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Delta Tau Delta Housing

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Delta Tau Delta Housing. Renovation and Improvement Strategies and Discussion ... Delta Tau Delta Fraternity, October 2004. Lambda Chi Alpha 1998-2003 ... – PowerPoint PPT presentation

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Title: Delta Tau Delta Housing


1
Delta Tau Delta Housing
  • Renovation and Improvement Strategies and
    Discussion

2
Delta Tau Delta Housing
  • Andy L. Longo
  • Director of Residential Life
  • Delta Tau Delta Fraternity, October 2004
  • Lambda Chi Alpha 1998-2003
  • University of Oklahoma 1992-1998
  • Graduate School/Army 1988-1991
  • Teacher 1984-1988
  • BS Secondary Education, Social Studies, Bowling
    Green, 1984
  • MA, MS College Student Personnel/Guidance
    Counseling, Bowling Green, 1990

3
Basic Steps to a Chapter House Renovation
  • Recruit a renovation committee
  • Create list of possible projects - what do you
    want to do? Conduct an existing conditions
    survey
  • Establish costs
  • Determine project goals
  • Explore financing - how are you going to pay for
    it?

4
Basic Steps to a Chapter House Renovation
  • If necessary, select a professional fundraiser
  • Complete fundraising feasibility study
  • Determine final project based on funds
    available
  • Determine construction timetable
  • Secure financing

5
Basic Steps to a Chapter House Renovation
  • 11. Begin fundraising
  • Select contractor
  • Begin construction
  • Arrange, if necessary, for alternate housing

6
Delta Tau Delta Housing
  • Timeline Renovation project assuming work
    begins when school ends for the 04-05 year
  • July-September Identify Project/Survey
  • September November Bids
  • October November Financing Options
  • December January Loan Paperwork
  • March April Loan Secured
  • May June Work Begins

7
Delta Tau Delta Loyalty Fund
  • The Loyalty and Centennial Development funds are
    the endowment funds of the Fraternity.  These
    funds provide mortgage loans to house
    corporations for chapters acquiring, building or
    renovating their shelters
  • Competitive interest rates
  • 15/20 year loans
  • Funds stay in the Fraternity family
  • 500 application fee
  • Appraisal typically not needed
  • House Corporation pays closing costs
  • Close is handled locally for convenience of house
    corporation officers
  • Proof of existence of a house corporation
    current and certified copy of the house
    corporation by-laws and the articles of
    incorporation must be submitted.
  • Certificate of good standing as a house
    corporation in your state.
  • Copy of the resolution of the Board of Directors
    of the borrowing corporation authorizing the
    loan.

8
What can you use the funds for?
  • Curb appeal Siding, Landscaping, Painting,
    Fencing
  •  
  • Structural repairs Roof, Foundation, Windows,
    Masonry repairs
  •  
  • Health and safety - Sprinkler systems, Fire
    alarms
  •  
  • Interior updates - Ethernet service, Electrical
    updating, Heating and air-conditioning,
    Furniture, Build lofts, Creating more space
  • Painting, Floor coverings, Kitchen remodeling and
    updates, Plumbing

9
Loyalty Loan Process
  • Application Received Day 1
  • 10-15 Days, Tentative Approval Day 10
  • Review and Comment/Interest Rate Day 21
  • Board Motion Day 22
  • Contact Title Company Day 24
  • Collect Needed Documents Day 25-55
  • Documents Prepared
  • Close/Money Wired Day 56-60

10
Assumptions
  • Communication is timely.
  • House Corporation budget discussion and changes
    are minor.
  • Articles of Incorporation, current copy of
    bylaws, and local board resolution to borrow are
    available.
  • The title paperwork is clean.
  • Taxes are paid.
  • The house corporation can afford the loan.
  • The Fraternity Board of Directors approves the
    loan.

11
  • What questions to you have?
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