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Dear Friend of Duval & Stachenfeld:

The other week our office shared with you exciting progress being made in the rollout of the New York City PACE program in the form of a new set of released program guidelines (the “Guidelines”). Those new guidelines included highly-anticipated eligibility requirements for New Construction projects, ground leases, and other points of clarification.

We are disappointed to share that those Guidelines have been rescinded and withdrawn less than a month after its highly anticipated release. New York City released the following statement late last week: 

The Mayor’s Office of Climate & Environmental Justice and the New York City Energy Efficiency Corporation, acting in its capacity as the NYC Accelerator PACE Program administrator (Administrator), have withdrawn the 2.0 version of the Program Guidelines posted on March 4, 2022 (v2.0) and are replacing it with a revised version 2.1. The next phase of implementation includes finalizing the remaining Program Documents. This will be followed by the issuance of Program Guidelines version 3.0, which will address new construction and leasehold interests.

At this time, the Administrator intends to resume its review of loan applications for renovation projects of existing buildings pursuant to the Program Guidelines version 2.1. Any loan application for a project to construct a new building, including a loan application submitted prior to the issuance of the 2.0 Program Guidelines, is not eligible for review at the present time and will be rejected.

Version “2.1” of the Guidelines, which is now the most recent version, has removed all references to New Construction, Major Renovations, and ground leases. 

This means that developers of new construction or major renovation projects continue waiting on the sidelines for the opportunity to participate in New York City’s PACE program three years after PACE legislation was passed by the City Council. There is no word on when New York City will be releasing version 3.0 of its program guidelines. As always, we will keep you posted as we learn of more progress.


Any questions can be directed to our PACE Finance Group:
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