MN HF3946

Expands the commercial PACE program to finance water improvements, resiliency improvements, and land improvements on farmland in addition to energy improvements.

Changes financing requirement from demonstrating 20-year payback period to documenting "effective useful life" and greenhouse gas emissions reduction in feasibility studies.

Increases maximum loan term and bond repayment period from 20 years to 30 years, and increases maximum financing amount from 20% to 30% of property assessed or appraised value.

Adds new definitions for resiliency improvements (seismic integrity, air quality, flood/fire/wind durability, power outage capability, stormwater control, extreme temperature mitigation), water improvements (consumption reduction, quality/potability improvements), and farmland improvements with agronomic assessments.

Requires mortgage lender notice and written consent before financing improvements or imposing assessments on qualifying commercial real property.