GreenFinanceSF – Commercial officially launched on October 13,2011
GreenFinanceSF – Commercial officially launched on October 13, 2011 using the “open market” PACE model in which property owners negotiate project financing, including the interest rate and repayment term, with qualified project lenders willing to fund their project. When a project is approved, the City sells a bond to the project lender, and the proceeds from the sale fund the project. A special tax is then levied on the property, which is collected through the property tax bill and paid back to the project lender. Other key features of PACE are that it provides for the option of longer amortizations than typical commercial loans, and the payment obligation can run with the property, not the owner. The Program will assist in facilitating introductions between interested owners and qualified lenders.
“GreenFinanceSF-Commercial is the next big step forward in San Francisco’s efforts to dramatically reduce energy use and carbon emissions,” said San Francisco Mayor Edwin Lee. “We are excited about the potential to unlock an enormous amount of private investment – from a wide range of sources – and create thousands of local construction jobs. As of today, we are open for business.” “This program will save property owners money, add property value, and put people to work” said Supervisor Eric Mar, who co-sponsored the legislation allowing for the creation of PACE programs in San Francisco.
GreenFinanceSF Website
Program Documents
GFSF Two Page Program Overview 11-14-11
GFSF Program Handbook 11-17-11
GFSF Request for Applications 11-16-11
GFSF Initial Application Form 11-16-11
GFSF Form of Lender Consent (non-residential)
GFSF Form Property Owner Unanimous Approval (non-residential)
GFSF Form Bond Purchase Agreement
