§ 30-7. Financing.

(a) Underwriting standards.

(1) Maximum loan term.

A clean energy loan may be for a term not exceeding 25 years.

(2) Financing agreement.

The financing agreement may contain any terms agreed to by the clean energy lender and the property owner, as permitted by law.

(3) Costs included.

A clean energy loan may include costs associated with executing the financing agreement, including origination, legal, and closing costs, but excluding the non-financeable fees provided for in § 30-3(c)(2) {"Program expenses"} of this subtitle.

(b) Timing.

(1) For projects initiated on or after July 1, 2016, through December 31, 2019, the Administrator may approve a clean energy loan up 30 months after the property owner places qualifying energy improvements in service, as long as the property owner has filed an initial PACE loan application on or before December 31, 2019.

(2) For projects initiated on or after January 1, 2020, the Administrator may approve a clean energy loan up to 30 months after the property owner places qualifying energy improvements in service, as long as the property owner has filed an initial PACE loan application prior to:

(i) commencing construction of an energy-improvement project; or

(ii) altering a previously proposed project to include qualifying energy improvements.

(c) Public financing precluded.

The City may not directly finance or fund any clean energy loans under the PACE Loan Program.