Program Name: Commercial Property Assessed Clean Energy (C-PACE) Financing
Organization: Illinois Finance Authority
Address: 160 N. LaSalle Street, Suite S-1000

Chicago, IL 60601
Phone: (312) 651-1300
Fax: (312) 651-1350
TDD: (800) 717-6066
Email: bfletcher@il-fa.com
Website: www.il-fa.com
Application Deadline: Applications are accepted on a rolling basis
Application Guidelines: Applications are available on the Authority website at www.il-fa.com
Briefly Describe the Purpose of the Program
C-PACE financing can be used by owners and developers to finance or refinance eligible improvements affixed to any privately-owned commercial, industrial, non-residential agricultural, or multi-family (of 5 or more units) property or any property owned by a not-for-profit in connection with renovations of existing buildings and new construction.  C-PACE financing is non-recourse to the record owner and assignable upon transfer of the property.  C-PACE financing does not accelerate upon a default (payment or otherwise), permits terms of up to 40 years, and allows financing of up to 100% of all project and closing costs.
Year Program Established: The Authority was established in 2004.
Eligibility Requirements or Restrictions
Eligible improvements generally include fixtures, products, systems, equipment, devices, and materials intended for energy efficiency, renewable energy, resiliency, or water use; electric vehicle charging stations are eligible improvements too.
Funding Cap Per Application or Fiscal Year Program Funding: Up to 25% of the value of the property
How Must Funds Be Used
The amount of any financing or refinancing, or interim financing, of a PACE Project may include any and all of the following: the cost of materials and labor necessary for acquisition, construction, installation, or modification of the PACE Project, permit fees, inspection fees, application and administrative fees, financing fees, reserves, capitalized interest, costs of billing the assessment, and all other fees, costs, and expenses that may be incurred by the record owner pursuant to the acquisition, construction, installation, or modification of the PACE Project, and the costs of issuance of bonds or notes issued by the Authority on a specific or pro rata basis, as determined by the county or municipality, as evidenced by its execution of the assessment contract, and may also include a prepayment premium.