Effective September 15, 2021, the Illinois Finance Authority has been designated as the Climate Bank of the State of Illinois to aid in all respects with providing financial assistance, programs, and products to finance and otherwise develop and facilitate opportunities to develop clean energy and provide clean water, drinking water, and wastewater treatment in the State.
As a conduit issuer, the Illinois Finance Authority in its role as the Climate Bank of the State is focused on standardizing the structure of the Commercial Property Assessed Clean Energy (“C-PACE”) market to facilitate more efficient access to non-recourse capital and lower financing costs for participating counties and municipalities in Illinois.
Under Illinois law, counties and municipalities may establish C-PACE programs and create related ‘PACE areas’ in order to offer for-profit and non-profit owners of commercial, industrial, and multi-family (of 5 or more units) properties long-term, fixed-rate financing or refinancing for up to 100% of the costs of their respective alternative energy, energy efficiency, renewable energy, resiliency, and water use improvement projects.
As a more economical alternative to mezzanine debt, PACE bonds issued by the Authority to fund such projects for commercial real estate sponsors are purchased by approved Capital Providers or their designated transferees at affordable, low interest rates.
Based on the standardized, efficient, and affordable strategic state support model developed by the Authority, please click on the table below for a listing of the counties and municipalities in Illinois that have taken steps necessary to launch and operate C-PACE programs in their communities.