Meeting minutes 19 December
MINUTES 19 DECEMBER
Mark and Andrea’s house
Mark Galbraith, Mark Amery (minites), Raima Kingi, Holly Jane Ewens, Mike Stringfellow, Justin Corbett, Pete Handford (later Flo McNeill, Paul Hughes)
V. strong star with survey and reception to campaign.
Tina: Purpose to make a decision for pathway in terms of making buying Kingi house happen
One pathway: HFP – would include with Kiwibank with NZ Housing product that sees Raima and HFP as co-owner. They would receive charitable donations as have that status. Any donations received would need to be their kaupapa – they’d ringfence and apply to this project., But then they’d leverage off that equity for other developments of their own on Kapiti coast. They will charge us $20,000 on IP. So they would get something out of it
Mark G: Advantage is whole package quickly and will do a lot of work. Portable equity programme is normally to do with new builds. Sounds like they have overstated what they can offer us from what Mike S has found out
Pete H: Can some of the relationships we make contribute to the core capital that takes PHT forward? If it’s just buying a house shared ownership can be quite simple.
Mark G: Banks will need someone to guarantee a loan. The product has been developed (I think) because of that problem.
Pete H: You have to have lump capital ultimately.
Mark G: cut to the chase: the model Pete says is what we want. But don’t feel we can trust these characters.
Tina P: We did some due diligence on uneasiness and we’re not sure on them. Feels like a no goer.
Mark G: I thought this was the model we want to go with –
Mike: NZ Housing Foundation says they’ve spoken to them but nothing else. Mike doubts they’d get mortgage. No savings history.
Justin: Let’s not rule out that there aren’t shenanigans (i.e nice people).
ACTION: That we politely turn down their offer at this point having weighed cost benefit. And at present want to keep it in Paekakariki.
MG: Best option is we build it ourselves – the shared equity model. But problem is time meantime.
PH: Fid someone prepared to buy the property – they’ll give us opportunity to buy it in 12 months. Extend the offer. Could be just a property investor.
MA: Need to be generous to owners in the media
Other option: Quite viable easier option is we get given more time.
PH: Need legal and accounting work set up. Concerned about negative equity.
Property is gamble and historically you’d expect 5%. And there is a risk.
We’re offering a max 4% return dependant on capital gain.
Need to emphasis the social gain of investing rather than it will be a gain.
TP: Raima’s dream to own the house – clear much better option than renting. And she is way behind PHT kaupapa.
Pete and Tina are both talking about bridging by finding someone who can buy for a year – it’s no risk really (PH).
HJE: Target a few people to buy time.
PH: a crisp proposal needed.
Chasing the one person or several people:
We need simple succinct letter about what we’re asking people:
ACTION: Pete Handford initial draft.
Property owners: Let’s keep them involved. And highlight their generosity. Plant a seed with them that on track.
ACTIONL Landlords: Mark to write a letter to them Thurs/Fri – options – this is what we’re doing. Ideally more time.
TP: HFT lesson - Within 90 days of purchase do all the remedial stuff and then measure the difference.
MA: Community ownership opportunity is on everyone contributing at that time.
TP: Another model from conversation with Harriet – hybrid. Commercial investment (someone locally – who gets 50% of capital gains) for half and social investment for half.
JC: If Raima becomes owner over time does that interest you Raima?
Currently rental wouldn’t cover outgoings. We still need to meet a shortfall. If we find someone to buy it the rent will go up.
MA; Need to set it up to be there for media coming out Thursday
PH: Capital to start the trust.
HJE/MA: No. Givealittle needs to be more personal. A personal cause
ACTION: Tina Pope to talk to Graeme Coe.
TP: Givealittle – donate to family to buy their own home.
HJE: be good person to get on board is Frances krsunich. Also Paul Callister – is demographer. Good person.