Non-profit organizations interested in developing Life Lease housing include non-profit housing corporations, municipalities, service clubs, churches, ethnic associations, associations for community living, nursing homes, and seniors clubs.
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Non-profit organizations interested in developing Life Lease housing include non-profit housing corporations, municipalities, service clubs, churches, ethnic associations, associations for community living, nursing homes, and seniors clubs. |
Many non-profit organizations have not been able to develop housing for their community or special interest group because of government restrictions and cutbacks. Life Lease offers these organizations the opportunity to develop housing without government assistance and without the red tape.
Non-profit organizations interested in developing Life Lease housing include non-profit housing corporations, municipalities, service clubs, churches, ethnic associations, associations for community living, nursing homes, and seniors clubs.
Organizations with land have shown a particular interest in Life Lease because it represents an opportunity to sell the land to the non-profit housing corporation and use the proceeds for its own purposes. In some cases the organization uses the proceeds to build another building, subsidize the shelter costs for some low income people, or put the funds towards some other community service.
Organizations with a particular constituency also favour Life Lease because of the opportunities for developing the project with the proposed residents for the proposed residents. The unique marketing process encourages the residents to be involved in both the building and lifestyle design, with the end result a vibrant community that meets its own special needs, preferences, and values.
Life Lease works as a vehicle for a non-profit organization to develop multi-residential housing because it builds on the existing strengths of the organization. The skills, resources and community connections of the Board are vital for the planning, marketing and development of the project. The reputation and credibility of the organization provide the prospective residents with the security of knowing that their investment is in safe hands.
The non-profit organization, in consultation with the prospective residents, is responsible for making all the decisions during the life lease development process while the day to day responsibilities of the development process are carried out by the Life Lease Developments Inc. Affiliate Firms, the architect, and other consultants.
Critical decisions made by the Board include who will be the prime resident group; the form the Sale and Right To Occupy Agreements will take; how is the project best marketed in the community; what is the best type of building design; what common facilities are needed; what services are needed; how residents are involved in the design, development and operation; and what type of property management is preferred.
Housing development is not easy. Boards face many unforeseen obstacles that require ingenuity, stamina, and wisdom to bring the project to fruition. But the development of a successful housing project for the community is one of the most satisfying experiences available to a non-profit organization, probably because it is such a challenge.
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