- State And Local Tax (SALT) Workaround is coming to California
- The PPP Loan Forgiveness Application Deadline is Approaching
- RINA Names David P. Boekeloo Director of Trust & Estate Services
- California Gives Tax Breaks on Forgiven PPP Loans
- RRF Grant Application Process Starts April 30th
- Vaccination paid time off Tax Credit
There is a unique financing instrument for commercial, industrial, residential and multifamily property owners. The AllianceNRG ProgramTM is a finance tool for eligible improvements that strengthen businesses and homes against seismic events, reduce energy consumption and create renewable energy onsite. Unlike other financing options, the AllianceNRG provides up to 100 % financing at fixed interest rates. Maturities match the average useful life of the eligible instruments; up to 20 years financing for energy efficient improvements, up to 25 years for renewable energy projects (e.g. solar, dual glazed windows, energy efficient HVAC, set back thermostats) and up to 30 years for seismic retrofits.
The program covers all costs of the eligible improvement including engineering and design, construction, costs of equipment, installation and the costs of most support services. Repayments are made through a special assessment on the property owner’s real estate tax bill that may be a tax deduction. When the property is sold or exchanged, any remaining balance of the assessment stays with the property. You should consult with your RINA accountancy representative for details as to how this applies to your specific real estate portfolio. The program is entirely voluntary and is only available in participating municipalities as identified on the AllianceNRG website.
The process to obtain financing is simple.
Step 1: Determine if your property is eligible. Has your county and/or city (issuers of your tax bill) approved implementation of the program for your property? This can be done through the AllianceNRG website or in conjunction with an AllianceNRG approved contractor.
Step 2: Submit a formal application for funding to AllianceNRG.
Step 3: Engage a Design and Installation professional.
Step 4: Oversight by AllianceNRG and review of Contractor “Scope of Work” to be provided.
Step 5: Commence installation of the eligible improvements.
Step 6: Final inspections of completed project and final payment to installation contractor by AllianceNRG. It is just that simple.
FOR FURTHER INFORMATION CONTACT:
Dan Sanders of Proforma Construction, Inc.
Direct (925) 249-3466 , Cell (925) 367-5757
Proforma Construction is a licensed general engineering, commercial general contractor approved by the AllianceNRG.