1. VCC – Impact Lending Across Virginia Bill Greenleaf

2. Property Assessed Clean Energy - PACE Energy efficiency, renewable energy and water efficiency loan program Set up by locality (required by law) Private lenders make these loans Repaid on real estate tax bill Lien is senior to existing mortgage- equal status as a real estate tax lien Loan stays with property upon resale 2

3. PACE- Solution to Market Place Problem Property owners unwilling to invest in long payback energy projects due to short duration of property ownership No long term loans (beyond 10 years) for energy projects. Cashflow positive day one 3

4. PACE in Virginia PACE legislation passed in 2015 Virginia Bankers Association- neutral position Existing mortgage holder must subordinate Commercial, Industrial, Multifamily (not SF) Requires localities to set up PACE programs Private lenders can participate Localities can charge fees to cover costs 4

5. PACE Legislation Setting the Stage Business coalition Locality support Lobbyist –Spend the big bucks to get the best –$35,000 lobbying & education effort (idle time) 5

6. PACE Legislation Play Time Virginia Bankers Association –deal, no deal, deal –United Bank- the white knight Securing legislative sponsors Virginia Association of Realtors concerns Competing PACE bills Committee assignment- not as expected Title insurance company concerns Foundations- PACE loans 6