When lender PACE Equity provided a $5M Commercial Property Assessed Clean Energy loan to a Brooklyn nursing home in December, it was the first C-PACE loan in New York City in two years and only the third ever. C-PACE loans are billed as a low-cost way for building owners to fund sustainability upgrades at their properties, with low interest rates and no requirement for deposits or down payments. These types of loans have gained popularity across the country — except in New York, which has strict emissions standards that would appear to make the program an obvious slam dunk for landlords. 
New York City's Local Law 97, which requires landlords to reduce their emissions or face penalties, went into effect this year, with the first penalties set to be levied in 2025. The law was expected to push building owners toward C-PACE loans, but experts in the field say that despite the industry's… Read the full story here. | 
