 HRB Capital Campaign Update
Still in the silent phase of the capital campaign for Ferncliff Village, HRB is in the process of raising $250,000 by June of 2011.
This is a report to those who have either invested in Ferncliff or are considering an investment. We wanted to update our supporters on the progress of this important and urgent effort.
|
|
Message from Campaign Chair
There's lots of excitement at Ferncliff Village. We've raised over a $130,000 thus far of the $250,000 needed to build these to start construction on the site and begin building homes.
As the momentum picks up changes are being made to increase affordability to our buyers and meet the expectations of the community for the first project under the new city ordinance know as the Housing Design Demonstration Project (HDDP). Here are the updates that have helped shift Ferndliff Village from good project to a great one:
- Format: We've changed from a condominium format to a subdivision to allow ease of financing.
- Size: We've simplified the design and reduced the size to lower costs so that these new houses will be even more affordable.
- Single Family Homes: We've made the homes detached single family homes instead of duplexes. We will now be able to sell individual homes under $200,000, far below what is available in the existing market for detached homes.
- Consolidation of Phase 1 & 2: We have also consolidated phase one and two for a total of 24 home for this first phase. The second phase will come a little later with an additional 24 multi-homes which could be either condos or rentals.
- Cost Savings: Costs have been further reduced by working with a new design/build contractor Central Highland Building Inc. Central Highland has a proven track record of delivering quality homes at a very affordable price.
We're on schedule to begin ground work in the late spring and construction during the summer because of you. Thank you for making this possible by your support.
Don Heppestall, Capital Campaign Chair
|
Matching Funds Prompt Exciting Start to 2011
The pace has been intense, the response amazing. Focus on Ferncliff Capital Campaign kicked off in  mid-November and within less than six weeks the campaign raised $130,000! Of these funds, there is a total of $40,000 pledged as matching gifts. Consisting of two anonymous donations, one for $25,000 and another for $15,000, the matching funds were provided to HRB to help boost and sustain this astounding momentum.
The good news:
In the first week of 2011, we've raised $20,000 that will be applied toward the matching gifts!
The community voice has been loud and strong -- we need Ferncliff. A healthy community needs diversity in its people and housing options. This first phase of Ferncliff Village Community Land Trust homes will do exactly that.
Thank you!
Our appreciation, thanks and admiration go out to those who have made a financial commitment to this important project.
If you would like additional information on Ferncliff Village, please don't hesitate to contact Executive Director Ken Balizer at 842.1909, ext. 1.
|
