How C-PACE financing can ease the burden of Local Law 97

Ian Wilkin
Proposal Status
Ready for Committee Review
Username
Ian Wilkin
Proposer First Name
Ian
Proposer Email
ian.wilkin@nuveen.com
Proposer Last Name
Wilkin
Proposer Phone
(917) 796-2944
Proposer Job Title
Marketing and Communications Associate
Proposed Session Description
Proposal to lead an educational session on the opportunity represented by commercial PACE (C-PACE) financing. The session will cover basics of C-PACE financing from applicable property types and approved energy saving/renewable measures to the distribution of funds to contractors to repayment through the property tax structure. By attending this session, participants will learn about C-PACE, what it is, how it works and how C-PACE can finance a diverse set of efficient energy sources. They will also learn how to get started with C-PACE and how to access resources for learning more about the program.
Why is this session important?
Recent legislation passed by the NYC Council (Local law 97) is putting tremendously strict new requirements on commercial buildings (including non-rent controlled multifamily) beyond benchmarking to reduce energy consumption and GHG emissions. C-PACE was adopted by the City simultaneously (Local law 96) to act as a ‘carrot’ for property owners to have a source of funds available to make the necessary capital improvements to meet these requirements. More info on the C-PACE ordinance here: https://council.nyc.gov/data/green/ We will discuss how C-PACE works and how it can be used as a financing tool for green new construction, retrofits and help building owners comply with Local Law 97.

Comments

Paul Cosway Wed, 04/27/2022 - 5:16 pm

Maybe - it's a bit of a pitch, but still important.Thoughts:1.  Consider pitching to topic more positively -- How C-PACE Financing can make LL97 Compliance Possible.  (rather than easing the burden)   Then the description of C-PACE can focus on how it differs from traditional project funding and what is required to qualify.2. Case studies, as proposed, would be a great tool to have the C-PACE concept made real.  The proposal mentions "details on particular cases" -- I suggest this focuses on the details that allowed C-PACE to convert a no-go into a live project.  It is very helpful to do as proposed and talk about the follow-up verification required for each project - especially if this is challenging (or just new).3.  I don't immediately see how breakout groups would work.  Maybe if there are more case studies and each group looks at a different example.  Alternately if there are C-PACE details that differ between Retrofit/New or Commercial/Institutional/MF, that could be the reason for a breakout.   Otherwise I think that Q&A and panel conversation would work better.

Jeannine Altavilla Tue, 05/03/2022 - 6:43 pm

Round 1 No. How many times has C-PACE been presented? What is new that wouldn't have been learned in previous years? What case studies will be presented and are they different from what has been shared previously? 

Christina McPike Tue, 05/03/2022 - 7:55 pm

Round 1: No, but - we definitely don't need a C-PACE only session...I suggest inviting Nuveen to join the NYCEEC/Green Bank panel (proposal 118)...Who's got the best financing solution and why? Or do we need them all? (Followed by Part 2 financing in action case studies)I also want to note here that ConEd suggested via email they'd be intersted in presenting their new "Heat as a Service" offering, which could be very interesting to include with Proposal 118.

Andrew Chintz Thu, 05/05/2022 - 11:45 am

No - not in its current format, not innovative enough.  PACE is old news, how can we make it more effective for climate action goals?  Address the short-comings and make recommendations.  PACE does not really serve the multifamily market, but NYC has 1mm buildings and 80% are multifamily and most have to deal with LL 97.  Affordable housing is difficult, condos not allowed with C-PACE, major coop mortgage lenders will not consent, numerous small buildings/projects are under the minimum size thresholds for most PACE lenders - how can we address these issues? 

Learning Objectives
Participants will be able to learn about C-PACE financing
Participants will learn how C-PACE can be used as a tool for green new construction projects and for compliance in local ordinances (with examples)
Participants will learn about details on particular case studies, i.e. the measures and installations, as well as verification of proposed energy savings
A discussion of “what’s in it for the municipality” and what are the responsibilities of each party (property owner, taxing municipality and lender)
Has this session been presented before?
No

NYC 2022 Areas of Focus

Session Format
Interview or structured conversation among panelists
Lightning Round (several brief idea pitches followed by discussion)

Strongest Content Connection - NYC 2022

Comments about your speaker roster
Jessica Bailey, a developer of the nation's earliest commercial PACE financing program and co-founder of Nuveen Green Capital, proposes to lead an educational session on the opportunity represented by commercial PACE (C-PACE) financing the state legislated program becomes available in more states each year.
Reviewer 1
Cosway, Paul
Proposal #
112
Committee Decision
Rejected

Presenters