08:42 AM EDT, 06/09/2022 (MT Newswires) -- Tricon Residential Inc. (TCN.TO, TCN), owner and operator of single-family rental homes and multi-family rental apartments in the US and Canada, on Thursday announced a down payment assistance program for residents, and progress on several environmental sustainability initiatives.
Under the program, Tricon's single-family rental residents can qualify for assistance of $5,000 towards a down payment to buy a home of their choice, provided they have been residents of Tricon in good standing for at least five years. The program will be available to qualifying existing residents starting in the fourth quarter of 2022 and will be retroactive to the date of first move-in.
The company also reported progress on several sustainability initiatives:
Tricon has completed energy efficiency upgrades on 70% of the single-family rental portfolio
Tricon has 1,175 homes slated for construction in six build-to-rent communities throughout California that will be equipped with solar power. When completed, these homes will have the capacity to generate a combined 4.5 MW of clean renewable solar energy and are projected to offset 100% of a resident's average home electricity consumption, resulting in a cut of 6,570 tons in carbon dioxide emissions per year. Tricon is also piloting solar energy upgrades on select existing homes in the Southwestern U.S. and anticipates expanding this program to several hundred homes over the next year.
Tricon is working with a subsidiary of Highland Homes, HHS Residential, its largest build-to-rent partner in Texas, to design a Net Zero pilot community.
In Toronto, Tricon says its multi-family portfolio of ~4,800 suites under operation or development is one of the most sustainable, large-scale residential development programs in North America. Over 90% of Tricon's current development pipeline, more than 3.9 million square feet of residential space, is targeted to achieve LEED Gold certification. Tricon also supports the Toronto Green Standards (TGS) program, Toronto's sustainable design performance requirements for new developments. Over 50% of the entire portfolio is meeting or exceeding TGS Tier 2 certification requirements.
The company today also released its 2021 ESG report.