§ 34-141. Eligible properties.

(a)

Residential property with four units or fewer may be eligible for financing qualifying improvements through a PACE program provided each of the following criteria are met:

(1)

All property taxes and other assessments levied on the property tax bill have been paid and have not been delinquent for the preceding three years, or the property owner's period of ownership, whichever is less; and

(2)

There are no involuntary liens, including but not limited to construction liens on the property; and

(3)

No notices of default or other evidence of property-based debt delinquency have been recorded during the preceding three years, or the property owner's period of ownership, whichever is less; and

(4)

All mortgage debt on the property is current and not delinquent; and

(5)

For residential property, all mortgage-related debt on the property may not exceed 90 percent of the property's fair market value; and

(6)

The amount to be financed by the PACE program may not exceed 20 percent of the just value of the property as determined by the county property appraiser, excepted as otherwise provided by statute; and

(7)

The total mortgage-related debt on the underlying property plus PACE program financing may not exceed the fair market value of the property.

(b)

Multi-family residential properties of five or more units, commercial, industrial, agricultural, and other non-residential properties may be eligible for financing qualifying improvements through a PACE program.

(Ord. No. 4669-16, § 1, 12-5-2016)