(a)  The Rhode Island infrastructure bank is hereby authorized to create, set up on its books, and administer one or more PACE funds for the purpose of providing financial assistance to residential and commercial property owners for PACE projects. Additionally, the Rhode Island infrastructure bank may enter into an agreement, with one or more approved institutions, to create one or more loan loss reserve funds (LRF) or other financing mechanisms to provide financial incentives or additional security for PACE projects.

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Terms Used In Rhode Island General Laws 39-26.5-7

  • assessment: means the special assessment placed on a PACE property owner's property tax or other municipal assessment bill in accordance with this chapter, to be collected by or on behalf of the PACE municipality in which that PACE property is located and remitted to the Rhode Island infrastructure bank or to the lender that has financed that PACE project. See Rhode Island General Laws 39-26.5-2
  • Commercial property: means a property operated for commercial purposes, or a residential property that contains five (5) or more housing units. See Rhode Island General Laws 39-26.5-2
  • Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
  • Institution: means a private entity or quasi-state agency. See Rhode Island General Laws 39-26.5-2
  • Oversight: Committee review of the activities of a Federal agency or program.
  • PACE: is a voluntary financing mechanism that allows both residential and commercial property owners to access affordable, long-term financing for energy upgrades, and other eligible environmental health and environmental safety upgrades on their property. See Rhode Island General Laws 39-26.5-2
  • Past-due balances: means the sum of the due and unpaid assessments on a PACE property as of the time the ownership of that PACE property is transferred. See Rhode Island General Laws 39-26.5-2
  • property: means any residential property or commercial property that is the subject of an approved application for a PACE project filed pursuant to this chapter. See Rhode Island General Laws 39-26.5-2
  • Rhode Island infrastructure bank: means the Rhode Island infrastructure bank ("RIIB"). See Rhode Island General Laws 39-26.5-2

(b)  In the event that there is a foreclosure of a PACE property and the proceeds resulting from such a foreclosure are insufficient to pay the past-due balances on the associated PACE assessment, after all superior liens have been satisfied, payment from the LRF shall be made in the amount of the past-due balances on the PACE assessment. The LRF shall be administered by the Rhode Island infrastructure bank or by the institution selected by the Rhode Island infrastructure bank; in the latter case the Rhode Island infrastructure bank shall provide oversight of the LRF.

History of Section.
P.L. 2013, ch. 271, § 1; P.L. 2013, ch. 361, § 1; P.L. 2015, ch. 141, art. 14, § 9; P.L. 2020, ch. 79, art. 1, § 20.