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November 13, 2020

Law360

By: Raymond "Rusty" Pomeroy II

In an article for Law360, Rusty Pomeroy addresses the New York City Council’s recently passed amendment to 2019’s Climate Mobilization Act (CMA), that will, if signed by Mayor Bill de Blasio, significantly expand the number of multifamily residential buildings in the city subject to the CMA's strict greenhouse gas emissions limitations.

During the same week, the city’s Department of Finance released draft regulations implementing a Property Assessed Clean Energy (PACE) loan program, to complement the CMA. The amendment, and the release of regulations for the PACE program, affirm the city’s intent to push forward with implementation of the CMA, despite the impacts that the COVID-19 pandemic is continuing to have on New York City's commercial real estate market, residential rental market and building owner finances.

Download the full article below.

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