Bill
LC 3191
Overview: Bill Number: LC 3191, Title: Expanding opportunities for multifamily financing under commercial property assessed capital enhancements, Status: (LC) Draft Died in Process
Overview: Bill Number: LC 3191, Title: Expanding opportunities for multifamily financing under commercial property assessed capital enhancements, Status: (LC) Draft Died in Process, Introduced: December 13, 2024
Purpose and Intent: The primary purpose of this bill is to expand the use of commercial property assessed capital enhancements (C-PACE) financing to include multifamily residential properties. C-PACE is a financing mechanism that allows commercial property owners to access low-interest loans for energy efficiency, renewable energy, and other building improvement projects. By extending this program to multifamily housing, the legislation aims to encourage investment in energy-efficient upgrades and sustainable features for apartment buildings and other multifamily developments.
Key Provisions:
- Amends the existing C-PACE program to include multifamily residential properties with 5 or more units
- Allows multifamily property owners to access C-PACE financing for a range of eligible improvements, including energy efficiency, renewable energy, water conservation, and resiliency measures
- Establishes guidelines and requirements for multifamily C-PACE projects, such as energy audits and cost-effectiveness criteria
- Provides for the creation of a multifamily C-PACE financing district to facilitate program participation
Affected Parties and Impacts:
- Multifamily property owners, who will have access to a new financing option for building upgrades
- Tenants of multifamily properties, who may benefit from reduced utility costs and improved living conditions
- The broader community, as the program supports investment in sustainable and resilient housing stock
Procedural and Timeline Considerations:
This bill was introduced as a draft in the state legislature but did not advance further in the legislative process. If reintroduced in the future, it would need to go through the full committee review, floor debate, and voting procedures before potentially becoming law. The timeline for any future consideration and potential passage would depend on the legislative agenda and the level of support or opposition the bill receives.
Compiled from official sources — confirm details with the bill’s official record.
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