The Ikaya initiative was born out of a need for staff to own property. For most staff, it is a great challenge to own a home. The reality of a home loan is that the repayment of capital with interest can mount up to 3 times more than the original price. Raising enough support over decades to buy a house is therefore a huge obstacle. Staff usually end up renting for years without any hope of owning the house.
The purpose of Ikaya Lethu Sonke (translated as “a house for everyone”) is therefore simply to create a sustainable opportunity for staff to own property.
The action plan is to establish an Article 18A Trust under CCCSA. Contributions can then be made to the Ikaya Trust by individuals and businesses.
The basic plan is as follows:
- When there are enough funds, the Ikaya Trust enters into a contract with a staff member in need of housing.
- A suitable property is purchased by the Trust, whereafter the staff member raises
the funds needed to repay the purchase price.
- 80% is paid back over a 10-year period, interest-free. This enables the Trust to help more staff members.
- The house is now registered in the staff member’s name and the outstanding 20% is paid back over a further 10-year period, also interest-free.This will also ensure the sustainability of the Trust.
- From the start, the staff member takes full responsibility for home insurance and maintenance of the property. The Trust will keep the member accountable.
The vision is firstly to purchase a functional property for CCCSA with funds advanced from Ikaya Trust. CCCSA will pay the amount back over time. The property must be multi-purposed to serve as CCCSA head office and as an accommodation to new staff. This will allow new staff to raise their support up to the point where they can afford an Ikaya Trust home.
Ikaya Lethu Sonke (a House for Everyone) is a worthy course to invest in with your prayers and resources, please make this a priority.