Chicago, IL (June 16, 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 the announcement of two additional PACE capital providers, CastleGreen Finance and Greenworks Lending.
Several additional capital provider applications are underway as the Chicago PACE program expands. The full list of program capital providers is available at www.chicagopace.org/capital-sources.
"Additional funding sources open the market further, as each approved provider will not only put capital to work in the marketplace, but they will serve to raise awareness of the program among property owners and developers," stated Jana Wesley, Managing Director of Chicago PACE.
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.