Our church community is actively engaged in building robust communities that have a place and space for everyone. For communities to thrive, people need safe warm secure housing where they are not vulnerable to unaffordable rent increases. Community Accommodation LTD (CAL) is a charitable company that is part of the church. It has owned a house for several years that is providing stable housing to someone at a social housing rate.
CAL believes that together we could buy a home in Somerfield for the refugee family to rent at an affordable rate for two years. What is needed is one or more of the following options:
- An interest-free loan of $150,000 for two years. At the end of the two years, the loan would be repaid.
- A weekly payment to cover the cost of a mortgage of $150,000. At today’s interest rates that would be $144.00 a week or $15,000 over two years.
- The promise of an interest-free loan of up to $25,000 if it was needed at any time over the two year period. The money would be repaid at the end of the two year period.
- CAL providing up to $250,000 with individuals contributing the balance to purchase a house.
At the end of two years the ownership would be restructured to allow for the repayment of those who needed the return of capital, and to allow others to invest.
If you would like to know more or have a conversation about potentially supporting the purchase of a house. Please contact Nick at firstname.lastname@example.org