MAITLAND, Fla., Aug. 29, 2019 /PRNewswire-PRWeb/ -- Counterpointe Sustainable Real Estate, a national leader in energy efficiency PACE financing, announced today a digital seminar designed to help more than 750 assisted living facilities and nursing homes in the state of Florida catch up with the mandate for backup generators. A deadline extension for the 2018 law, which followed Hurricane Irma, expired on January 1, 2019. The announcement comes at the onset of hurricane season and in the wake of recent reporting by the Naples Daily News and CBS Miami highlighting non-compliance with the mandatory generator rule.
The digital seminar, "PACE for Mandatory Generator Rule Compliance," will take place on September 17, 2019 at 1:00 PM EST and will introduce commercial PACE financing as a tailored solution for healthcare facilities to finance energy storage and other resiliency, energy efficiency and renewable measures. A link to register is provided here.
"Since 2014, Counterpointe Sustainable Real Estate has been working with property owners to lower the financial barriers to entry for energy saving and resiliency measures," stated Michele Pitale, Managing Director at Counterpointe Sustainable Real Estate. "Re-introducing our PACE program to Florida's nursing home and assisted living facilities can help them protect their residents, particularly when capital constraints are the primary obstacle to compliance with the law."
As of August 26, 2019, the Agency for Health Care Administration reports that among 3,749 assisted living facilities and nursing homes in the state, nearly 3,000 have an approved emergency power plan, including the availability of a generator, while more than 750 either have a variance allowing for additional time to comply or have no current variance at all. The law requiring generators to be in place was approved by former Florida Governor Rick Scott in March of 2018. Initially, the law stipulated compliance by June 1, 2018 while an extension was granted to January 1, 2019.
"Florida PACE can help get more of these commercial retrofit projects across the finish line without the use of public funding," stated Mike Moran, executive director of the Florida Pace Funding Agency. "That's a key benefit of the program for everyone in the community, but most importantly the nursing homes and assisted living facilities could use this program to secure the backup power capabilities required to keep their residents safe."
Through the PACE program, the local county or municipality allows for the placement of a voluntary tax assessment, as the retrofit is deemed a public good. This assessment is repaid with long term, fixed rates through an additional line item on the property tax statement. This allows property owners to finance improvements while preserving capital and benefiting from off balance sheet treatment. Additionally, assessments are tied to the property so they may be passed through to tenants, are non-recourse to owners and are transferable upon sale of the property.
About Counterpointe Sustainable Real Estate
Counterpointe Sustainable Real Estate is a leading commercial real estate PACE financing provider specializing commercial real estate improvement nationwide from $100,000 to $500,000,000+. Counterpointe Energy Solutions together with its subsidiaries is engaged in implementing, funding, managing and administering PACE programs and is a program administrator in the City of Chicago, California and Florida. For more information, visit counterpointesre.com.
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Assisted Living Facilities, Florida, Florida News, Generators, Hurricane Season, Nursing Homes, Storm Readiness
SOURCE Counterpointe Sustainable Real Estate (CSRE)
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