NC S493

Authorizes cities and counties to establish Commercial Property Assessed Capital Expenditures (C-PACE) programs allowing property owners to voluntarily consent to property tax assessments to finance building upgrades and improvements.

Eligible properties include commercial, industrial, institutional, nonprofit, agricultural buildings and multifamily residential with 5+ units, but excludes single-family homes of 1-4 units.

Qualifying upgrades must improve health, safety, energy efficiency, renewable energy, water conservation, durability, or weather resiliency; includes solar panels, HVAC systems, windows, roofing, lighting, and flood prevention measures.

C-PACE assessments create liens on property that survive property sales, with terms not exceeding 25 years, and can be up to 100% of upgrade costs; requires written consent from existing mortgage holders before participation.

Property owners must obtain approval from any applicable historical or architectural review boards, be current on property taxes, have no involuntary liens or defaults, and are recommended to obtain professional energy audits or feasibility studies before financing.