MFFA Nationally Recognized for C-PACE Project
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HELENA, Mont. – The Montana Department of Commerce announced today that the Montana Facility Finance Authority’s C-PACE program, Last Best PACE, received a national PACESetter Award for Innovative Deal of the Year (under $5 million) for its Old Soldier Enterprises Hedden Empire Building project. The award was formally announced at a celebration at the PACENation Summit in New York City held May 15-16. C-PACE Program Manager Carolyn Jones and MFFA Associate Director Seth Lutter were there to accept the award.
The PACESetter Awards, conferred by the nonprofit organization PACENation, are given to individuals and organizations whose excellence and innovation have a positive impact on their communities and on the growth and success of PACE financing. PACE programs support the implementation of energy efficient improvements, renewable energy projects, water conservation and resilience upgrades with long-term financing that defrays the often prohibitively significant up-front costs of these improvements.
The Hedden Empire Building in downtown Billings is nearly a century old. Improvements such as heat pumps, energy-efficient windows, solar panels, low-flow plumbing and lighting upgrades were needed to lower energy costs and bring the historic office building into the twenty-first century. In addition to making those upgrades, the property owner addressed and abated asbestos and was able to increase the leasable space. Partnering with Old Soldier Enterprises and Three Rivers Bank of Montana, MFFA’s Last Best PACE program secured the first adjustable-rate C-PACE financing in the program’s history. The savings from these improvements are expected to be nearly four times the overall cost of the project.
“MFFA and Last Best PACE are thrilled to be recognized for the transformative Old Soldier Enterprises Hedden Empire Building project,” said C-PACE Program Manager Carolyn Jones. “This project showcases the powerful potential of C-PACE financing to breathe new life into Montana’s historic, underutilized buildings. By unlocking private investment, we’re not only preserving the character of our downtowns; we’re driving sustainable growth and building a stronger future for our communities.”
The MFFA, a quasi-judicial board administratively attached to Commerce, provides businesses and nonprofits with access to low-cost capital through access to tax-exempt bond financing, low-interest loans and planning grants. It is governed by a seven-member board who are appointed by the governor and confirmed by the senate.
PACENation’s mission is to support the growth of PACE financing by providing resources, advocacy and networking opportunities to its members and stakeholders.
The PACESetter Awards, conferred by the nonprofit organization PACENation, are given to individuals and organizations whose excellence and innovation have a positive impact on their communities and on the growth and success of PACE financing. PACE programs support the implementation of energy efficient improvements, renewable energy projects, water conservation and resilience upgrades with long-term financing that defrays the often prohibitively significant up-front costs of these improvements.
The Hedden Empire Building in downtown Billings is nearly a century old. Improvements such as heat pumps, energy-efficient windows, solar panels, low-flow plumbing and lighting upgrades were needed to lower energy costs and bring the historic office building into the twenty-first century. In addition to making those upgrades, the property owner addressed and abated asbestos and was able to increase the leasable space. Partnering with Old Soldier Enterprises and Three Rivers Bank of Montana, MFFA’s Last Best PACE program secured the first adjustable-rate C-PACE financing in the program’s history. The savings from these improvements are expected to be nearly four times the overall cost of the project.
“MFFA and Last Best PACE are thrilled to be recognized for the transformative Old Soldier Enterprises Hedden Empire Building project,” said C-PACE Program Manager Carolyn Jones. “This project showcases the powerful potential of C-PACE financing to breathe new life into Montana’s historic, underutilized buildings. By unlocking private investment, we’re not only preserving the character of our downtowns; we’re driving sustainable growth and building a stronger future for our communities.”
The MFFA, a quasi-judicial board administratively attached to Commerce, provides businesses and nonprofits with access to low-cost capital through access to tax-exempt bond financing, low-interest loans and planning grants. It is governed by a seven-member board who are appointed by the governor and confirmed by the senate.
PACENation’s mission is to support the growth of PACE financing by providing resources, advocacy and networking opportunities to its members and stakeholders.
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