What a $3.7 Million Theta Chi Fraternity House Looks Like
Our house at 630 w.5th Street in Chico is a great and historic structure on one of the best lots in town. But it has taken a beating since it was built around 1910, and especially since we moved in. It’s up to code, and serves as a safe and healthy home for the in-housers, but the place has looked better. Seeing how other chapters have rebuilt their houses makes us fired up for the potential at the 5th and Ivy lot.
The alumni task force that we formed initially focused on fundraising, but has shifted to evaluating our options regarding how to update/upgrade or even totally re-build the house. One of our best options might be to apply for a housing loan and a life safety loan from National. But to do that we’ve got to get our ducks in a row and submit an application this Spring. Basic items we’re trying to put together for the application include:
- New blueprints / plans (looking for an architect to help with this)
- Historical significance study (make sure we’re not restricted in terms of the types of changes we can make to the house)
- Financial records (we have good record keeping, and are in good shape here)
- Projected rent revenue, assuming 75%-80% capacity, sustained chapter size of 60 or so (we have to be able to cover the mortgage)
- Capital campaign plans / alumni donations (we need regular annual donations from alumni, and a regular campaign to collect them)
We can always use an extra hand when it comes to preparing this documentation for the loan – especially from guys who have architectural or construction experience. Contact us if you can help.
Update: we got the loans, refinanced the mortgage, remodeled the 1st floor, and made huge progress. We’re working on renovating the rest of the house – it’s just a matter of time (and savings).
Oh yeah – about that $3.7 Million chapter house. It’s at Auburn (not Chico):