Legislation Establishes PACE Program In San Francisco

10 February of 2010 by

Mayor Gavin Newsom has signedthe final legislation required to establish San Francisco’s PropertyAssessed Clean Energy (PACE) program. The program makes $150 million inbonding capacity available to private property owners to financerenewable energy improvements, water conservation and energy efficiencythrough a voluntary special property tax.

Each additionalspecial property tax will be paid in full within 20 years. SanFrancisco property owners will be able to apply for financing beginningnext month.

Oakland, Calif.-based Renewable Funding, a providerof PACE financing services, will administer the program and providecapital to fund the projects. San Francisco-based Stone & Youngbergand Backstrom McCarley Berry & Co. are serving as bond underwriters.

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