The Framework Agreement on the sale of the St John's parking lot provides for the option to purchase up to 40 units in the new apartment building being constructed by Teron Inc. for the purpose of alleviating the effects of poverty through affordable rental housing. How many units purchased depends on the level of financial support received from the people of St John's and from other faith communities, organizations and individuals. This is an exciting opportunity to assist lower income people within St John's and in the broader community.

Although right now the focus is on acquiring the affordable housing units - with the emphasis on financial requirements - there will be a need for many other types of ministry that will involve members of this parish. These ministries will be based on the available skills within the parish and the identified needs of those being housed.

Following discussions with a lawyer, it is proposed that a registered charity be set up, separate from St John's, to purchase and oversee the management of the rental units. Broad-based participation in the registered charity through the Multifaith Housing Initiative (MHI) is being encouraged.

The AH Committee is seeking your feedback in order to evaluate the level of financial support for the project by parishioners of St John's. We are also seeking similar feedback from other faith communities, organizations and individuals through the MHI. With this information, the committee will be able to assess the number of units that could be purchased and still remain within 'affordable' rental prices (which we are defining as less than the CMHC average market rent for a one-bedroom apartment - $758).

Our preliminary analysis indicates that we will need $2,000 - $3,000 per unit for the non-refundable purchase deposit due the fall of 2004 at the earliest. To achieve a lower than market rent, we will need an average downpayment of $35,000 per unit, which would be payable when the unit is available for occupancy - fall of 2005 at the earliest.

Are you interested in contributing financially to the purchase of these rental units? Following are possible ways in which you can do this:

• Charitable donations (of any amount). Until the registered charity is established, charitable donations for this project would be made through St. John's, designated to the condo rental units, with an income tax receipt issued. Possible ways to give are:
  • One-time donations
  
  
  • Donations of a specified amount pledged over a number of years (e.g., $100 a year for 5 years = $500)


• Loans. Loans are a very effective way to assist with the required downpayment. Those who have accessible capital may be willing to lend $5,000, $10,000 or even $25,000 for a five-year period. We believe there is already the possibility of $200,000 in loans from outside the parish to assist in the purchase of units. Possible ways to loan money are:
  • No interest for a specific time period (ideally a minimum of 5 years) with a charitable receipt annually for the deemed interest
  
  
  • Low-interest for a specific time period (ideally a minimum of 5 years)
  
  


• Bequests. Donations specified in a will.

You can contact us:
Feel free to contact any of the members of the AH Committee with any questions: Monica Patten (after April 4) - Chair; Peter Anderson, Barbara Dransch, Ross Hammond, Peggy Lister.

Can we contact you?
If you are interested in helping out financially, we would like to give you more information about the requirements and the possibilities for support of these rental units. If you are willing to be contacted by a member of the AH Committee, please leave a message at the parish office (232-4500) or send an e-mail message to stjohns@cyberus.ca.