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A trio of agencies is coming together to offer building owners financing for energy-efficiency and seismic upgrades.

The program offers 100 percent financing to building owners and developers. Previously the program was available only in urban renewal areas; now the agencies have expanded eligibility to properties throughout Multnomah County.

Prosper Portland (formerly the Portland Development Commission), Multnomah County and the Energy Trust of Oregon are sponsoring the program.

PropertyFit differs from similar programs in other metro areas by also offering money for seismic retrofits. The costs of such projects have challenged owners of small buildings.

The program comes as Portland’s City Council is due to consider in October a policy proposal for unreinforced masonry buildings. The draft policy would require property owners to retrofit vulnerable buildings, but allow at least 10 years for completion.

鈥淭his program comes along at a time that offers a carrot to that requirement,鈥� said Amy Nagy, project manager for Prosper Portland.

Projects can range from replacement of an outdated boiler to an update of lighting. The minimum financing for the private financiers is $200,000, with terms of up to 30 years. The loans are secured by a property lien.

Three capital providers are backing the PropertyFit program: Prosper Portland, CleanFund Commercial PACE Capital Inc. of Sausalito, California, and PACE Equity of Milwaukee, Wisconsin.

鈥淗onestly, the sky’s the limit in terms of outside capital,鈥� Nagy said.

Prosper Portland’s dollars are restricted to projects inside urban growth boundaries, but the other two partners have no such restrictions.

The program could be most beneficial for relatively small groups that have yet to seismically upgrade their buildings, said Susan Steward, executive director of the Building Owners and Managers Association of Oregon.

鈥淚t seems to me to be smart to go out and do the small buildings, the mom-and-pops, where (upgrading) is not even on their radar,鈥� she said.