WV HB2642

Establishes a Commercial Property Assessed Capital Expenditure (C-PACE) loan program administered by the West Virginia Economic Development Authority to finance improvements on commercial properties throughout the state

Eligible improvements include energy efficiency upgrades, water efficiency and safe drinking water improvements, renewable energy installations, resiliency improvements (flood mitigation, fire/wind resistance, microgrids, energy storage), stormwater management, and environmental remediation

Applies to commercial real estate only, excluding residential dwellings with fewer than four units and residential condominiums

Secures C-PACE loans through voluntary special assessment liens on the improved property, which run with the land and have the same priority as property tax liens (but require written subordination agreements from existing mortgage holders to take priority over prior liens)

Requires localities to adopt an ordinance and hold a public hearing with two weeks of published notice before participating in the statewide C-PACE program