The county and the property owner will enter into an assessment agreement whereby the county agrees to place a C-PACER lien on the property to secure the property owner’s obligation to repay the financing to the capital provider. The C-PACER lien recorded pursuant to this chapter will take precedence over all other liens except for a lien for taxes as described in RCW 36.165.060.

Before a capital provider may enter into a financing agreement to provide financing of a qualified project to the record owner of any eligible property, the capital provider must obtain written consent from any holder of a lien, mortgage, or security interest in the real property that the property may participate in the program and that the C-PACER lien will take precedence over all other liens except for a lien for taxes as described in RCW 36.165.060. The county may rely on the capital provider’s representations as to the identity and existence of any lienholders affected by the C-PACER lien. The county has no duty or obligation to obtain a title report or otherwise determine the identity or existence of any lienholders affected by the C-PACER lien.

Before a capital provider may enter into a financing agreement to provide financing of a qualified project to the record owner of any multifamily residential real property with five or more dwelling units, the capital provider must obtain written consent from any and all holders of affordable housing covenants, restrictions or regulator agreements in the real property that the property may participate in the program and that the C-PACER lien will take precedence over all other liens except for taxes as described in RCW 36.165.060. The county may rely on the capital provider’s representations as to the identity and existence of any holders of affordable housing covenants, restrictions or regulator agreements affected by the C-PACER lien. The county has no duty or obligation to obtain a title report or otherwise determine the identity or existence of any holders of affordable housing covenants, restrictions or regulator agreements affected by the C-PACER lien. (Added by Ord. 21-097, Dec. 15, 2021, Eff date Dec. 26, 2021).