The Three Point Redevelopment Portfolio
In Spring of 2016, Conference began a partnership with BC Housing, who agreed to finance the redevelopment of a portfolio of congregational properties into mixed-use redevelopments featuring new Church Space and Affordable Housing.
Conference’s Property Resource Team
BC Conference’s Property Resource Team has taken on a unique and strategic leadership role with relation to church property in BC by providing specialized services and resources in the areas of property assessment, planning, development, redevelopment and divestiture to congregations and ministries within their jurisdiction. As part of this mandate, the Property Resource Team is undertaking several congregational redevelopment projects – including the 3-Point Redevelopment Portfolio.
The 3-Point Portfolio
The 3-Point Portfolio refers to a growing number of congregational properties that are being redeveloped by Conference in partnership with BC Housing. Each of these mixed-use redevelopments will result in custom-built, multi-purpose church space and purpose-built, affordable rental housing.
The portfolio approach enables Conference to leverage differently valued congregational property assets to allow the redevelopment of numerous projects. By financing projects as a portfolio – rather than as individual projects – congregational properties with lower land values can be redeveloped along with those congregational properties that have higher land values. Each participating congregation receives a return that is commensurate with their own property value, but the portfolio approach means land-rich congregations enable the redevelopment of congregational sites that wouldn’t otherwise qualify for financing. This interdependent approach also creates efficiencies and cost-savings that benefit each of the participating congregations. In short, by doing it together, we can do it better. 3-Point is a reference to the trinitarian state of inseparable unity.
“I Can Do Things You Cannot, You Can Do Things I Cannot; Together We Can Do Great Things.”
– Mother Teresa
New Church Space
Each mixed-use redevelopment will feature custom-built church space, designed in consultation with congregational leaders. When completed, the title of each new church space will be held by the Trustees of each of the participating Congregations. These congregations will also receive an agreed upon annuity for no less than 35 years. With brand new space and an ongoing source of income, these Congregations will be in a better place to enliven and renew their ministry to meet the spiritual needs of future generations.
Space has always been the spiritual dimension of architecture. It is not the physical statement of a structure so much as what it contains that moves us.
– Arthur Erickson, Canadian architect and urban planner
Purpose-Built Affordable Rental Housing
The 3-Point Portfolio is designed to grow over time and will contribute hundreds of units of affordable market rental housing across four different cities in BC. BC Housing requires the rental rates to meet their affordability criteria, which states that at least 51% of the units must be priced to be affordable for middle income families and individuals. This amount is based on a threshold largely determined by Canada Mortgage and Housing Corporation. CMHC collects data from across Canada to determine average income levels on a region-by-region basis, then they apply a factor that sets that the amount of rent paid for affordable housing should not exceed 33% of the average income for that region. On top of that, municipal governments each have their own affordability targets that must be factored into the rent rates,improving affordability even further.
When complete, the Housing will be owned by a Non-Profit Society, under the supervision of BC Conference (or its successor).
Read more about the Property Resource Team and our specific projects.
For More Information, Contact:
Property Resource Team Lead
for BC Conference of The United Church of Canada
(604) 431-0434 ext 325