If your commercial property or community association has suffered a devastating loss, your insurance policy may not cover all the damage. Many policies today contain exclusion clauses and low reimbursement limits that can be difficult to challenge – even with the professional help of a public adjuster working on your behalf.
Through lobbying efforts and legislative initiatives at the local and state level, building owners and homeowners can now “finance” their reconstruction efforts through their taxes. A professional firm like GlobalPro Recovery can consult and advise on this process.
For example, a new financing program is available through Ygrene, a national company dedicated to supporting projects with energy savings and other “green” components. Recently, I became certified in Ygrene’s state-of-the-art, web-based administrative software, which allows property owners to finance loans and contractors to manage eligible projects.
Ygrene’s Property Assessed Clean Energy (PACE) financing allows home and commercial building owners to finance renewable energy and efficiency upgrades (like efficient windows, heating or cooling, or water efficient appliances) over the long term by adding the payment onto their property taxes.
Commercial buildings of all sizes, including industrial and multi-family residential properties, are eligible when they have an energy-saving or renewable energy-producing improvement that is permanently affixed to the property.
Key advantages to the program include:
• Your personal credit score has no impact on funding eligibility or interest rate
• Eligibility is determined quickly and easily through an online search with Ygrene’s funding management system
• Funding is paid back over a long period of time and does not carry a balloon payment
• The project debt does not have to be paid off upon property sale or transfer
Today, virtually any multifamily, commercial or association building that would be reconstructed after a disaster would include the latest energy-saving systems. Therefore, Ygrene’s PACE financing program is an option that should be considered for rebuilding projects.