PORTLAND, Maine — On Tuesday, July 1, Habitat for Humanity of Greater Portland launched its “Campaign to Buy Our Home,” a capital campaign seeking to raise $520,000 to purchase the building housing their office and retail space located at 659 Warren Ave. in Portland.
The building also contains two additional retail spaces, one of which is currently leased. With the purchase, HFHGP would receive an incremental cash flow of roughly $71,600. That will increase by approximately $32,000 when the current vacant space is rented.
In addition to an immediate income boost to build more homes, over the years the income will improve vs, increasing tenancy costs. Another benefit to HFHGP is the potential subdivision of the property. Its plan is to “condo” the three existing units, and own all three, saving on property taxes. The increased cash flow equals one more house per year, adding 50 percent to recent builds.
“We are proud to build homes for families in Cumberland County every year. We now have the opportunity to purchase ‘our home,’ providing us with independence and much improved cash flow,” said Habitat for Humanity of Greater Portland’s Executive Director Godfrey Wood in a press release. “The benefits of owning our building are similar to the benefits of home ownership for our families, so we look forward to that same sense of freedom.”
Since moving to the space in October 2013, HFHGP has rented its offices and ReStore space, the Habitat affiliate’s retail store that sells new and used building materials, appliances, and furniture. HFHGP is building eight homes in Freeport. Its next project is a 13-home community in Scarborough. They also are looking in to projects and lots in Raymond, Falmouth, Portland, and Westbrook.
Habitat for Humanity of Greater Portland offers the following giving levels for interested donors.
— $200,000: One available, which includes naming rights for the plaza and top line on building plaque and ReStore.
— $75,000: Two available, which includes second level on building plaque and ReStore.
— $25,000: Three available, which includes third level on building plaque and ReStore.
— $10,000: Five available, which includes fourth level on building plaque and ReStore.
— $5,000: Five available, which includes fifth level on building plaque and ReStore.
— $1,000: 20 available, which includes pavers in sidewalk entrance.