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.
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
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.
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.
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.
Renovation work will begin on or about December 15, 2016.
The project has been split into 6 phases spanning a little over two years.