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Banks, program operators and committee weigh commercial PACE bill
Summary
Bankers and PACE providers described lender‑consent, lien priority and administration models for commercial PACE; witnesses said lender consent language is critical to securing commercial lending support and administrators can minimize municipal burden through third‑party operation.
The committee shifted to S.301, a bill to authorize commercial Property Assessed Clean Energy (C‑PACE) financing. Christian Delia (Vermont Bankers Association) told the committee that the draft’s consent language on page 6—requiring applicants to seek approval from existing lienholders before taking a PACE assessment—is “absolutely vital” to preserve commercial lenders’ priority positions and make the product workable for larger commercial loans.
Delia explained commercial mortgages are often large and lenders will resist a new lien that takes priority over their position. “To have somebody…
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