Low-cost financing for Toronto’s apartment retrofits, upgrades

retrofitsToronto’s High-Rise Retrofit Improvement Support Program (Hi-RIS) is offering low-cost financing to help rental apartment building owners complete energy-saving retrofits at their buildings.

Through this pilot program ─ now in its final year ─ property owners can access low-interest loans to make retrofits and capital improvements at eligible apartment buildings of five or more storeys. Payment terms of five to 20 years are available through the Hi-RIS Program’s straight-forward application process.

“This program is the first of its kind in Ontario and a win-win for residents, building owners and the City,” said Mayor John Tory. “Apartment building owners are able to access financing to improve the energy efficiency of their properties and save money. People will be more comfortable in their homes and the City benefits from a reduction in energy use and emissions that contribute to climate change.”

Payment in installments

Hi-RIS allows a property owner to repay the City through installments on their property tax bill after the work is completed. Property owners are not required to complete property appraisals or building condition reports and a mortgage does not need to be registered on the property. The financial obligation is attached to the property, not the owner, so it automatically transfers a new owner if the property is sold.

Hi-RIS is part of the City’s Tower Renewal Program that offers a number of initiatives that support improvements to the City’s aging rental housing, help to create healthier communities and improve the quality of life for residents.

Qualifying improvements include boiler upgrades/replacement, water circulation pumps and controls, bi-level lighting in parking garages, low-flow toilets, building envelope improvements such as windows and exterior cladding, and more.

Property owners are free to hire the contractors of their choice and may be eligible for up to $100,000 in cost saving incentives available from Toronto Hydro and Enbridge Gas.
Hi-RIS received a 2016 Sustainable Communities Award from the Federation of Canadian Municipalities. To learn more about this award-winning program, visit http://www.toronto.ca/hi-ris  – CINEWS

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