Chicago, LI (March 8, 2021) -- Chicago PACE, a program of the City of Chicago’s Department of Planning and development, announced today an expansion of the public-private partnership designed to attract private capital to fund sustainable development and improvements to multifamily and commercial buildings throughout the City. The expansion comes in the form of an open invitation for PACE (property assessed clean energy) capital providers to orientate themselves with the program and to apply with the Chicago PACE to become registered capital providers, a process that will be explained on the call.
The information session for interested capital providers will be held on March 15, 2021 at 1:00PM CT. Interested financial firms should register for the webinar by clicking here. Registration is required in advance and live attendance is encouraged, though the session will be available for registered parties who can not make the initial call.
Please note this orientation is for capital providers or “lenders” only. Property owners, developers, and contractors interested in Chicago PACE financing should contact the program via the website at ChicagoPACE.org/inquiry.
The information session will be led by Chicago PACE managing director Jana Wesley and will include a review of the program guidelines, market update, and question and answer session.
About Chicago PACE:
Chicago PACE makes it possible for owners and developers of commercial properties to obtain low-cost, long-term financing for energy efficiency, sustainability and renewable energy infrastructure deployed in new or existing buildings. This City of Chicago program is based on legislation that classifies energy efficient and/or renewable upgrades as well as above-code new installations as a public benefit. These “green” infrastructure elements and associated soft costs (permitting, structural support, etc.) can be financed with no money down and then repaid as a benefit assessment on the property tax bill over a term that matches the useful life of improvements (often as long as 20-25 years). The program thus delivers a financial tool that facilitates the City's sustainability efforts while providing economic development opportunities by reducing capital costs and driving down operational expenses for existing properties and new projects.