LOUISVILLE, Ky.--(BUSINESS WIRE)--ION today announced that Standard Communities is using its water optimization platform to start to reduce water consumption and costs across its affordable housing portfolio. Standard Communities has reduced water consumption by 50% on its first property deployment and plans to roll ION out across multiple properties in 2023.
"We are committed to providing high-quality, affordable, sustainable housing to those that need it most and are constantly working to improve our environmental impact at our communities around the country," said Scott Alter, Co-Founder and Principal at Standard Communities. "Our goal is to achieve a 20% reduction in water use intensity across our entire portfolio by 2030, and ION is playing a vital role in helping us reach this objective."
ION's water optimization platform improves water efficiencies by identifying and analyzing unit-level water events, pinpointing malfunctions and generating automated work orders to stop water loss before it impacts a property's operating income. ION can help reduce water consumption and monthly water bills by as much as 70%.
"The affordable housing industry wastes over 200 billion gallons of water annually," said Jack Howell, President and Senior Managing Partner, ION. "We're thrilled to help Standard Communities conserve this precious resource and experience significant financial savings that can be reallocated for property improvements."
ION enables affordable owners and developers to conserve water and reduce expenses by providing actionable water data. Its water optimization platform helps clients reduce water consumption and costs by as much as 70% compared to industry averages. Developers can reinvest savings into properties to improve residents' quality of life, and lower and more reliable utility costs can dramatically improve net operating income (NOI). For more information, visit www.ionwater.io.
About Standard Communities
Headquartered in New York and Los Angeles, Standard Communities has a national portfolio of nearly 19,000 apartment units and has completed more than $4 billion of affordable and workforce housing development, acquisitions and rehabilitation nationwide. As a Certified B Corporation, Standard Communities strives to cultivate long-term public/private partnerships to produce and preserve high-quality, affordable and environmentally sustainable housing.