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.