City considers new loan program
By Terry Murry on Thursday, July 13th, 2023 in Columbia Basin News More Top Stories
PENDLETON – The Pendleton City Council has had the first reading of an ordinance that would have the city enroll in the CPACE financing program. That enrollment would make commercial and residential property owners eligible for privately-financed loans at lower interest rates with longer repayment terms.
CPACE has been endorsed by the Oregon Legislature, but cities and counties must enroll in the program to take advantage of it. Currently it has been adopted in Multnomah, Deschutes, Washington, and Hood River counties. City Manager Robb Corbett said that it would be a great funding source for people looking to renovate older buildings and develop second floors.
“These borrowing costs are expensive, and this is a way of lowering those costs,” he said. “We’re excited to see how this might impact our ability to get some of our projects done.”
CPACE loans emphasize energy efficiency, renewable energy, water conservation, and seismic retrofits. The loans come with longer terms and lower interest rates and can be retroactive for up to two years.
The city council will host a public hearing and vote on the ordinance, probably at its next meeting Tuesday.
