|
The decision was made to form an independent,
philanthropic nonprofit focused exclusively on addressing
the looming affordable housing crisis head on. Articles and
bylaws were drafted, board members recruited, and David Gottlieb
was named executive director of the new venture. He decided
on the name "Full Circle Communities" for two reasons:
first, it reflects the inclusive nature of successful communities;
and second, it indicates a return to the basic principle of
providing housing to address the basic needs of a majority
of our neighbors.
On February 21, 2002, Full Circle completed
its acquisition of the Goodlette Arms Apartments, a 250-unit
affordable senior property in Naples, Florida. The staff and
management immediately sought to strengthen relationships
with existing service providers, expand the property's program
services and initiate physical improvements to the property
that would enhance the residents' quality of life.
Full Circle continues to aggressively prospect
for additional acquisitions and the opportunity to expand
on the implementation of its mission and the provision of
its growing array of services.
|
|
For example, the first Project includes 250 units of senior
housing. Economics permitting, the Corporation will provide
(i) transportation, (ii) subsidized or free breakfast in the
community room and other activities to get the residents out
of their apartments, (iii) a service coordinator.
The remainder of any net income (at most
25% of the total (unless otherwise approved by a majority
of the Board of Directors of the Corporation)) will be used
to build reserves and develop and/or acquire additional housing
that will relieve the poor and distressed and to provide services
to low-income residents at other apartments communities. |
