flexiblefullpage -
billboard - default
interstitial1 - interstitial
catfish1 - bottom
Currently Reading

New passive house partnership allows lower cost financing for developers

Sustainability

New passive house partnership allows lower cost financing for developers

Projects that apply for PACE Equity financing with the Phius certification will qualify to receive CIRRUS Low Carbon’s reduced financing rate, helping project developers fill a gap in a capital stack, replace more expensive funding options, and improve project returns.


By PACE Equity | January 10, 2024
Passive house multifamily project exterior in New York
Vital Brooklyn, Brooklyn, N.Y., passive house multifamily development. Photo courtesy Phius

PACE Equity, the leader in Property Assessed Clean Energy (PACE) financing for development projects, along with decarbonization non-profit Phius, jointly announced a new compliance path for PACE Equity’s CIRRUS Low Carbon program at PhiusCon 2023. Through the new partnership, commercial real estate projects that are certified as Phius CORE or Phius ZERO passive house buildings are automatically eligible for the CIRRUS Low Carbon financing rate when approved for PACE Equity funding.

What is CIRRUS Low Carbon financing?

CIRRUS Low Carbon is the only private financial product that provides a lower cost of capital for buildings that are developed or renovated to a lower carbon design. The standards set by Phius CORE and Phius ZERO are locally tailored and globally applicable, aligning significantly with PACE Equity’s CIRRUS Low Carbon design goals.

Projects that apply for PACE Equity financing with the passive house Phius certification will qualify to receive CIRRUS Low Carbon’s reduced financing rate, helping the project developers fill a gap in a capital stack, replace more expensive funding options, and improve project returns.

Chestnut Commons mixed-use passive house building in Brooklyn, New York
Chestnut Commons, a 237,000-sf mixed-use development in Brooklyn, N.Y. Photo courtesy Phius

“The path to lower carbon commercial real estate development is forged through symbiotic industry partnerships that offer developers and building owners unique financial, environmental, and brand advantages,” said Beau Engman, President and Founder, PACE Equity. “The convergence of Phius passive building standards and PACE Equity’s lower rate financing for lower carbon buildings equips developers with the tools and financial incentive to design more energy-efficient buildings with a better return.”

“With the most effective and widely applicable passive building standard, Phius shares PACE Equity’s vision for a lower carbon future,” said Katrin Klingenberg, Co-founder and Executive Director, Phius. “Partnering with PACE Equity to offer automatic CIRRUS Low Carbon qualification for Phius CORE and Phius ZERO projects helps make decarbonization of the built environment even more achievable.”

About PACE Equity
Since 2014, PACE Equity has funded Commercial Property Assessed Clean Energy projects in innovative, never-before-seen ways, with better financing for better buildings. PACE Equity has closed C-PACE projects across the U.S. and enabled the energy efficient commercial development of over $2.7 billion while eliminating over 1 million metric tons of carbon. PACE Equity offers the design and support that allow customers to intelligently meet the demands of today's consumer and tomorrow's requirements.

About PHIUS
Phius is a non-profit 501(c)(3) organization committed to decarbonizing the built environment by making high-performance passive building the mainstream market standard. It trains and certifies professionals, maintains and updates the Phius climate-specific passive building standard, certifies and quality assures passive buildings, certifies high-performance building products and conducts research to advance high-performance building.

Related Stories

Codes and Standards | Apr 8, 2024

First federal blueprint to decarbonize U.S. buildings sector released

The Biden Administration recently released “Decarbonizing the U.S. Economy by 2050: A National Blueprint for the Buildings Sector,” a comprehensive plan to reduce greenhouse-gas (GHG) emissions from buildings by 65% by 2035 and 90% by 2050.

Green | Apr 8, 2024

LEED v5 released for public comment

The U.S. Green Building Council (USGBC) has opened the first public comment period for the first draft of LEED v5. The new version of the LEED green building rating system will drive deep decarbonization, quality of life improvements, and ecological conservation and restoration, USGBC says. 

Codes and Standards | Apr 8, 2024

Boston’s plans to hold back rising seawater stall amid real estate slowdown

Boston has placed significant aspects of its plan to protect the city from rising sea levels on the actions of private developers. Amid a post-Covid commercial development slump, though, efforts to build protective infrastructure have stalled.

Sustainability | Apr 8, 2024

3 sustainable design decisions to make early

In her experience as an architect, Megan Valentine AIA, LEED AP, NCARB, WELL AP, Fitwel, Director of Sustainability, KTGY has found three impactful sustainable design decisions: site selection, massing and orientation, and proper window-to-wall ratios.

Sustainability | Apr 4, 2024

Skanska Elevates Commitment to Sustainability

Skanska, a global leader in sustainable building, has restructured its Sustainability Team to better serve client and company goals. Co-led by Steve Clem and Myrrh Caplan, who together bring decades of experience, the team will allow Skanska to continue to set the bar for the industry.

Mixed-Use | Apr 4, 2024

Sustainable mixed-use districts: Crafting urban communities

As a part of the revitalization of a Seattle neighborhood, Graphite Design Group designed a sustainable mixed-use community that exemplifies resource conversation, transportation synergies, and long-term flexibility.

Sustainability | Mar 29, 2024

Demystifying carbon offsets vs direct reductions

Chris Forney, Principal, Brightworks Sustainability, and Rob Atkinson, Senior Project Manager, IA Interior Architects, share the misconceptions about carbon offsets and identify opportunities for realizing a carbon-neutral building portfolio.

Sustainability | Mar 21, 2024

World’s first TRUE-certified building project completed in California

GENESIS Marina, an expansive laboratory and office campus in Brisbane, Calif., is the world’s first Total Resource Use and Efficiency (TRUE)-certified construction endeavor. The certification recognizes projects that achieve outstanding levels of resource efficiency through waste reduction, reuse, and recycling practices.

Codes and Standards | Mar 18, 2024

New urban stormwater policies treat rainwater as a resource

U.S. cities are revamping how they handle stormwater to reduce flooding and capture rainfall and recharge aquifers. New policies reflect a change in mindset from treating stormwater as a nuisance to be quickly diverted away to capturing it as a resource.

Sustainability | Mar 13, 2024

Trends to watch shaping the future of ESG

Gensler’s Climate Action & Sustainability Services Leaders Anthony Brower, Juliette Morgan, and Kirsten Ritchie discuss trends shaping the future of environmental, social, and governance (ESG).

boombox1 - default
boombox2 -
native1 -

More In Category


Green

LEED v5 released for public comment

The U.S. Green Building Council (USGBC) has opened the first public comment period for the first draft of LEED v5. The new version of the LEED green building rating system will drive deep decarbonization, quality of life improvements, and ecological conservation and restoration, USGBC says. 



Sustainability

3 sustainable design decisions to make early

In her experience as an architect, Megan Valentine AIA, LEED AP, NCARB, WELL AP, Fitwel, Director of Sustainability, KTGY has found three impactful sustainable design decisions: site selection, massing and orientation, and proper window-to-wall ratios.

halfpage1 -

Most Popular Content

  1. 2021 Giants 400 Report
  2. Top 150 Architecture Firms for 2019
  3. 13 projects that represent the future of affordable housing
  4. Sagrada Familia completion date pushed back due to coronavirus
  5. Top 160 Architecture Firms 2021