PACE Financing Program

Effective date: August 8, 2026

Printable Version of Proposed Rule Text
Certified-DOF-Proposed-Amendment-of-Rules-Relating-to-PACE-Financing-Program.pdf

Printable Version of Adopted Rule Text
Amendment-of-Rules-Relating-to-PACE-Financing-Program.pdf

External Hearing audio/video

Adopted rule summary:

Pursuant to the authority vested in the New York City Department of Finance (“DOF”) pursuant to New York City Charter §§ 1043(a) and 1504 and Chapter 30 of Title 11 of the New York City Administrative Code, DOF hereby adopts rules amending the implementation of Local Law 96 of 2019, which created the Sustainable Energy Loan Program (“Program”) within the City of New York (“City”). The Program is intended to encourage energy efficiency improvements and the installation of renewable energy systems that save energy and reduce utility costs in the City. These amendments remove an existing requirement that the full loan amount be considered disbursed as of loan closing, and instead allow the loan to be provided in installments in a manner by which interest accrues only on the loan funds that have been disbursed, ultimately reducing financing costs for borrowers.