Philadelphia C-PACE Program Guidelines: Public Comment Period Closed
Thanks to those of you who shared comments on the proposed Philadelphia C-PACE Program Guidelines. They will be updated shortly and posted in the Program Resources page.
As Philadelphia’s C-PACE Program Administrator, the Philadelphia Energy Authority regularly updates our C-PACE Program Guidelines. PEA is offering C-PACE stakeholders an opportunity to provide comments on the changes before they are finalized.
Temporary COVID-19 Extension for Retroactive C-PACE Financing project eligibility
Philadelphia C-PACE Program
December 9, 2021
In response to the COVID-19 pandemic and the resulting protracted impact on the capital markets for commercial real estate, the Philadelphia Energy Authority, the Philadelphia C-PACE Program Administrator, will allow up to a 6-month extension of the deadline for Retroactive C-PACE Financings for projects completed on or before December 1, 2020.
Per Section 11 of the Philadelphia C-PACE Program Guidelines, retroactive financings must close within 730 days of the project’s construction completion date or when the project received its certificate of occupancy.
With this extension, projects that received their Certificate of Occupancy or equivalent on or before December 1, 2020 have been granted an extension of up to an additional six months (183 days) of retroactive eligibility or until December 1, 2022, to complete C-PACE Financing, whichever date is sooner. Several examples follow: