What types of properties qualify for PACE?
The PACE Act permits PACE assessments to be placed on property that is:
- Privately owned commercial real property – including not-for-profit real property such as private schools, medical facilities, churches, etc.;
- Privately owned industrial real property; or
- Privately owned residential real property with five or more dwelling units.
Any of these properties must also:
- Be located within the jurisdiction of the PACE program;
- Have a title that is not in dispute; and
Where there is a preexisting mortgage lien on the property: the mortgagee must be given written notice of the owner’s intention to participate in the PACE program at least 30 days before the owner enters into a contract with the PACE program; and, the mortgagee must provide written consent to participation in the PACE program.