HB 1859

Abstract

Local financing of clean energy and other programs; when owner costs are incurred. Changes the parameters for local ordinances authorizing loan contracts for the installation by property owners of clean energy, resiliency, or stormwater management improvements. The bill provides that if the property owner incurred the costs of improvements to be refinanced or reimbursed within two years of the locality's issuance of a certificate of occupancy or other evidence that the clean energy, resiliency, or stormwater management improvements comply substantially with the plans and specifications previously approved by the locality, the loan amount may include the total costs of such improvements. The bill removes the requirement that the applicable local ordinance include the proposed interest rate for the loan program and the maximum aggregate dollar amount that may be financed with respect to a property, and it provides that no loan offered under the program shall be used to improve a residential dwelling with fewer than five dwelling units or a residential condominium. The bill alters the fee options available to the locality and provides that the placement of a voluntary special assessment lien does not require a new assessment on the value of the real property. The bill contains technical amendments.

Local financing of clean energy and other programs;when owner costs are incurred. Changes the parameters for localordinances authorizing loan contracts for the installation by propertyowners of clean energy, resiliency, or stormwater management improvements.The bill provides that if the property owner incurred the costs ofimprovements to be refinanced or reimbursed within the two yearsprior to the closing date of the financing, the loan amount may includethe total costs of the improvements to be refinanced or reimbursed.The bill removes the requirement that the applicable local ordinanceinclude the proposed interest rate for the loan program and the maximumaggregate dollar amount that may be financed with respect to a property,and it provides that no loan offered under the program shall be usedto improve a residential dwelling that contains fewer than five dwellingunits or a residential condominium. The bill alters the fee options available to the locality and provides that the placement of a voluntary special assessment lien does not require a new assessment of thevalue of the real property. The bill contains technical amendments.