Pilot Project
SITO is seeking $340,000 in interest-free loans and donations for its pilot project.
May 2021 update: Jim Roos, Founding Director, will refinance his personal 4-family rental property to provide up to $100k in matching funds! Jim was inspired to create this challenge in response to the generous $150k donation by a donor in March. Jim's current contribution is $32k in matching funds plus a $38k temporary loan which he intends to replace with additional matching funds (as a 5-year interest-free loan).
May 2021 update: Jim Roos, Founding Director, will refinance his personal 4-family rental property to provide up to $100k in matching funds! Jim was inspired to create this challenge in response to the generous $150k donation by a donor in March. Jim's current contribution is $32k in matching funds plus a $38k temporary loan which he intends to replace with additional matching funds (as a 5-year interest-free loan).
Sanctuary in the Ordinary aims to complete a Pilot Project in 2021 to demonstrate the viability and positive outcomes of its proposed strategy. For this project, SITO will acquire 24 units in need of selective rehab and assemble bank financing, interest-free loans, and grants to complete the project.
Pilot Project financial structure
$1,200,000 in total development cost, for 24 units -- up to $50k per unit
$1,200,000 in total development cost, for 24 units -- up to $50k per unit
- $60,000: Grants for equity ($2,500 per unit) in 24 units
- $240,000: Interest-free public financing for 10 years
- $900,000: Bank financing for 5 years, renewable for 5 years
Organization funding
During the Pilot Project period, SITO will cover much of its operating expenses with project income. However, it seeks additional contributions to cover start-up expenses for 2021.
Projected Operating Expense and Income
During the Pilot Project period, SITO will cover much of its operating expenses with project income. However, it seeks additional contributions to cover start-up expenses for 2021.
Projected Operating Expense and Income
- $100,000: For salary, office equipment, supplies, and travel during the first year
- - $60,000: Net income during rehab, from rents and developer fees
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- $40,000: Needed in contributions for operating expenses
Assumptions and additional details
We expect rehab to begin on about May 1, 2021, when financing and donations are available for no less than six units, including startup expenses.
SITO currently has six units (two building) under contract in south St. Louis and is considering several four- and six-unit buildings in north St. Louis.
We anticipate rehab periods of six months per building.
We expect rehab to begin on about May 1, 2021, when financing and donations are available for no less than six units, including startup expenses.
SITO currently has six units (two building) under contract in south St. Louis and is considering several four- and six-unit buildings in north St. Louis.
We anticipate rehab periods of six months per building.