The High-Rise Retrofit Improvement Support Program (Hi-RIS) program makes low-cost financing available for owners of older multi-unit residential apartment buildings to make improvements that reduce energy and water consumption and support the building’s resilience against extreme weather.
Benefits of Hi-RIS energy-based retrofit work for building owners and residents include:
To be eligible for the Hi-RIS Program:
A property owner can apply to the Program with an energy assessment (ASHRAE Level 2 or above*) and enter into an agreement with the City to undertake building improvements that reduce energy and water consumption. Eligible owners can receive up to 10 per cent of the Current Value Assessment of the property or $2.5 million per multi-residential building, whichever is less.
Once the work is completed, the City places a special loan charge on the property tax roll equal to the cost of the improvements, plus the cost of borrowing. The property owner then pays the special charge on the property tax bill over an agreed term which reflects the useful life of the improvements. Available financing terms range from five to twenty years. Through the Program, the loan repayment obligation attaches to the property, not the owner. If a property changes ownership, the new owner would assume the obligation to the City and continue to make payments until the loan is fully re-paid.
* Other energy studies, such as decarbonization studies, may be accepted for non-profit housing or at the discretion of program staff.
Step 1: Submit an Expression of Interest form to find out how much funding you could receive.
Step 2: Complete a Funding Request Form and submit with signed contractor quotes and a copy of an energy assessment report (ASHRAE Level 2 or above*).
Step 3: Sign a Tower Renewal Property Owner Agreement with the City.
* Other energy studies, such as decarbonization studies, may be accepted for non-profit housing or at the discretion of program staff.
Non-profit housing providers may, in place of an ASHRAE 2 energy audit or decarbonization study, submit a Building Condition Assessment (BCA) for projects with known energy or water savings impacts.
All approved projects must:
Estimates from the BCA may be used for the initial project estimate, but must be supported by quotes and invoices for the second disbursement.
To qualify for funding, building improvements must be identified in an energy assessment report (ASHRAE Level 2 or above*). Improvements must demonstrate the potential to achieve energy or water savings. Up to 30% of funds may be used to fund improvements which improve the building’s resilience to extreme weather (e.g. flood protection measures or interior cooling).
Examples of qualifying building improvements include:
* Other energy studies, such as decarbonization studies, may be accepted for non-profit housing or at the discretion of program staff.
Property owners must agree not to apply for any rent increases above the guideline as identified in the Residential Tenancies Act in connection with any improvements funded through the Program. Building owners must distribute a notice to all tenants of this restriction, and post it near the building entrance for one year after the project is complete.
Property owners have an option to make a one-time payment of the full special charge amount to clear an outstanding balance in advance of the completion of the agreed term.
Participating property owners are required to enroll in the City’s payment program whereby property owners authorize automatic withdrawals from a bank account 11 times per calendar year to pay the property tax bill.
The Property Owner must cover the cost of temporary housing for any tenant who needs to move out for a period of time due to work being done, and efforts should be made to house the tenant within the building during this time.