How C-PACE works for you
C-PACE for Capital Providers
Welcome to C-PACE — an innovative, voluntary financing program for commercial, industrial, and multifamily (with five or more units) property owners. We’re delighted that you’re looking to expand your funding opportunities through C-PACE, which helps property owners access private-sector financing for the installation of building improvements that can reduce energy consumption and increase the value of their property.
C-PACE investments are secured by an Assessment and Assessment Lien placed on the Qualifying Commercial or Industrial Real Property on which the Qualified Improvement Projects are developed through a voluntary Assessment Agreement executed by the City and the Property Owner(s) of record. Upon Recording of the Notice of Assessment and Assessment Lien (to which the Assessment Agreement is attached), the Assessment and Assessment Lien is prior and superior to all liens, claims, encumbrances and titles other than the liens of assessments and general taxes attached to the Tract pursuant to the provisions of NRS 361.450, and:
- Is senior to all other previously Recorded senior liens of a Lender, provided a written Lender Consent is executed by the applicable Lender and Recorded; and
- Shall run with title to the Tract and shall not be extinguished by the sale of any property on account of the nonpayment of general taxes.
Immediately following the Recordation of the Notice of Assessment and Assessment Lien, an Assignment of the Assessment and Assessment Lien, executed by the City for the benefit of the Capital Provider, is Recorded, by which the City’s rights and obligations under the Assessment Agreement are assigned to and assumed by the Qualified Capital Provider, which shall then be solely responsible for billing, collection, and enforcement of the Assessment and Assessment Lien.
Qualified Capital Providers are also encouraged to originate Financings for Qualified Improvement Projects with Property Owners, but a precondition to approval is obtaining and Recording at the closing of the Financing any necessary Lender Consent.
Eligibility and How to Qualify
The C-PACE program seeks to stimulate the market through an open-access-to-capital model. For this reason, any capital provider may submit a C-PACE capital provider application.
To qualify as a capital provider for the C-PACE program, simply download, complete, and submit the Capital Provider Application. The approval process can take up to 10 business days. Once a capital provider is approved, the firm can choose to have its name and logo displayed on the C-PACE website for marketing purposes. Note that by providing this list, the City of Reno, the City’s Program Manager, the Reno C-PACE program, and its Program Administrator are not recommending or endorsing any specific capital provider.
Ways to Participate
Qualified capital providers can participate in two ways:
- Work with property owners to underwrite projects and help them prepare their application for financing approval. We encourage capital providers to submit a Capital Provider Application with the program prior to submitting a project application.
- Collaborate with the program administrator to evaluate funding opportunities. In some instances, property owners may apply for C-PACE financing without a pre-selected capital provider. In this case, the C-PACE program administrator will share pre-approved project information with qualified capital providers to determine their interest in funding the project.
The C-PACE program reserves the right to revoke the eligibility of any capital provider for any reason that the program administrator finds to be in violation of program’s mission and practices. View a list of frequently asked questions or the Capital Provider Directory.
How to Get Started
Capital providers with an interest in financing eligible projects in the C-PACE program are encouraged to download, complete, and return the Capital Provider Application. You may download this application here. Once the Application is reviewed and approved, the capital provider will be added to the list of qualified capital providers and posted on the C-PACE website.
Qualified capital providers, which provide financing to eligible property owners, are responsible for underwriting each C-PACE financing transaction to determine whether or not to invest in a project. Each project will be subject to technical review by the C-PACE program administrator to confirm eligibility per the program guidelines.
If a qualified capital provider chooses to finance a project, it will enter into a Financing Agreement with the property owner. This document details the terms and conditions under which the financing will be made. The billing and collection of C-PACE assessment payments will be managed by the capital provider.