The C-PACE Alliance, which includes a majority of the established C-PACE lenders in the country, has stepped up to the primary role of advancing the legislation, hiring an experienced government relations attorney, David J. Pascrell, of the NJ law firm Gibbons, to help move the legislation forward.
- As of 2019, New Jersey statute was inoperative due to flaws in its bond provisions. The Governor’s Office has taken an interest in passing legislation to activate C-PACE.
- In June 2019, the Senate passed legislation drawing on CPA’s policy paper.
- In January 2020, CPA members agreed on a framework and proposed bill language consistent with its policy.
- At the end of April, the working group wrote a flowchart to explain how a statewide program and a Local PACE program would increase deal flow. The working group reached consensus on proposed bill language.
- CPA members met with a senior legislator in the NJ House who will sponsor the bill.
- Since then, the COVID-19 crisis has disrupted the regular work of the NJ House and Senate.
The bill sponsor has proposed the C-PACE legislation as an economic recovery measure.
As we noted on September 24, in July the NJ Assembly passed A2374, which incorporated many of the Alliance’s recommendations, including provisions that would designate the New Jersey Economic Development Authority (NJEDA) as the lead agency but also allow local programs (as long as they conformed to the NJEDA’s guidelines, used the same documents, and included access to the state’s program) to be established as well.
When the bill is signed, the NJEDA will then have 180 days to develop rules, guidelines, and standardized documents to permit municipalities to adopt the required ordinance to enable the program. Each of the 565 municipalities in NJ must then adopt the ordinance in order to enable PACE in their community. We hope to be part of that effort in the next several months.