Good News Partners is seeking to refinance our buildings and lock in lower interest rates by 2-3% or more on our mortgages for the next 30 years. Our lenders have requested that Good News Partners create a $150,000 Operating Reserve Fund in order to renegotiate our mortgages.
We are asking for you to dig deeper because it will have a great multiplier effect now and going forward. Refinancing now will have a positive impact on Good News Partners for several years forward.
The multiplier effect is this: Good News Partners will save $40,000 in interest costs in the first year, declining each year over the 30 years of refinancing but totaling nearly $700,000 over the 30 year term! $700,000 more toward ending homelessness in this great city of Chicago!