VICTORIA — Funding for sustainable retrofit projects in Western Canada has been secured thanks to a new agreement.
The Canada Infrastructure Bank (CIB) and Avenue Living Asset Management have signed a partnership agreement. The groups will commit $150 million towards sustainable retrofit projects in low-density residential buildings across Western Canada.
Under the agreement, the CIB’s investment will represent 80 per cent of the overall capital value of the work. The timing of this investment coincides with Avenue Living’s corporate commitment to reduce greenhouse gas emissions while collectively addressing the Prairie’s aging housing supply.
According to the CIB, Avenue Living’s multi-family residential business represents a major segment of Canada’s lower- and middle-income workforce, known as the workforce housing rental segment. Specializing in Canada’s existing rental base, the company owns and operates more than 500 medium-density buildings, consisting of over 14,400 apartments and townhomes, in more than 20 regions across Canada’s prairie provinces and the United States.
The groups hope the sustainable retrofit projects can help optimize building performance, decrease GHG emissions by more than 49 per cent, and improve functionality and comfort for occupants.
Projects will be delivered simultaneously and focus on renewable energy generation onsite, low carbon heating and cooling, sensors and smart thermostats, optimized air filtration, water and vapour management and energy consumption strategies to effectively reduce in-suite utility costs for lower-income renters.
The investment is expected to reach financial close in late 2022 with projects starting soon after.
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