Rhode Island Code of Regulations
Title 830 - Infrastructure Bank
Chapter 10 - Programs
Subchapter 05 - Energy
Part 2 - Rhode Island Commercial Property Assessed Clean Energy Regulations (RI C-PACE)
Section 830-RICR-10-05-2.11 - Underwriting Standards
Universal Citation: 830 RI Code of Rules 10 05 2.11
Current through September 18, 2024
A. The Bank requires capital providers to use at minimum, the following factors when determining whether or not to underwrite RI C-PACE projects:
1. Total property-related debt to property value ratio (Total property-related debt includes mortgage debt, the RI C-PACE financing and any other obligations secured by the property). The property value may be established either:
a. as the assessed value of the property, or
b. its appraised value, as supported by a recent appraisal. In either case, the property's value may include the enhanced value of property resulting from the installation of the improvements being financed with RI C-PACE.
2. The property owner has been current on its property tax and assessment payments.
3. The property owner must not have any involuntary liens, defaults, or judgments applicable to the subject property. A property owner may be able to participate if it can be demonstrated that there is an acceptable reason for the lien, default, or judgment and provide supporting documentation.
4. The property owner(s) or their affiliated companies have not been a debtor in a bankruptcy.
5. Cash flow generated by the property.
Disclaimer: These regulations may not be the most recent version. Rhode Island may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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