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A RESOLUTION
26-290
IN THE COUNCIL OF THE DISTRICT OF COLUMBIA
December 16, 2025
To declare the existence of an emergency with respect to the need to amend the Energy Efficiency
Financing Act of 2010 to remove the limitation on the principal amount of bonds that the
District may issue.
RESOLVED, BY THE COUNCIL OF THE DISTRICT OF COLUMBIA, That this
resolution may be cited as “Energy Efficiency Financing Debt Cap Emergency Declaration
Resolution of 2025”.
Sec. 2. (a) The Energy Efficiency Financing Act of 2010, effective May 27, 2010 (D.C.
Law 18-183; D.C. Official Code § 8-1778.01 et seq.) (“Act”), established the Commercial
Property Assessed Clean Energy (“C-PACE”) Program in the District. The C-PACE Program
facilitates private financing for energy efficiency, renewable energy, and water efficiency
improvements, which borrowers repay through a special assessment on the property’s tax bill.
(b) When initially established, the C-PACE Program operated as a bonding program,
through which the District would issue bonds to support energy efficiency upgrades. The Act
established a $250 million aggregate bond cap for C-PACE projects, which remains in place
today.
(c) In 2012, the District amended the original program to enable direct investment in C-
PACE projects from private capital providers. Under this model, the District still issues a note
for that private investment.
(d) In 2021, the Green Finance Authority (“DC Green Bank”) assumed administration of
the C-PACE Program. Even though the District is not obligated in any privately financed C-
PACE deal, the Office of the Attorney General has advised the DC Green Bank that the bond cap
still applies.
(e) Currently, the C-PACE Program is utilizing $184 million of the $250 million cap,
leaving only $66 million for additional financing capacity. The DC Green Bank has determined
that the C-PACE Program market demand exceeds its capacity given the bond cap.
(f) More specifically, the DC Green Bank has identified an opportunity to issue bonds in
the principal amount of $470 million in partnership with Nuveen to finance the installation of
energy efficiency improvements at The Geneva (1825-1875 Connecticut Avenue, NW) before
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the end of Calendar Year 2025. The Geneva is an office building comprised of 2 towers that will
be converted into a 14-story, 532-unit residential building.
(g) However, the issuance of bonds for this project would exceed the Act’s statutory limit
on the principal amount of bonds that may be issued. Additionally, the DC Green Bank
anticipates an increasing number of larger C-PACE deals in the near future with the development
of the RFK site and surrounding areas.
(h) Furthermore, after a review of its peers in other jurisdictions, the DC Green Bank has
determined that placing a statutory cap on the principal amount of bonds that may be issued is
not a common practice.
(i) Emergency legislation is therefore necessary to remove the limitation on the principal
amount of bonds that may be issued under the Act.
Sec. 3. The Council of the District of Columbia determines the circumstances enumerated
in section 2 constitute emergency circumstances making it necessary that the Energy Efficiency
Financing Debt Cap Emergency Amendment Act of 2025 be adopted after a single reading.
Sec. 4. This resolution shall take effect immediately.