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DRAFT

U.S. DOE

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Figure 1 – Warehoused Approach Process Flow

Applicant

Program

Submit application (requesting $X for project)

Receive application & approve (reserve $X in line of credit)

Receive approval & notice to proceed

Issue approval & notice to proceed

Implement project

Receive payment request

Request payment

Pay contractor

Verify project completion

Pay back via property taxes

Place assessment on property

Issue progress/final payment (paid from previous $X reservation)

When total $ amount of funded projects reaches a threshold, use permanent "takeout" financing to replenish the line of credit

(e.g. issue a bond/security)

The San Francisco GreenFinanceSF program is an example of this warehoused approach in action using a large line of credit, specifically for its residential PACE financing program. The Sonoma County Energy Independence Program (SCEIP) is another example, but differs in that it uses the county’s investment portfolio for warehousing. SCEIP has financed both residential and commercial projects using this approach.

3.2 Pooled Bond

The pooled bond approach involves a waiting period during which applications for PACE financing are accepted and aggregated. The applications can be approved during the aggregation period, but the participants are not given permission to proceed to implementation. When a sufficient pool of requested project funding has been assembled, the local government sells a bond to cover and fund all of the included projects. This approach introduces two waiting periods: one while projects are aggregated (~30

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Chapter 13

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