Section 67-3807 - C-PACE PROGRAM REQUIREMENTSThe terms of a program established pursuant to section 67-3806(3), Idaho Code, shall include:
(1) Appropriate eligibility factors, including certification by the property owner that: (a) The property owner requesting to participate in the program:(i) Is the legal owner of the benefited property;(ii) Is current on mortgage and property tax payments; and(iii) Is not insolvent or in bankruptcy proceedings; and(b) The title of the benefited property is not in dispute;(2) A requirement that: (a) The total debt secured by the property, including the C-PACE assessment, does not exceed ninety percent (90%) of the fair market value of the property as complete or as stabilized;(b) The C-PACE assessment does not exceed:(i) In the case of new construction, thirty-five percent (35%) of the fair market value of the property as complete or as stabilized; or(ii) In the case of a retrofit of existing property, twenty-five percent (25%) of the fair market value of the property as completed or as stabilized; and(c) The determination of fair market value shall be established by a qualified appraisal completed no more than twelve (12) months prior to the time of application;(3) A description of the types of qualified projects that may be subject to special assessments;(4) A statement identifying the local government official authorized to enter into and execute written contracts on behalf of the local government;(5) A statement that the period of the special assessment must not exceed the weighted average of the useful life of the qualified project that is the basis for the assessment;(6) A statement explaining the manner in which property will be assessed and how assessments will be collected; and(7) The procedures for billing and collecting voluntary special assessments and remedies for enforcement of a delinquent special assessment.Added by 2024 Session Laws, ch. 239,sec. 1, eff. 7/1/2024.