§ 58-03 Eligibility Criteria for Loan.
RCNY § 58-03
a. The Program may provide a Loan only for the benefit of real property located within the City of New York that is not a private dwelling as defined in subdivision 6 of section 4 of the New York State Multiple Dwelling Law. b. To be eligible for a Loan, an Applicant must: 1. Be the owner of: i. A freehold interest in the subject real property; or ii. A leasehold interest in the subject real property, where the following conditions are met: (a) The owner of the freehold interest in such real property has agreed in writing to the Applicant’s participation in the Program, and has no outstanding civil penalties, taxes or other debt owed to the City or to the New York City Water Board at the time the PACE loan is made; (b) The leased premises constitutes one or more Borough Block and Lots (BBLs) in their entirety and does not include a portion of any BBL; (c) The remaining term of the agreement providing the Applicant with the leasehold interest in the subject real property is no less than the term of the PACE loan; and (d) The leasehold interest has been recorded or is eligible to be recorded in the real property records for the subject property with the city register or the Richmond county clerk; 2. Enter into a Program Financing Agreement with a Lender; 3. Comply with all project approval requirements and application requirements contained in the Program Guidelines and these rules; 4. Not be directly or indirectly affiliated with or owned or controlled by the Lender; and 5. Have no outstanding civil penalties, taxes or other debt owed to the City or to the New York City Water Board at the time the PACE loan is made. c. A Loan may be provided to finance any of the following: 1. The installation of an Energy Efficiency Improvement that is: i. Likely to result in savings in energy consumption, or are otherwise appropriate, as determined by an Energy Audit; and ii. Demonstrated to be cost-effective according to criteria set forth in the Program Guidelines; 2. The installation of Renewable Energy Systems that are practicable, or otherwise feasible, as determined by a Renewable Energy System Feasibility Study; 3. An Energy Audit; 4. A Renewable Energy System Feasibility Study; 5. The verification of the installation of such Energy Efficiency Improvement and Renewable Energy System; or 6. A New Construction or a Major Renovation when: i. Such New Construction or Major Renovation constitutes the design, development or construction of a Low Carbon Building; ii. Any Energy Efficiency Improvement installed in such Low Carbon Building is demonstrated to be cost-effective according to criteria set forth in the Program Guidelines; and iii. Any Renewable Energy System installed in such Low Carbon Building is determined to be feasible according to criteria set forth in the Program Guidelines. d. The Administrator, on behalf of OLTPS, will determine that an Applicant is eligible for a Loan, pursuant to subdivision b of this section, and that an Applicant seeks a Loan for one of the purposes described in subdivision c of this section. The Administering Agency shall not be responsible for determining eligibility of Applicants or for approving Loans. (Added City Record 3/22/2021, eff. 4/21/2021; amended City Record 10/8/2021, eff. 11/7/2021; amended City Record 10/5/2023, eff. 11/4/2023)
