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House Bill 120 would broaden CPACE multifamily definition to include low-rise apartments
Summary
Sponsor and multiple proponents told the House State Administration Committee that changing the statutory definition of "multifamily housing facility" will allow more workforce and affordable housing projects to access CPACE financing for energy- and water-efficiency upgrades.
Representative Julie Darling introduced House Bill 120, which would revise the definition of "multifamily housing facility" in the Commercial Property Assessed Capital Enhancements (CPACE) statute to allow more multifamily projects — including two- and three-story, no-elevator buildings — to access CPACE financing.
"CPACE is a way for business owners to get financing from private lenders and complete cost effective improvements on their buildings that provide energy efficiency, water efficiency, or renewable energy," Darling said while opening the hearing.
Adam Gill, executive director of the Montana Facility Finance Authority (MFFA), told the committee the current CPACE statute references a definition in MCA 49-2-3056 that was written to…
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