Charlestown is the third municipality, behind West Warwick and Smithfield, to gain approval for the C-PACE program in Rhode Island.
C-PACE allows commercial property owners to modernize their buildings, financing project costs over a period of up to 20 years through an additional charge on their property tax. If the property is sold, the repayment obligation transfers to the next owner.
Eligible projects are funded by loans secured through private capital providers, and no state or public funds are used. Property owners are required to obtain the written consent of their mortgage-holder.
The program is run by the the Rhode Island Infrastructure Bank, which was known as the Rhode Island Clean Water Finance Agency until 2015. The agency “was established in 1989 by the Rhode Island General Assembly as a quasi-public agency to administer certain federal and state programs relating to municipal or community wastewater and drinking water financial assistance,” according to the RIIB web site.
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