DETROIT—With Lean & Green Michigan serving as program administrator, Wayne County’s Commercial Property Assessed Clean Energy program has continued to participate in the revitalization of Detroit, resulting in economic development across Wayne County. Last month, PACE Loan Group, through the LAGM PACE program, financed two more multifamily projects in Detroit’s North End neighborhood, each facilitated by the Wayne County Executive’s office.
“As Detroit and Wayne County have been restored to national and international prominence, we must ensure that people are able to affordably live where they work,” said Wayne County Executive Warren C. Evans in a news release. “These C-PACE projects will result in energy efficient buildings that are affordable housing for the community. Let this be a model that proves that energy efficiency and affordable housing can, and should, go hand in hand.”
LAGM acted as the PACE administrator for the deal. Said LAGM President Todd Williams: “One of the best applications of C-PACE is a gut renovation and rehab. Through these projects, we were able to coordinate financing that will ultimately be used to create affordable housing for the neighborhood. We’re glad to work with entities such as the Wayne County Executive Office and PACE Loan Group to build more affordable housing in communities that need it.”
C-PACE is a source of long-term capital for commercial property owners implementing energy efficiency measures into their buildings. PLG provided capital to finance whole-building systems, including water, HVAC, and roof replacement. “PACE is rapidly gaining traction as an integral part of the capital stack. Gut rehabs for affordable housing are an ideal use of PACE financing,” stated PLG CEO Rafi Golberstein.
Commercial developers can use C-PACE to obtain low-cost, long-term financing for sustainable building improvements. C-PACE utilizes borrowed capital which is repaid over a 20- to 30-year period through tax assessments. According to PACENation, upwards of 2,900 commercial projects have been funded by over $4 billion in PACE loans.
PACE Loan Group is a national leader in the C-PACE marketplace, providing direct C-PACE financing to commercial property owners. The PLG team provides expertise up and down the capital stack. To learn more about PLG, visit our website at www.paceloangroup.com.
Lean & Green Michigan helps commercial, industrial, multifamily, nonprofit, and agricultural property owners finance energy efficiency, water conservation, and renewable energy projects that are profitable for all parties – property owners, contractors, and local governments. Lean & Green Michigan (LAGM) is the third-party administrator for our local governments’ Property Assessed Clean Energy (PACE) programs. For more information, visit www.leanandgreenmi.com