Nuveen Green Capital, along with other stakeholders including the C-PACE Alliance, the Keystone Energy Efficiency Alliance, the Sustainable Energy Fund, and the Philadelphia Energy Authority played a key role in providing technical assistance and advocacy to expand the Pennsylvania C-PACE program to incorporate multifamily rental and mixed-use properties as well as broaden qualifying measures to include resiliency and indoor air-quality related improvements. Yesterday, Governor Tom Wolf signed the bill, Pennsylvania SB635, which was sponsored by State Senator John Yudichak and State Representative Doyle Heffley.
Commercial Property Assessed Clean Energy (C-PACE) makes it possible for commercial property owners to obtain low-cost, long-term, fixed-rate financing for energy efficiency, water conservation and renewable energy projects.
Previously, Pennsylvania’s C-PACE program did not allow for residential multifamily projects to be deemed as qualifying commercial properties in its statute. The bill will go into effect in about 60 days and will immediately unlock economic development opportunities in the Keystone state, including over $300M in currently planned improvements to, and new construction of, hundreds of multifamily apartment units, creating an estimated 3,500 jobs for the state.
Nuveen Green Capital is a leading provider of C-PACE financing in Pennsylvania – having funded the energy efficiency renovation of the historic Wells Fargo building in Philadelphia, to supporting the construction of new hotels, to financing clean energy installations on industrial properties throughout the state. The multifamily property industry is booming in PA, and as a result of this expansion to the program, multifamily developers throughout the state will benefit from C-PACE financing as an alternative, lower cost source of capital, allowing them to unlock funds for projects that need gap financing as costs continue to increase, and as lenders dial back on their commitments.
To learn more about C-PACE for multifamily projects in Pennsylvania, reach out to Shelah Wallace, Director of Originations: firstname.lastname@example.org