12/17/2021
Introduction of New Castle Group, LLC and our business model. Greetings,The purpose of this introduction is to introduce the idea of attainable housing.
While we are interested in developing relationships that presents projects, our passion is partnering and developing relationships with investors who are as passionate as we are about solving the need for attainable housing. I’m not talking about obtaining grants or working with organizations to provide shelter for the homeless or building section eight apartments (not that there is anything wrong with fulfilling those needs). I’m referring to the great need for people who cannot afford the rents in their communities because of these mega multi-family projects being developed for tens of millions which result in rent rates beyond the median income of people who are breaking their backs everyday just to make ends meet.
We have become increasingly aware that there is a need for attainable rentals for those who work hard every day yet don’t qualify for government assistance. Nineteen percent of the US population receives some sort of welfare, meaning, these households make less than the US median income of $30,000.00 annually according to the US Census. In Colorado alone, 50% of households have a combined income of less than $72,331 a year, which happens to be the median income for Colorado. FIFTY PERCENT!!!
The rent rate increased 16.5% this year however, there is still a huge demand for available rental units. In Loveland, Colorado alone, the Department of Housing has communicated a need for 20,000 units just to fulfill the housing needs for this city alone. We have a housing crisis. Not only is it difficult to find a home or apartment to rent in Loveland, but the rent rates are also too high for the average person to afford.
We have presented our business model to the City of Loveland to which we found to be highly desired by the city. The Department of Development has attended several conference calls to go over our business model and wants to see attainable housing in the community. They would like very much to be able to meet the housing demands. Unfortunately, there aren’t enough Developers or Builders.
New Castle Group would like to meet some of the demands and believe that with the right Developer / Investors we can successfully do so as well as provide a more affordable solution for those who cannot afford the larger rent rates and do not qualify to purchase a home.
A similar development was built in Colorado Springs during 2019 – 2020 which successfully reached maximum capacity in less than 6 months. We were a part of building that community therefore we witnessed the excitement of those who were struggling each month to keep a roof over their family’s heads. The product is one that is advantageous for the developer, builder, and residence. In closing, we appreciate your attention and hope that you will share our interest.