California Public Resources Code 26063 – (a) In evaluating eligibility, the authority shall consider …
(a) In evaluating eligibility, the authority shall consider whether the applicant’s PACE program includes the following conditions:
(1) Financing recipients are legal owners of underlying property.
Terms Used In California Public Resources Code 26063
- Authority: means the California Alternative Energy and Advanced Transportation Financing Authority established pursuant to Section 26004, and any board, commission, department, or officer succeeding to the functions of the authority, or to which the powers conferred upon the authority by this division shall be given. See California Public Resources Code 26003
- Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
(2) Financing recipients are current on mortgage and property tax payments.
(3) Financing recipients are not in default or in bankruptcy proceedings.
(4) Financing is for less than 15 percent of the value of the property, up to the first seven hundred thousand dollars ($700,000) of the value of the property, and is for less than 10 percent of the remaining value of the property above seven hundred thousand dollars ($700,000).
(5) The property is within the geographical boundaries of the PACE program.
(6) The program offers financing for energy or water efficiency improvements, electric vehicle charging infrastructure, or clean energy improvements.
(7) Improvements financed by the program follow applicable standards of energy efficiency retrofit work, including any guidelines adopted by the State Energy Resources Conservation and Development Commission.
(8) The total mortgage-related debt and PACE financing on the underlying property does not exceed the value of the property.
(b) In evaluating an application, the authority shall consider all of the following factors:
(1) The use by the PACE program of best practices, adopted by the authority, to qualify eligible properties for participation in underwriting the PACE program.
(2) The cost efficiency of the applicant’s PACE program, including bond issuance, credit enhancement, or insurance.
(3) The projected number of jobs created by the PACE program.
(4) The applicant’s PACE program requirements for quality assurance and consumer protection as related to achieving efficiency and clean energy production.
(5) The mechanisms by which savings produced by this program are passed on to the property owners.
(6) Any other factors deemed appropriate by the authority.
(Amended by Stats. 2014, Ch. 614, Sec. 7. (AB 2597) Effective January 1, 2015.)