Housing Your Chapter
LET THE TRIANGLE BUILDING AND HOUSING CORPORATION KNOW OF YOUR SITUATION & NEEDS NOW
The TBHC needs to plan as much as you do! We are happy to help you understand the ramifications of housing your chapter, and can provide advice and guidance. As we know your plans, we can start to form financing options before you need to apply for a TBHC loan. Maintain contact with the TBHC throughout your project planning to completion! Contact the TBHC via the Executive Director Mike Fouts at email@example.com.
CONSIDER YOUR OPTIONS
- Greek Village/University Housing
- Lodge (just a meeting space, but no member housing)
- Other Alternatives (renting a block of apartments, other creative options)
For each of these options, make sure to consider all your potential costs and risks. Each option may require:
- Adherence to special use permits
- Adherence to Historic District and Rental Codes
- Pending Legislation (especially relating to sprinkler requirements!)
ARE YOU READY?
If your chapter is currently renting or considering moving to a larger House, there is a simple rule-of-thumb to know when you’re ready:
- If your existing facility has ALL beds full, AND
- Have an equal number of Brothers who desire to move into the House AND
- Both have been true for at least TWO years
You are ready to make a transition. This could be to another rental, or any of the other options.
BEGIN PLANNING FOR THE LONG HAUL
The Build Loan Fund Manual provides a complete guide to help you make the plans needed to make that next step. Your chapter’s leadership is strongly recommended to download it and read it to get familiar with the various steps needed. It is available by clicking here.
Complete the Feasibility Study Form in p. 12, Chapter 2 of the BLF Manual to start planning.
There are several financing options:
- Commercial financing
- Commercial first mortgage with 2nd mortgage holder
- Partial financing from alumni
- Down payment saved from member income and alumni donations
HOW DOES THE TRIANGLE BUILDING AND HOUSING CORPORATION HELP?
To provide opportunities to as many chapters as possible, you should plan on financing mainly from a commercial lender. In the past, TBHC has assisted chapters by:
- Providing payment guarantees to a commercial lender
- Providing a 2nd Mortgage to assist with a down payment with a commercial lender
To start the process, a fully completed TBHC loan application must be submitted to the TBHC for review and guidance.