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In 1998 Yeast City Housing entered into a long-term lease agreement with the YMCA to manage Hofmeyr House in 460 Van der Walt Street. This was quite a challenge as we took on management when the building had a debt of R200, 000 with the City Council, as well as a number of smaller debts, and only 60% of tenants paid their monthly rents. We were able to salvage the situation, to pay off all the City Council debt within a year, and to stabilize the rental income to above 90% within two months. In 2002 we were also able to upgrade the facility with housing subsidies from the Gauteng Housing Department.

HOFMEYR HOUSE

Project description

56 communal housing units

20-year lease agreement with

Landlord

Total project value

R 418,400.10 (upgrade only)

Funding:

 

Provincial housing subsidy

R 248,000

Loan finance

R 170,000

Grants

0

Equity

0

Current value:

R 2,500,000 (estimate)

 

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