PACE in Virginia
The amended PACE legislation went into effect July 1, 2015. This new PACE law represents an innovative and creative financing tool that is particularly appealing to the business community – an option that is consistent with free market principles, is completely voluntary, and puts no public funds at risk. The key to the PACE program is a cooperative arrangement between private property owners, lenders and local governments that enables property owners to make valuable improvements to property that reduce demands for energy and water in a way that benefits all parties to the arrangement.
On December 1, 2015, Virginia’s state energy office, the Department of Mines, Minerals and Energy (DMME) released uniform financial underwriting guidelines for Virginia PACE. These guidelines are voluntary and allow an individual jurisdiction flexibility in the approval process.
Abacus Property Solutions assisted in writing the guidelines with DMME and teamed with DMV (metro DC) stakeholders to educate lenders on PACE, and integrate the metro PACE guidelines into those for Virginia.