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IFA PACE Program (Commercial PACE Bonds)
Illinois — state programup to 25% of the value of the property; up to 100% of all project and closing costs; terms of up to 40 yearsDeadline: rolling
The Illinois Finance Authority's statewide C-PACE program enables owners and developers of eligible commercial, industrial, non-residential agricultural, multi-family (5+ units), or non-profit properties to finance or refinance clean energy, energy efficiency, resiliency, water use, and EV charging improvements through property-assessed bonds. IFA issues bonds and notes via a standardized open indenture with capital providers, lowering legal and financing costs. Financing is non-recourse, assignable upon property transfer, and does not accelerate upon default.
Program details
- Type
- loan
- Amount
- up to 25% of the value of the property; up to 100% of all project and closing costs; terms of up to 40 years
- Deadline
- rolling
- Eligibility
- Record owners of eligible privately-owned commercial, industrial, non-residential agricultural, or multi-family (5 or more units) properties, or properties owned by a not-for-profit, located in any county, city, village, or incorporated town in Illinois that has adopted the enabling PACE Ordinance. Eligible improvements include fixtures, products, systems, equipment, devices, and materials intended for energy efficiency, renewable energy, resiliency, or water use; electric vehicle charging stations are also eligible.
- Status
- open
- Administrator
- Illinois Finance Authority (IFA) / C-PACE Open Market Initiative
Source: Illinois — state program. Confirm current terms with the administering agency before applying.