2a. How much money is OBUC looking to make from this project?
Unlike a private developer who must purchase the land and typically wants to achieve a 12 to 15 percent profit from its development, OBUC is contributing its land and only seeking for rents to cover all expenses related to the project including mortgage, property management, maintenance (including some church maintenance), existing OBUC debt and program support.
OBUC’s congregation set the mandate that the project must be financially self-sustaining. Continuing reviews of OBUC’s financial model by BC Housing’s experts and others provide assurance this will happen.