North Carolina C-PACE Program
The North Carolina Commercial Property Assessed Capital Expenditure (C-PACE) Program is a state-authorized economic development financing tool created through Senate Bill 802. The program allows private property owners to obtain long-term private financing for qualifying improvements to commercial, industrial, agricultural, nonprofit, and multifamily properties. The program is administered statewide by the Economic Development Partnership of North Carolina (EDPNC) in partnership with the North Carolina Department of Commerce. This program is intended to support private investment, redevelopment, modernization, energy efficiency, resiliency, and business competitiveness while requiring virtually no financial commitment from local governments. On May 18, 2026, the Halifax County Board of Commissioners adopted a Resolution Declaring Intent To Participate In the C-PACE Program. The Board will conduct a public hearing on Monday July 6, 2026 at 9:30 a.m. to consider a resolution to official join the C-Pace Program.
Why This Matters to Halifax County
C-PACE provides another tool to support business investment and redevelopment projects in Halifax County. It can help property owners modernize facilities, improve operating efficiency, reduce utility costs, and increase property values. Eligible projects may include manufacturing facilities, hotels, downtown redevelopment projects, agricultural facilities, warehouses, office buildings, and multifamily developments.
Qualifying Improvements
Eligible projects generally include permanently affixed improvements such as:
- Energy efficiency improvements including HVAC systems, lighting, insulation, windows, roofing, and building controls
- Renewable energy systems such as solar and battery storage
- Water conservation improvements and stormwater management
- Resiliency improvements including flood mitigation, roof strengthening, backup generation, storm hardening, and indoor air quality improvements
Projects may include renovations, adaptive reuse, new construction, and certain refinancing of recently completed qualifying improvements.
Program Safeguards and Financial Protections
North Carolina’s C-PACE program includes several important safeguards designed to protect property owners, lenders, and participating local governments.
Before any project can move forward:
- A licensed engineer must certify that the proposed improvements qualify under the program
- Property owners must verify that taxes and mortgage payments are current
- Property owners cannot be insolvent or in bankruptcy
- Existing mortgage lenders must provide written consent
- Private capital providers conduct underwriting and financial due diligence
In addition, North Carolina law limits C-PACE financing to no more than 35% of the property’s expected stabilized value after improvements are completed. This statutory cap helps ensure projects remain financially sound and are not overleveraged.
County Liability and Administrative Role
Under North Carolina law:
- Halifax County does not lend money
- Halifax County does not guarantee repayment
- Halifax County does not use taxpayer funds
- Halifax County does not service or collect loans
- Halifax County is not responsible for project default
- All financing comes from private capital providers. The County’s role is limited primarily to adopting the participation resolution and executing assessment documents for approved projects. Billing, collection, and enforcement are handled privately by the lender and program participants.
How the Process Works
- Halifax County adopts the required participation resolution.
- Property owners work directly with private C-PACE lenders and EDPNC.
- EDPNC reviews project eligibility and required certifications.
- Financing closes and a voluntary assessment is placed on the property.
- Property owners repay the assessment over time through the agreed financing structure.
Once repaid, the assessment terminates.
For more information about the C-PACE program, contact the Halifax County Economic Development Commission office at 252-519-2630 or visit www.edpnc.com/nc-cpace/.
Attachments
