1915 (California Streets and Highways Code Section 8500 and following) (the “1915 Act”).