Aslan is buying the property next door to PCC!
3614 Farm Hill will become a mini-village for 5 PCC staff singles or couples. It will have a 3/2, a 1/1/ JADU, and a 1/1 ADU all with separate entrances. Aslan and PCC together own six homes: two 3-bedrooms and four 4-bedrooms. This is wonderful for large, established families. However, in deep talks with PCC, the Lead Team anticipates the need to hire younger staff to open positions, hold down costs, and balance our currently top-heavy org chart. It is also much less expensive to acquire one parcel and then nest on it multiple units– like a triplex.
Aslan is ready for this mission. We are run by a seasoned group of executives with deep experience in real estate, development, law, philanthropy, insurance, planning, and finance. We have a team of advisors that provide strategic and tactical assistance. PCC is also on board with this plan! The Church is providing time (staff input), talent (analysis), treasure (PCC equity share proceeds), and testimony (just ask Gary!).
Buying the King House property is a $2.5 million project. Here’s the breakdown of where your money will go:
- $1.6 million towards a down payment– below market rents for staff can only cover Aslan’s mortgage and expenses if the down payment is large.
- $660K for the next acquisition– let’s do an equity share with some of our more senior staff who rent and need help to buy here.
- $100K for organizational reserves– Aslan is transparent and well-run. Reserves are essential to good stewardship. The Woodsworth and Jefferson homes came to us with zero reserves for repairs and maintenance. These properties and the King House should have a reserve fund.
- $640K for operational expenses for the next five years– we run on a mix of donations and earned rental income to provide property management, maintenance, staff coaching, and other services to PCC staff. Aslan is basically PCC’s housing subsidiary. Like PCC– and most nonprofits– we rely on fundraising from individuals to get the job done. This work has been underfunded for years. You can change that!
Aslan is working closely with National Covenant Properties– in a first for the denomination, they will be lending to us for staff housing. This is a big deal. We have run very detailed forecasts, known as pro forma, that show projected costs, reflect inflation, build reserves, and use below-market rents. We have plenty of collateral. What we really need is a big down payment, so the cash flow works. Join us in making this a reality.