Project unlocks PACE funding for affordable housing
PACE financing has typically been restricted to commercial property owners interested in making energy related improvements to their buildings. However, our fiends at DC PACE in Washington, DC may have just established a precedent for using PACE to bring clean energy’s economic benefits to affordable housing across America.
Last week DC PACE announced $700,000 in financing to add solar, high efficiency HVAC equipment, controls, low-flow water fixtures, and LED lighting to the Phyllis Wheatley YWCA housing complex as part of a $17 million dollar renovation.
The project is the first PACE financing approved by the U.S. Department of Housing and Urban Development (HUD) for a HUD-assisted public housing property, and could become “a model for the nation” to spread sustainability across America’s disadvantaged communities.
PACE in Kentucky:
Bellevue authorizes PACE district
In the last edition of the GC-PACE newsletter, we announced that Covington had created a PACE district for non-residential property owners. We are pleased to announce that the City of Bellevue recently became the third local government in Kentucky to approve the creation of a PACE district. We look forward to working with Bellevue and its commercial property owners to help them access PACE financing to reduce energy costs!
PACE in Ohio:
In November, DiPerna Advisors announced the closing of over $5 million in PACE financed transactions in Ohio. PACE was used to finance energy efficiency improvements on the following property types:
- high-rise commercial office building
- low-rise commercial office building
- luxury hotel
- small commercial service businesses
PACE Case Study:
Top of the Market
Top of the Market Banquet Center is a 24,000 sq. ft. restaurant, catering, and events facility located in downtown Dayton, Ohio. The building offers two rooms for private events with capacity for groups of up to 400 people.The property owner was interested in making energy saving improvements to the facility using PACE financing.
Its contractor recommended a number of different measures including a lighting retrofit, walk-in cooler controls, HVAC replacement, and a roof replacement. Combined, the improvements are expected to reduce the property’s utility use by 19 percent annually. The final project totaled $511,776 and was financed over 15 years using PACE.
Since 1928, Bertke Electric has been providing electrical services as a first class electrical contractor. Specializing in lighting audits and retrofits, all of its technicians are highly skilled and trained in their respective fields. In future newsletters, we will be sharing details about the PACE financed projects that Bertke Electric is working on with the GC-PACE program.
GC-PACE Outreach Events
- Solar Energy Workshop – RSVP required
December 3 from 6:30 – 8:30 pm at Terwilliger Lodge
- PACE for Commercial Real Estate (CRE) Professionals – RSVP required
December 8 from 7:30 – 10:00 am at the Carl H. Linder College of Business
- Duke Smart Saver Trade Ally Annual Meeting – Invitation only
December 9 from 7:30 – 11:00 am at the Cincinnati Museum Center
- PACE 201 for Commercial Contractors – RSVP required
December 16 from 8:30 – 11:30 am at TechSolve
If you are interested in learning more about PACE financing, please email or call Chris Jones at 513.621.4232 ext. 121.