Resiliency and Recovery
- Date: 9 September 2021
- Source: CounterpointeSRE
- Author: Adam Moskowitz
As severe weather events challenge the built environment, resiliency is a factor for both design and finance. CSRE has led on seismic strengthening finance in CA and is now funding resiliency and disaster mitigation measures in emerging C-PACE programs.
CounterpointeSRE is proud to deploy capital for resiliency projects, and the opportunity is growing. The general basis of PACE as a public-private partnership has positioned the financial tool as a component of climate legislation – see New York City’s inclusion of the policy in its Climate Mobilization Act – but the program is of equal importance when it comes to resiliency.
California municipalities such as San Francisco, where CounterpointeSRE was selected as the city’s financing partner for its mandated soft story retrofit program, have long supported seismic strengthening projects with PACE. In recent years, state legislature has expanded eligible measures to include resistance to wildfires. Meanwhile emerging programs in Washington State and Oregon are not only including resiliency (seismic) measures, the Washington program will include the term “resiliency” in its name (PACER) as a point of focus.
Through San Francisco’s mandated soft story retrofit program, CSRE has financed many multifamily properties, most owned by families whose wealth is tied to the operations of their singular property.
Multifamily seismic retrofits in San Francisco have a median size of $195,000 since the program was initiated in 2015.
National Eligibility Guidebook:
Fourteen states currently have enabled PACE financing of resiliency. All resiliency measures are allowed in Illinois, New York, Oklahoma, Rhode Island, Tennessee, Virginia, and Washington, while some states allow financing for seismic, wind, fire, flood, and/or stormwater measures (California, Washington D.C., Florida, Nebraska, New Jersey, Oregon, and Utah.
To review eligible products on a national scale, please request a download of our eligibility guidebook here.
As PACE programs expand to support a wider list of projects with public good, some states such as NE allow PACE to be used to finance any measure that preserves natural resources.
Resiliency For New Construction
Resiliency finance (seismic) at the newly constructed Hampton Inn in Rancho Cucamonga, California comprised a significant portion of the project’s capital stack.