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:
Certificate of Occupancy or Equivalent
|Final Date for C-PACE Financing Closing|
|August 1, 2019||+913 days = January 30, 2022|
|December 31, 2019||+913 days = July 1, 2022|
|June 30, 2020||+884 days = December 1, 2022|
|August 15, 2020||+838 days = December 1, 2022|
|December 1, 2020||+730 days = December 1, 2022|
All retroactive project applications must continue to adhere to the requirements in the Philadelphia C-PACE Program Guidelines.