Our Mission
“Many people with intentions of staying in their neighborhood have been priced out. They just couldn’t afford the next rent increase. It’s not enough to offer someone affordable housing they may lose or permanent housing that leads to economic hardship. After talking with different advocacy groups, property managers, and residents themselves it seems that the best way to accomplish this goal is to secure a dedicated building and protect it from egregious profiteering.
The costs of owning and maintaining the building which we are now considering can easily be paid by affordable rents, when operating a non-profit model. Our budgeting shows that with full occupancy below market rents, we can support the building ownership, upkeep, and capital improvements.
When I noticed that this economic model is possible, it made me realize that unaffordable housing in this city is not a natural occurrence but rather due to investors who demand high profits from low-income families.”
CHRIS LAWRENCE, Development Worker
Goal One
Identify suitable apartments in condo buildings, or townhouse with or without conversion to apartments which could be ready for renters to move in.
Goal Two
Form an investor group from ethical investors who are prepared to fund the purchase of this property and keep their cash in the project for 7 years, without drawing interest. Each investor has an equity share based on the size of their investment.
Goal Three
Match the apartments (or townhouse) with beneficiaries who are willing to make an agreement (reviewable every 6 months) which ties their discounted rent to the voluntary or paid employment they are doing with local neighborhood non-profits or churches.
“We are looking for investors who have a different vision. We are looking for those who are able to invest in the long-term benefit of their communities.
Yes, our building is expected to appreciate in value and this increased equity will be passed on to our investors as their returns. But our investors have a bigger vision. We have come to see that the housing crisis we are facing is actually manufactured, not normal, and solvable by changing our perspective of housing as a home instead of a portfolio.”
Prospectus - click on image
Beneficiaries are working as staff or as volunteers with local non-profits, or faith-based organizations. They are willing to be in an accountable relationship with us where their work with neighbors is valued and is the basis on which the beneficiary receives the discounted rent.
