June 17, 2022

An Introduction to NYC’s Accelerator PACE Financing Program

Real estate partner Joe Brasile and associate Anthony Todaro coauthored an article for New York Law Journal about the NYC Accelerator Property-Assessed Clean Energy (PACE) Financing Program, which was established to provide financing to fund the costs of Local Law 97 (LL97) compliance in the form of assessments added to a property’s tax bill.

Brasile and Todaro outline items that the PACE financing provides for: (1) a long-term, fully amortizing loan; (2) a fixed, low-interest rate; (3) 100% non-recourse financing; (4) no mortgage recording taxes; (5) no acceleration upon default; and (6) a loan which is not due on sale.

The authors also provide an overview of LL97, guidelines of the NYC Accelerator PACE Financing Program, and the PACE financing process.

Full Article

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