(a)  The Rhode Island infrastructure bank shall consult with the office of energy resources to promulgate rules and regulations, in accordance with this section, and in accordance with chapter 35 of Title 42. Such rules and regulations should ensure that the PACE program does not adversely affect the implementation of any other energy program in whose coordination the Rhode Island infrastructure bank or the office of energy resources is involved. Such rules and regulations shall include, but not be limited to, the following:

(1)  The necessary application requirements and procedures for any residential property owner or commercial property owner seeking PACE financing;

(2)  The necessary qualifications and requirements for a proposed PACE project;

(3)  The underwriting criteria to be applied in determining the eligibility of properties and property owners for PACE projects; and

(4)  Requirements that all existing lien holders on a property be given notice prior to a PACE assessment and lien being filed in connection with that property and that all commercial property owners seeking a commercial PACE loan receive consent of the existing mortgage holders on that property prior to being eligible.

Terms Used In Rhode Island General Laws 39-26.5-11

  • assessment: means the special assessment placed on a PACE property owner's property tax or other municipal assessment bill in accordance with this chapter, to be collected by or on behalf of the PACE municipality in which that PACE property is located and remitted to the Rhode Island infrastructure bank or to the lender that has financed that PACE project. See Rhode Island General Laws 39-26.5-2
  • Commercial property: means a property operated for commercial purposes, or a residential property that contains five (5) or more housing units. See Rhode Island General Laws 39-26.5-2
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • PACE: is a voluntary financing mechanism that allows both residential and commercial property owners to access affordable, long-term financing for energy upgrades, and other eligible environmental health and environmental safety upgrades on their property. See Rhode Island General Laws 39-26.5-2
  • project: means a distinct installation of an eligible energy-efficiency system, renewable energy net-metering system, distributed-generation system, alternative fuel infrastructure upgrade, and/or other eligible environmental health and environmental safety upgrades. See Rhode Island General Laws 39-26.5-2
  • property: means any residential property or commercial property that is the subject of an approved application for a PACE project filed pursuant to this chapter. See Rhode Island General Laws 39-26.5-2
  • Rhode Island infrastructure bank: means the Rhode Island infrastructure bank ("RIIB"). See Rhode Island General Laws 39-26.5-2

(b)  The Rhode Island infrastructure bank shall be responsible for promulgating agreements, forms, and other documents necessary for the efficient administration of the PACE program.

History of Section.
P.L. 2013, ch. 271, § 1; P.L. 2013, ch. 361, § 1; P.L. 2015, ch. 141, art. 14, § 9; P.L. 2017, ch. 480, § 3.