AR SB448

Renames Arkansas's "Property Assessed Clean Energy Act" to the "Property Assessed Capital Expenditure Act" and expands eligible improvements beyond clean energy to include building resiliency improvements and broader capital expenditures

Allows commercial, industrial, agricultural, nonprofit, mixed-use, and multifamily residential properties (5+ units) to finance qualifying improvements through voluntary special assessment liens that attach to the property and transfer with ownership

Establishes a direct PACE financing program allowing governmental entities to authorize private capital providers to finance qualifying improvements, with special assessment liens taking priority over all other liens except general property taxes

Requires mortgage lien holder written consent before a property owner can enter into a PACE assessment contract, replacing the previous 30-day notice requirement

Sets underwriting standards including a minimum 1.20:1 debt service coverage ratio, limits aggregate mortgages and assessments to federal supervisory loan-to-value guidelines, and caps administrative fees at 1% of principal or $50,000