Capital Provider

COVID-19 Information for C-PACE Capital Providers

Connecticut Green Bank will post COVID-19 information pertinent to third-party C-PACE capital providers on this page (updated 5/8/2020).

If you have any questions, please don’t hesitate to contact us.

Executive Order 7s & C-PACE Repayment Modifcations

Governor Lamont recently issued Executive Order 7s which required suspension and modification of property tax and tax assessment deadlines and collection efforts. Executive Order 7w clarified that this directive applied to C-PACE benefit assessment liens: “the provisions of Executive Order No. 7s, Section 6 regarding tax deferral and interest-rate reduction programs to offer support to eligible taxpayers, businesses, nonprofits and residents who have been economically affected by the COVID-19 Pandemic shall apply to benefit assessments under Connecticut General Statute Section 16a-40g."

Executive Order 7s requires the following:

  • By April 25, Connecticut towns were required to opt into at least 1 of 2 relief options: the Deferment Program or the Low Interest Rate Program. All 169 towns did comply with this directive and information is now available about the programs each town opted into to help their community’s businesses. The State of Connecticut Office of Policy and Management has posted a 'Town by Town Municipal COVID19 Program Certification Listing.' Please see the 'COVID-19 Tax Deferral / Low Interest Program Information' section at this link.
    • Deferment Program: defers payment of any property taxes due between March 10, 2020 and July 1, 2020 for 90 days for eligible businesses and non-profits who attest to or document significant economic impact by COVID-19 or are providing relief to those significantly affected by COVID-19. OPM will be issuing guidance on which businesses or nonprofits shall be considered eligible; and/or
    • Low Interest Rate Program: charges 3% per annum interest rate for 90 days for any late payments on property taxes due between March 10, 2020 and July 1, 2020. After 90 days, the interest rate penalty returns to normal at 18%.

We expect billing to proceed normally, and will work with the municipalities to adapt due dates and penalty fees as necessary.

Payment Relief and Modifications to Financing Terms or Payment Schedule

If you plan on offering your borrowers additional payment relief that includes modifications to the financing terms or payment schedule, an approval will be required by the Green Bank. In order for the Green Bank to review and approve the offer you are making to your borrower, you would need to provide the Green Bank with the following information:

  1. Recent title search (pulled within last 60 days)
  2. New SIR calculator or revised payment schedule
  3. New lender consent received from existing and/or new mortgage lender(s)

Upon receiving these three documents, the Green Bank will review and approve the modification. Once approved, the Green Bank will issue you an approval letter by e-mail, which will permit you to execute an amended financing agreement and filing a revised payment schedule on the property. We encourage you to submit your requests for approval as soon as possible.