HB 2642
Relating to establishing a commercial property assessed capital expenditure financing program for localities
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Sign in to take action- Introduced
- Passed House of Delegates
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill creates a Commercial Property Assessed Capital Expenditure (C-PACE) financing program in West Virginia. The program, administered by the West Virginia Economic Development Authority, aims to help property owners finance energy efficiency, water conservation, renewable energy, and resiliency improvements to commercial properties. Localities can opt into the statewide program, and loans are secured through voluntary special assessment liens on the properties being improved.
Key provisions
- Defines key terms like ‘Eligible improvements,’ ‘Eligible properties,’ and ‘Program administrator.’
- Designates the West Virginia Economic Development Authority as the statewide sponsor for the C-PACE program.
- Allows localities to adopt ordinances authorizing C-PACE loans for specific improvements.
- Establishes a process for localities to delegate billing and collection of C-PACE loan payments.
- Requires the placement of a voluntary special assessment lien on properties receiving C-PACE financing.
- Specifies priority of the special assessment lien relative to other liens.
- Outlines enforcement mechanisms for delinquent assessments.
- Mandates a public hearing before a locality can enact a C-PACE ordinance.
Who is affected
- Commercial property owners
- Local governments
- West Virginia Economic Development Authority
- Lending institutions
- Property tax administrators
Notable changes
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