CleanFund Capital's Chris Robbins On Financing Seismic Retrofits
Seismic events pose a constant threat to buildings in California, where municipalities are now required to enact local ordinances to address the earthquake risk.
These ordinances require building owners to conduct soft story-screening programs—involving a lengthy consultation with a structural engineer to determine necessary seismic upgrades to the building—and to make the seismic retrofits and building upgrades necessary to comply with the structural analysis.
Seismic strengthening projects (including soft costs) for California properties are now eligible for 100% financing with PACE financing, repaid via a building’s property tax bill, says Chris Robbins, CleanFund Commercial PACE Capital managing director. CleanFund provides commercial properties long-term, fixed-rate financing for these types of building improvements, in addition to energy-efficiency measures and renewables.
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