TAF’s Green Condo Loan expands out of Toronto
November 6, 2015 - The Toronto Atmospheric Fund (TAF) says the recently completed “Cathedral Hill” condo by Windmill Development Group is 43% percent more energy efficient than Ontario Building Code (OBC) and it’s thanks to “innovative” TAF financing.
By Renée Francoeur
The $60-million, 21-storey plus townhouse development in Ottawa includes energy recovery systems, a high-performance envelope and glazing, a variable refrigerant flow (VRF) air thermal circulation system, and efficient lighting, TAF says. Greenhouse gas emissions are expected to be 30-40% lower than the average condo and performance would be comparable to Tier 2 of the Toronto Green Standard (TGS), Toronto’s measure for sustainable site and building design, it adds.
TAF’s says its Green Condo Loan finances the developer for the incremental costs of incorporating above-code efficiency measures and is repaid by the condo owners who benefit from lower operating costs. This way, the sale price of condo units doesn’t reflect the incremental cost, and the total cost of ownership is lower overall. When the loan period ends, the condo owners keep all the savings, a value which increases as utility costs increase, according to TAF.
“Toronto Atmospheric Fund’s innovative financing can give developers the confidence to build super-efficient condos, make it affordable for purchasers, and help transform the market by strengthening the code”, says Tim Stoate, vice-president of Impact Investing with TAF.
This is the first Green Condo Loan outside Toronto, according to TAF.