The City of Cincinnati and City of Springdale passed resolutions to create Property Assessed Clean Energy (PACE) districts that will be developed and administered by the Greater Cincinnati Energy Alliance and Port of Greater Cincinnati Development Authority.
The PACE program is a voluntary private funding tool that allows real estate owners to secure financing for the cost of energy efficient upgrades such as, roofs and HVAC systems, through property tax assessments. The goal behind of program is to promote economic development by helping companies/property owners lower operating cost and increase overall cash flow.
Participants in the PACE program can except to see loan terms in the 15-30 year range with interest rates projected to be around 5-7%. Along with attractive financing terms, the program offers transferable property assessments. If a property owner later sells the upgraded piece of real estate, the property tax assessment will then transfer to the new owner of the property, upon approval from the mortgage holder.
To qualify, projects must have a cost greater than $50,000 and be for a commercial, industrial, not-for-profit, or agricultural building.
To learn more about this program, please contact Kristen Howard at 513-241-8313.