PropertyFit offers qualifying commercial, industrial, and multi-family property owners affordable, long-term financing for energy efficient and renewable energy related building improvements. For the first time, building owners have a financial tool to undertake comprehensive energy improvement projects that holistically address a building’s performance needs. Improvements that up until now have been cost prohibitive.
Financing is secured with a benefit assessment lien on the property that is akin to a limited improvement district assessment often used by local governments to finance sewer and road improvements. As such the financing is attached to the property, not the owner, allowing for the unpaid balance of the assessment to be transferred with the building upon sale.
Prosper Portland administers the PropertyFit program for Multnomah County. The program is currently available to properties within Portland’s urban renewal areas and will soon be available county-wide. In addition, the program is committed to the growth of the Portland region’s minority contractor community. As such, prime contractors performing work for PropertyFit projects must hold the federal Disadvantaged Business Enterprise (DBE) or the state Minority Women Small Business Enterprise (MWEB).
Learn more about the program and the first two projects completed with Property Fit financing: Premier Gear Seismic Upgrade and KEX Hostel Energy and Seismic Upgrade.
PropertyFit is a collaboration between Prosper Portland, Multnomah County, and Energy Trust of Oregon to support a variety of carbon reduction, water conservation, redevelopment and economic development goals. It was created to help property owners to invest in energy efficiency, renewable energy, water conservation and seismic resiliency projects in Multnomah County. Together, these organizations leverage public and private resources to remove capital barriers and make building resiliency improvements accessible to small, medium, and large-scale property owners.