- we find a struggling non profit that needs money
- we partner with them to buy a parcel of land at our expense
- we then apply to the City and State looking for grants to build low income housing using the non-profit as the front guy
- we then get letters of support from the politicians
- work with the city to get the appropriate variances, sidewalks/streets repaired by the city, permit/water/sewer fees waived
- eventually we get all of our funding of which 90% are grants, since the units must be rented to low to mod income peopler for 20 years, pay ourselves back for the land purchase as well as any other incurred expenses of course
- big ribbon cutting to announce the project
- we can move property into the non-profits name to get EPA grants that we do not have to pay back.
- big ribbon cutting when the project is done
We owe very little to the bank since most of the monies were grants, get all our up-front money as well as incurred expenses back, pay a mgmt company to handle the day to day problems, but here is the best part. We split the profits from the rentals with the non-profit 50/50!!!
It is a win for us since in the end, we have nothing invested in the project and get half the profit and the non-profit entity is happy since they have a new stream of income. On our way to the bank each month we garner awards as great humitarians, versus the greedy profit motivated developer.
Everyone wins!! Except the City of Worcester, but who is counting.
Accepting ideas for the name of our new company. Please note will even take monies from large corporations for naming rights.