High-Rise Retrofit Improvement Support Program (Hi-RIS)
$2,500,000
Loan
Description:
The High-Rise Retrofit Improvement Support Program (Hi-RIS) program makes low-cost financing available for owners of residential apartment buildings built before 1990 of three or more storeys to make improvements that reduce energy and water consumption.
Hi-RIS is made possible through an amendment to the provincial regulation regarding local improvement charges, which are municipal financing tools used to help cover the costs of local infrastructure improvements, such as streetlights or sidewalks. The amendment allows municipalities to advance funding to consenting private property owners to cover the cost of building improvements that improve energy efficiency and water conservation.
Comments on Funding:
Continuous Intake
Eligibility:
Applicants must be Developer or property owner of:
1. A residential rental apartment building built before 1990 of three or more storeys in the City of Toronto.
2. All registered owner(s) of a building must consent to participating in the Program.
3. Property taxes, utility bills and all other payments obligations to the City for the past five years must be in good standing.
4. Building owners must also ensure that they comply with obligations to financial institutions or other lenders who have a mortgage interest in the property. This may necessitate obtaining independent legal and financial advice with respect to participation in the Program.
5. Building owners must complete and submit the required program application forms and provide an energy assessment report (ASHRAE Level 2 or above) that meets the qualifying criteria.
Application Steps:
Applicants must:
1. Complete an Expression of Interest (opens in new window) to determine if your property is eligible to participate.
2. Complete an Energy Assessment & Submit Funding Request
3. After the completed form and related documents are received, the City will review the submission to verify eligibility. If the Funding Request is approved, the City will prepare a Property Owner Agreement. The Property Owner Agreement is the program funding agreement between the City and the property owner(s). All property owners listed as owners on the registered title for the property are required to sign the Property Owner Agreement.
Once the signed Property Owner Agreement is received and certified by the City, it is returned to the property owner and the improvement project can begin.
Documentation Needed:
Applicants must submit:
1. Submit an Expression of Interest
2. Energy Assessment Report and a list of the identified improvements you intend to pursue
3. copies of the signed cost estimates for the intended improvements based on contractor quote(s)
4. identification of any incentives or rebates available from the utility companies
5. specification of the estimated useful life of intended improvements
6. a completed Pre-Authorized Property Tax Payment Program Application Form, which must be mailed or faxed to Revenue Services. A copy of this form can be found in the Appendices of the Funding Request Form and the Property Owner Agreement.
Other Things to Note:
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