capital improvement; financing program

HB 2824 allows Arizona cities, towns, and counties to establish a financing program for property owners to fund energy efficiency and structural improvements on qualifying commercial, industrial, agricultural, or multi-family residential properties (with five or more units). The bill creates a legal framework for local governments to partner with private lenders to provide long-term financing for "critical capital expenditure improvements" (like energy upgrades with 10+ year lifespans) through a special assessment program. Property owners repay the financing via annual property taxes, not through direct loans, and the program cannot be used for residential properties with four or fewer units. This enables local governments to support property upgrades that improve energy efficiency and building functionality without direct public funding.