- July 1, 2015: Vol. 27, Number 7

To read this full article you need to be subscribed to Institutional Real Estate Americas

PACE models in practice

by Robert Johnson Jr.

Across the United States, PACE program design and administration vary widely. All programs involve a public-private partnership. The level of private-entity participation can range from being solely a source that purchases issued bonds to marketing, originating, underwriting, and issuing and purchasing the bonds, with the government entity solely responsible for administering the PACE property tax assessment. PACE programs generally are hybrids of the following basic program models:

Public program, government administration: In this model, governmental agencies fulfill essentially all functions. Key functions include: qualifying projects, underwriting, providing warehouse funds, bond issuance (funding), recording PACE assessment liens, servicing PACE bond assessment payments, verifying lender consent and program marketing. California’s Sonoma County Energy Independence Program is an example of a mostly public program.

Public program, contractor administr

Forgot your username or password?