Getting Ready for PACE in New Jersey (Part 3)*

The previous section noted the key definitions, including those concerning the local programs that the top one-third of municipalities may implement with the approval of the NJEDA (“the authority”).

Reporting Requirements

Before getting into the substance of the program, the legislation specifies that the NJEDA will report to the legislature and the Governor every year, with a complete program evaluation report after five years. Municipalities that opt to create their own programs must do this too.

The Program Mandate

a. The authority shall establish a Garden State C-PACE program to facilitate the financing of C-PACE projects in municipalities that adopt an opt-in ordinance.

The Garden State C-PACE program shall consist of the development of uniform assessment documents and program guidelines for the financing of C-PACE projects…

—that conform to the requirements and are requested by property owners.

This section then says that the NJEDA can engage third parties to assist with the program implementation, administration, or both, subject to a competitive bidding process. The authority can delegate any of its functions other than its general oversight of the program.

It can also enter into an agreement with other agencies and levels of government to fulfill its responsibilities. Finally, it can establish a loan loss reserve or provide guarantees “to mitigate the repayment risk assumed by capital providers providing direct financing, in order to improve the availability and financial terms of such financing of C-PACE projects for property owners.”

(Continues…)

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*This is a layperson’s interpretation of the statute and should not be construed as legal advice or relied upon without consulting a qualified attorney.

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