WDCEP Partners with Greenworks Lending to Support Economic Development Using Innovative Public/Priva
Washington, D.C., July 11, 2017 — The Washington DC Economic Partnership (WDCEP) and Greenworks Lending have entered into a partnership to bring Commercial Property Assessed Clean Energy (C-PACE) financing to commercial and multi-family property owners across Washington D.C.
“The Washington DC Economic Partnership’s mission is to support business growth and economic development in Washington, DC,” said Keith Sellars, president and CEO of the WDCEP. “This partnership will help lead to more low-cost capital for city development, enhanced property values, reduced property operating expenses, and an improved environment that will ultimately support business owners and developers across the District. WDCEP will help introduce C-PACE, particularly to our partners in the development community and multifamily property owners who can utilize this program to improve housing stock and fuel redevelopment.”
Greenworks Lending’s C-PACE financing provides capital for commercial building upgrades, retrofits, and new construction that improves energy performance.
Repayment is made through the business’s property tax bill over the life of the upgrades, allowing most projects to be cash flow positive on day one.
Business owners have access to 100% financing, including both hard and soft costs
Private capital from Greenworks Lending is offered at low fixed rates and interest payments are tax deductible
Financing is secured by the property and can remain on the property upon sale
Borrowing capacity (equity) is maintained and costs can be passed to tenants
Financing is non-recourse and can be paired with other types of debt and equity on all types of commercial development
Together, these two organizations will bring this public/private financing tool to full force in the city and help property owners and developers utilize this program for improvements to the city’s building stock.
“We are deploying private capital to reduce operational expenses for property owners and paying for needed capital upgrades that have to get done.” said Jessica Bailey, Greenworks Lending co-founder and chief executive officer. “In addition to retrofits in the multifamily space and beyond, we are excited to see C-PACE used for new developments where we can reduce financing costs as part of a multi-level capital stack.”
“Recently, Mayor Bowser reaffirmed the city’s commitment to the Paris Climate Accord and sustainability while Washington D.C. was recognized by the EPA as the top municipality on The 2017 Top Cities list,” noted Keith Sellars. “Our partnership with Greenworks demonstrates our commitment to the that effort, as we simultaneously help improve the bottom line for businesses while making our city green.”
Through this partnership, WDCEP and Greenworks Lending will pro-actively reach out to the building owners and developers, and demonstrate how C-PACE should be considered for projects across the city.
The statutory basis for the C-PACE program in Washington, D.C. can be found in two pieces of city legislation: The Energy Efficiency Finance Act of 2010, and the Sustainable DC Amendment Act of 2012.
About the Washington D.C. Economic Partnership
The Washington DC Economic Partnership (WDCEP) is a non-profit, public-private organization whose core purpose is to actively position, promote, and support economic development and business opportunities in Washington, DC.
WDCEP’s purpose and success aligns with its partners in the city: to facilitate dynamic relationships with non-profit change agents, technology visionaries, artists, real estate entrepreneurs, and global enterprise leaders based on independent thinking and objective insights. We stay one step ahead of the vibrant and evolving economic landscape by monitoring the pulse of DC’s developers, startups, entrepreneurs, and big and small businesses.
About Greenworks Lending
Greenworks Lending is the nation’s leading Commercial-PACE finance provider. Our founders formed the first successful statewide C-PACE program and we now facilitate energy efficiency investments for property owners and their contractors across the nation. Our mission is to make clean energy a smart business decision. If you’re ready to get started with a streamlined feasibility, review of your C-PACE project, or simply want to learn more about this powerful commercial finance tool, visit www.greenworkslending.com/wdcep.