The Vision Project Summary

Project Summary

Our goal is to raise capital to renovate an apartment complex in Memphis, TN for the purpose of housing refugee families.


The number of people forcibly displaced worldwide recently surpassed a record 60 million — the most since the end of World War II. Twenty million of those displaced, half of which are children, are refugees fleeing wars, conflict and persecution.

Since early 2011, the main reason for the spike in refugees has been the upheaval wrought by ISIS which has caused millions to flee their homes and seek shelter in Europe and in neighboring countries. But many refugees are also fleeing one of the 15 conflicts around the world that have erupted or reignited over the last five years, often situations of decades-old instability and conflict like those in Afghanistan, Somalia, Central America and elsewhere.

In 2015, the United States accepted 69,933 refugees through relocation agencies like Catholic Community Services and World Relief to name a few.

Relocation agencies work on very limited funding when placing a refugee family. This results with placement into more affordable housing, which usually resides in low-income areas. High crime, gang and drug issues are more common in low-income neighborhoods thereby challenging the refugee’s chance for a positive assimilation.


The Solution


COMPLEX   

  • 550 units including 1, 2, 3 and 4-bedroom units
  • 100% vacant at time of purchase and in need of major renovations
  • 29-acre community with perimeter fence and controlled access gates
  • Community Center
  • 2 swimming pools
  • Walking distance to a transportation hub
  • Adjacent to an elementary school

COMMUNITY

  • 8,161 square foot facility consisting of offices, classrooms, kitchen CENTER and two adjoining playgrounds
  • Offices for management
  • Offices for counseling (many refugees have witnessed the worst of atrocities, not to mention being uprooted into a new country and life)
  • Classrooms for teaching English
  • Large room for a computer lab and library
  • Large room lounge and games
  • Large room for day care

FINANCES 

Complex was purchased for $4.3 M or $7,818/door
Terms: $1.5 M down, balance seller financed for 5 years
Renovation costs: $18,727/door or $10.3 M

HEARTS OF GOODNESS 

Private foundation 501(c)(3) of the Corbin and Kara Church Family
Purchased the complex and has started renovations using $2M of their own funds.

REQUEST     

Another $10.3 M+ is needed beyond what the Church family has donated from generous businesses and individuals in the community. ALL DONATIONS WILL BE TAX DEDUCTIBLE.

WHY  MEMPHIS?

The reality is that it is less about Memphis and more about the opportunity presented by the Kensington apartments. The fact that this complex was 100% vacant and in need of substantial renovations made it undesirable to most buyers and a tremendous value.

  • That said, the job market in Memphis is consistently very strong and placement for refugees historically has been very successful.
  • World Relief is a refugee relocation program based in Memphis. They have an excellent reputation and track record.
  • World Relief is very excited about having a safe and affordable housing community that will provide such great services to refugee families.

WHEN  

Renovation work will begin on or about December 15, 2016.

DURATION

The project has been split into 6 phases spanning a little over two years.