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Idaho Statutes Title 67. State Government and State Affairs § 67-3807. C-PACE program requirements

Current as of January 01, 2024 | Updated by FindLaw Staff

The terms of a program established pursuant to section 67-3806(3), Idaho Code, shall include:

(1) Appropriate eligibility factors, including certification by the property owner that:

(a) The property owner requesting to participate in the program:

(i) Is the legal owner of the benefited property;

(ii) Is current on mortgage and property tax payments; and

(iii) Is not insolvent or in bankruptcy proceedings; and

(b) The title of the benefited property is not in dispute;

(2) A requirement that:

(a) The total debt secured by the property, including the C-PACE assessment, does not exceed ninety percent (90%) of the fair market value of the property as complete or as stabilized;

(b) The C-PACE assessment does not exceed:

(i) In the case of new construction, thirty-five percent (35%) of the fair market value of the property as complete or as stabilized; or

(ii) In the case of a retrofit of existing property, twenty-five percent (25%) of the fair market value of the property as completed or as stabilized; and

(c) The determination of fair market value shall be established by a qualified appraisal completed no more than twelve (12) months prior to the time of application;

(3) A description of the types of qualified projects that may be subject to special assessments;

(4) A statement identifying the local government official authorized to enter into and execute written contracts on behalf of the local government;

(5) A statement that the period of the special assessment must not exceed the weighted average of the useful life of the qualified project that is the basis for the assessment;

(6) A statement explaining the manner in which property will be assessed and how assessments will be collected; and

(7) The procedures for billing and collecting voluntary special assessments and remedies for enforcement of a delinquent special assessment.

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Cite this article: FindLaw.com - Idaho Statutes Title 67. State Government and State Affairs § 67-3807. C-PACE program requirements - last updated January 01, 2024 | https://codes.findlaw.com/id/title-67-state-government-and-state-affairs/id-st-sect-67-3807/

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