Equity Priority Buildings
Pending council adoption, the City would develop an Equity Priority Buildings (EPB) program to support resource-constrained buildings covered by the BPS policy. This would include a pool of program-eligible covered buildings by developing an “equity index” modeled after the City of Denver, which utilizes geospatial and other data to identify buildings that are most likely to require additional technical assistance to meet the requirements of the City’s BPS. For example, EPB eligible buildings might include affordable multifamily housing properties, commercial buildings housing small local businesses, or nonprofits providing services to members of disadvantaged/frontline communities. These buildings may qualify for additional technical and financial support, as well as adjusted BPS targets and timelines to successfully comply with the BPS policy.
BPS Fund
Following other jurisdictions that have implemented BPS policies, the City would establish a non-lapsing “BPS Fund”. The BPS Fund would be composed of funds collected from Alternative Compliance Payment deposits. All funds deposited into the BPS Fund would not revert to the City’s General Fund and would be used for the purpose of improving existing buildings covered by the BPS. Rules to govern the fund and determine how money will be distributed back to owners of covered buildings will be drafted in administrative regulations.