High-Rise Retrofit Improvement Support Program (Hi-RIS)
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.
Offered by Tower Renewal (City of Toronto)
Amount
Up to 10 per cent of the Current Value Assessment of the property or $2.5 million per multi-residential building, whichever is less; zero percent interest during construction, repaid through the property tax bill over five to twenty years
Quick eligibility check
Who can apply
To be eligible for the Hi-RIS Program:
- The property must be a multi-unit residential building in the City of Toronto that is at least 20 years old.
- The building must contain a minimum of seven (7) units with a height of three storeys.
- Private rental apartment buildings, social housing and housing co-operatives ( including non-profit co-ops and equity co-ops) may qualify for the program.
- All registered owner(s) of a building must consent to participating in the Program.
- Property taxes, utility bills and all other payments obligations to the City for the past five years must be in good standing.
- 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.
- 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. Other energy studies, such as decarbonization studies, may be accepted for non-profit housing or at the discretion of program staff.
- Improvements must be permanently affixed to the building and have a lifetime useful life of more than five years.
About the funding
Zero percent interest during construction.
Access lower interest rates and choose a fixed repayment term of five-, 10-, 15- or 20-years.
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.
Show all funding details
Funding Disbursement Process
- Upon signing a Tower Renewal Property Owner Agreement, recipients will be advanced 30% of the approved funding.
- Halfway through the project, submit an Interim Project Report including detailed invoices of work paid for. Upon receiving the Interim Project Report and confirming progress, an additional 30% of funds will be issued.
- Once the retrofit work is complete, the property owner(s) submit a Project Completion Form with detailed invoices and proof that the work has been completed. The remaining funds will then be issued once the City has verified that the project has been completed.
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:
- Building envelope: window/balcony door replacements, window/door caulking, exterior wall cladding, solar air heating systems, insulated roofing, and more.
- Mechanical system: boilers, booster pumps, building automation systems, make-up air units, garage exhaust fan & CO controls, heat/energy recovery ventilators, heat pumps, cooling system upgrades, and more.
- Water fixtures: low flow/ultra-low flow toilets.
- Renewable energy: solar panels, geothermal heating and cooling and more.
- Lighting: LED lighting systems and controls.
- Any measure that provides energy efficiency or water conservation benefits.
Similar programs
| Program | Type | Amount | Status |
|---|---|---|---|
| ERASE Commercial District Remediation Loan (ECDRL) Program | Loan | Up to $400,000 | Open |
| Apartment Construction Loan Program: Seniors Rental Housing | Loan | Up to 100% loan to cost for residential space and up to 75% loan to cost for non-residential space, with up to a 50-year amortization period | Open |
| Apartment Construction Loan Program: Standard Rental Housing | Loan | Low-cost loan of up to 100% loan to cost for residential space and up to 75% loan to cost for non-residential space, with up to a 50-year amortization period | Open |
| Apartment Construction Loan Program: Student Housing | Loan | Low-cost loan of up to 100% loan to cost for residential space and up to 75% loan to cost for non-residential space, with up to a 50-year amortization period and a fixed interest rate | Open |
