CSCDA Open PACE Program

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On December 14, 2016, the Agoura Hills City Council approved Resolution No. 16-1828 consenting to include properties within the incorporated area of Agoura Hills in the California Statewide Community Development Authority (CSCDA) Open Pace Program to finance renewable energy sources, energy and water efficiency improvements, and seismic strengthening improvements on both residential and commercial properties. The CSCDA program provides property owners several pre-qualified PACE finance providers operating the following programs:

• Alliance NRG Program
• PACE Funding LLC,
• Renewable Funding LLC (administering CaliforniaFIRST)
• Clean Fund Commercial PACE Capital
• Spruce Finance

These PACE finance providers for the CSCDA’s Open Pace Program assist with these improvements. This is not a City administered program, but the City's governing body approved participation in the program as it provides benefits to residential and commercial property owners.

The CSCDA’s Open Pace Program enables homeowners and commercial property owners to install energy efficiency, renewable energy and water-saving improvements, and seismic strengthening improvements to their properties. Under the CACDA’s property owners may work with several CSCDA approved program administrators, to finance these home and commercial property improvements.

A unique financing tool, PACE allows CSCDA to issue a bond to a lender, which secures funding for the installation of energy and water efficiency, seismic strengthening and renewable energy projects that are permanently fixed to the property. Home owners and commercial property owners then repay financing annually through an assessment on their property tax bill. The OPEN PACE financing enhances property values, lowers property energy bills, reduces greenhouse gas emissions, and creates green jobs.

NOTE: As the program is financed by a levying a contractual assessment against the property and placing a lien on the real property, before completing a program application, you should carefully review any mortgage agreement(s)or other security instrument(s) which affect the property or to which you as the property owner are a party. Entering into an assessment contract without the consent of your existing lender(s) could constitute an event of default under such agreements or security instruments. Defaulting under an existing mortgage agreement or security instrument could have serious consequences to you, which could include the acceleration of the repayment obligations due under such agreement or security instrument.

In addition, Fannie Mae and Freddie Mac, the owner of a significant portion of all home mortgages, stated that they would not purchase home loans with assessments such as those offered by the county of Los Angeles. This may mean that property owners who sell or refinance their property may be required to prepay such assessments at the time they close their sale or refinancing.


WHAT DO I DO TO GET STARTED?

• Go to http://www.cscda.org/Open-PACE. Select from the choices of PACE financial providers under either the Residential or Commercial sections

• Click on the “LEARN MORE” tab to access the specific provider’s website. Applications can be submitted directly on the respective website.

Contractors whose will be used for the installation any of the renewable energy improvements will still be required to pull the necessary building permits, receive applicable Planning Department approval, and apply for a City Business License.

IS THERE A FREQUENTLY ASK QUESTION SHEET I CAN REVIEW?
Yes. Each of the finance providers listed has information on their respective websites.

IS THERE A LIST OF APPROVED CONTRACTORS?
Each administrator may have a list of contractors affiliated with the program. As CSCDA is constantly monitoring contractor activity and validating contractors are complying with program requirements, the list is consistently changing. The CSCDA asks participants to check the applicable program administrator website for the most up to date list.

ARE THERE OTHER FEES INCLUDED WITH IN THE PACE PROGRAM?
Yes. In additional to the amount to be finance for the selected improvement, the program does include other program associated costs, such as program and administration management related fees, closing fees, reserve fund deposit, and loss reserve program fees. Some of these fees are one-time, while others are annual. The additional fees will be identified in the assessment contract forms participant will eventually sign.

WHO DO I CONTACT FOR PROGRAM QUESTIONS?


For CSCDA related questions, please contact:

James Hamill, Managing Director (925) 476-5644
Jon Penkower, Managing Director at (925) 476-5887

For PACE Program related questions, please contact:

Alliance/NRG
C.J. DeSantis – (561-) 409-0343

California First
Jonathan Kevies – (510) 451-7900

CleanFund
Will McCalpin – (415) 256-8000 x 106

PACEFUNDING
John Law – (209) 602-8990

Spruce

James Vergara – (917) 250-0758

Documents

CSCDA Open PACE Program
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