Council approves new providers for innovative financing mechanism
LOS ANGELES, CA –Councilmember Bob Blumenfield today secured Council support to expand the number of Property Assessed Clean Energy (PACE) financing providers from two to four, increasing competition while expanding choice and lowering rates. PACE is a state-run program that assists property owners to finance upgrades by allowing them to be paid off as an assessment on their property taxes.
Today’s action follows previous Blumenfield initiatives to implement PACE for seismic retrofits and to engage the City in existing energy and water efficiency upgrade programs.
“I have long championed the PACE program as an innovative financing mechanism for critical energy, water, and seismic upgrades,” said Blumenfield. “Today’s action gives Angelenos choice as we work to build a resilient City.
As a member of the California State Assembly, Blumenfield authored legislation to extend and expand California’s existing PACE program for financing energy improvements to water efficiency upgrades as well. In August, 2015, President Obama announced he would be reducing barriers to PACE financing nationwide.
The push to implement PACE financing for seismic retrofits was spurred by last year’s release of Resilience by Design, a report put forward by Mayor Eric Garcetti’s Science Advisor for Seismic Safety, Dr. Jones. That report made resiliency recommendations in three key areas: building retrofits, securing our water supply, and strengthening our communications infrastructure.