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GENERAL ASSEMBLY OF NORTH CAROLINA <br />SESSION 2023 <br /> <br />SESSION LAW 2024-44 <br />SENATE BILL 802 <br /> <br /> <br />*S802-v-5* <br />AN ACT TO ADVANCE BUILDING RESILIENCY AND UTILITY EFFICIENCY IN <br />NORTH CAROLINA BY AUTHORIZING A STATEWIDE PROGRAM TO UTILIZE <br />ASSESSMENTS TO REPAY NONPUBLIC FINANCING OF COMMERCIAL <br />BUILDING IMPROVEMENTS THAT WILL PROMOTE ECONOMIC DEVELOPMENT, <br />REDUCE UTILITY BILL COSTS, AND HARDEN COMMERCIAL BUILDINGS <br />AGAINST STORM AND FLOOD DAMAGE AND TO AMEND ARTICLE 8 OF <br />CHAPTER 143 OF THE GENERAL STATUTES TO MODIFY THE REQUIREMENTS <br />TO BE CERTIFIED AS A MINORITY BUSINESS OR HISTORICALLY <br />UNDERUTILIZED BUSINESS. <br /> <br />The General Assembly of North Carolina enacts: <br /> <br />SECTION 1. Chapter 160A of the General Statutes is amended by adding a new <br />Article to read: <br />"Article 10B. <br />"Commercial Property Assessed Capital Expenditure (C-PACE) Act. <br />"§ 160A-239.11. Purpose; findings. <br />This Article shall be known and may be cited as the "Commercial Property Assessed Capital <br />Expenditure (C-PACE) Act." This Article authorizes the establishment of a statewide C-PACE <br />Program that local governments may voluntarily join to allow willing owners of commercial, <br />industrial, agricultural, nonprofit, and multifamily residential properties with five or more <br />dwelling units to obtain low-cost, long-term financing for qualifying improvements, including <br />energy efficiency, water conservation, renewable energy, and resilience projects, secured by an <br />assessment and lien authorized by this Article. The State finds that a valid public purpose exists <br />because the use of a C-PACE Program creates an additional financing mechanism for property <br />owners to use private funds to finance improvements to their eligible property, thereby driving <br />economic development by creating a diversity of jobs in the resilience and clean energy sectors <br />of the economy. The assessment requires minimal upfront costs and provides a more accessible <br />financial mechanism to fund improvements that will increase the tax value of the affected <br />properties at minimal administrative cost to local governments. C-PACE improvements allow <br />property owners to save on their utility bills because the improvements lead to energy or utility <br />savings and will result in improved indoor air quality or increased resilience, which will increase <br />the ability of communities and local governments to respond to natural disasters and improve <br />public health. <br />"§ 160A-239.12. Definitions. <br />The following definitions apply in this Article: <br />(1) Capital provider. – A private entity, or the private entity's designee, successor, <br />and assigns, that makes or funds qualifying improvements under this Article. <br />(2) Commercial property assessed capital expenditure program (C-PACE <br />Program). – A program wherein a C-PACE assessment and C-PACE lien are <br />voluntarily imposed by a local government on qualifying commercial property <br />to pay for the costs of qualifying improvements. <br />5