2b. There are community concerns that this project isn’t financially viable and that mismanagement could result in debt of $150K per congregation member. Is this true?
No, this is not true.
A comprehensive financial model has been developed and reviewed by BC Housing to meet their stringent requirements for a project planning loan. This model helps test scenarios and approaches to managing or mitigating issues and safeguards viability. Once completed, a professional property management firm will manage the housing, governed by a non-profit housing society established separately to the church. Rents will be insured and thus guaranteed, thereby avoiding liability to the congregation.
OBUC is committed to responsible fiscal management of its property, assets and existing programs.