An Invitation to Invest in Our Future!
Okay, folks, we are rolling up our sleeves, with big plans ahead. This year, our list includes:
Beginning construction on the new 6-unit building that will become the future homes for CLT first time homebuyers.
Formalizing the Ground Lease—this is the document that holds the values, restrictions, and covenants between homeowners, BNCLT, and the community.
Making capital improvements to our buildings, including energy conversions of heating systems in a couple of our buildings.
Taking the next leg of the journey to restructure our system of property management to be more in sync with our relational model of community control.
Designing our “Pathway to Assets Building” and ownership model.
Engaging our community in a Strategic Planning process for our next 3-5 year Strategic Plan.
To do all of this work requires the continued focus, energy, and dedication of our Board, staff, and so many supporters to help us build the BNCLT dream of keeping families in our neighborhoods, and buildings out of harm’s way.
In addition to joining us as an engaged member, we also invite you to consider supporting BNCLT through the following avenues:
Become a Sustainer Member. We invite returning and new supporters to consider becoming a Sustainer Member by signing up as a BNCLT Member and setting up a recurring donating schedule. You can pick any amount– the beauty of this system is that you are continuously contributing to BNCLT through regular donations. This helps us spread your resources across the calendar, which both eases our planning and assures us of your long term commitment and support. Sustainer Members are also eligible for a brand new BNCLT T-Shirt!
Become a CITC contributor. CITC, or Community Investment Tax Credit, is a Massachusetts tax program that enables donors who make gifts of at least $1000 to eligible community development organizations to get 50% as a tax credit or rebate, and this is on top of other existing tax benefits from charitable gifts. It’s a fabulously successful program that leverages individual donations by doubling the gift. BNCLT received $125,000 in tax credits this year that we can use for any donations of at least $1,000. This means we can raise $250,000, and the donors get back $125,000 from the State in the form of a credit or rebate. We still have plenty of tax credits available, so please reach out to us if you’d like to make a CITC contribution to BNCLT.
Invest in our brand new Semi-Permanent Loan Pilot. BNCLT is looking for social impact investors who’d like to support a new model for long term financial stabilization of our properties. When we buy properties, we often receive a short-term acquisition loan to make the purchase, but then need to “take out” that loan within a few years with a longer term, permanent loan for our rental buildings. Unfortunately, there are not a lot of products available to organizations like ours since conventional banks do not want the risk of properties that have slim profit margins. This year, we are thrilled to announce the Semi-Permanent Loan Pilot! We have already raised $1.5 million towards the $3 million we need to take out the acquisition loan in place. We are asking accredited, mission aligned investors to make a 10 year loan (using a promissory note) on a 30-year amortization schedule at 0-2% interest. This investment will establish a legacy and model for how to stabilize low-income, social housing on a CLT for the long term, and helps ensure the quality of life for the residents who are a part of our community.
Later this fall, we’ll also open up a pathway for people to contribute to our 355 Park Street new building to help lower the sales price for potential buyers in order to reach lower-income buyers.