According to the legislation, cities and counties can use dollars they get from revenue bonds to create lending programs, or they facilitate lending for private banks. It’s up to the cities and counties to establish the parameters of the programs.
Multnomah County and Portland have already been working to establish a lending program for energy efficiency upgrades called Commercial Property Assessed Clean Energy, or C-PACE, Bailey said.
Senate Bill 85 allows the county to add seismic upgrades to the C-PACE program that should launch in October, he said. Details for the program are being developed and could likely target owners of the city’s Central Eastside Industrial District, he said.
“If we can use this same tool to help upgrade their buildings for earthquake safety, it’s a win for jobs and a win safety,” Bailey said.