Governor Jerry Brown along with Julián Castro, secretary of the Department of Housing and Urban Development (HUD), met in San Francisco recently to announce a series of actions aimed at expanding financing for energy improvements in multifamily housing.
The efforts center around unlocking Property-Assessed Clean Energy (PACE) financing in the state. PACE is a mechanism for financing energy efficiency and renewable energy improvements. HUD says commercial PACE programs have the potential to provide a robust source of capital to accelerate renewable energy and efficiency retrofits for energy and water in multifamily housing, making the existing multifamily stock more affordable to renters with low incomes, and saving money for consumers and taxpayers.
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