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Salem council asks staff to explore establishing CPACE program to finance energy, seismic and water upgrades
Summary
Council voted unanimously to direct staff to study whether the city should opt into a Commercial Property Assessed Clean Energy (CPACE) program, a lien-based financing product that enables long-term financing for energy efficiency, renewable energy, water and seismic improvements on commercial and multifamily properties.
The Salem City Council unanimously authorized staff Monday to explore implementing a Commercial Property Assessed Clean Energy (CPACE) program in Salem, a financing mechanism that attaches a long-term assessment lien to a property to fund energy, water, seismic and other qualifying improvements.
Dana DeKline, assistant director of urban development, explained the program structure: CPACE allows private lenders to fund eligible improvements and secure repayment through a municipal special assessment lien recorded against the property. Because the lien can match…
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