Since the project has to be financed jointly, it goes without saying that we provide our supporters with an insight into the finances and make our finance plan as transparent as possible. In the following you will get an overview of costs and financing (according to the current planning) for the realization of the house project as well as the current status of direct loans raised.
If you have any questions regarding the funding, please do contact us! Our email address is firstname.lastname@example.org our phone number is +49 (0)6221-6734812.
The dormitory is planned as a self-managed entity. It is maintained by Collegium Academicum GmbH and comprises the New House and two older buildings (the Old House). For the New House, the total costs amount to approx. €17 million: building terrain, infrastructural development, structure of the building, technical facilities, outdoor areas, furnishing and other building costs. With adjustments and progress in planning, the exact numbers in our calculations are constantly being fine-tuned. Here you can find further details regarding the architecture. Costs such as interest incurred during construction and funds available for research are also included in the calculations.
There are different sources of funding for our project: government grants, direct private loans and donations, sponsoring and our own work. In addition to these elements, we have obtained a bank loan subsidised by the German Reconstruction Loan Corporation (KfW), which we applied for through the UmweltBank, which also provides us with a loan.
Our project was recognised to be ‘outstanding’ under the “Variowohnen” future investment program by the Federal Ministry for Construction and we obtained a government grant of ca. €2,12 million. An additional grant over €500,000 was approved in the context of the program “Holz Innovativ” (innovation in wood) that is financed by the European Regional Development Fund EFRE and the German State of Baden-Württemberg. Grants over €240,000 by the City of Heidelberg honour the dormitory’s barrier-free design (€50,000 Euro) and the energy efficient passive house construction (€190,000).
Direct loans and donations
The project is realised according to the “Mietshäuser Syndikat” model (apartment house syndicate), which has supported over 150 projects in Germany. In this matter, we work together with project advisors in Freiburg. In this model, direct loans constitute an important source of funding. These are subordinated loans made by individuals who would like to support the project or want to be part of it. In the current planning, we need to raise approx. €2 million in direct loans and donations. The current status of our efforts is regularly published on our direct loans page.
Should you want to support us too, you can find out more on the following pages:
The plan is to cover €12 million through bank financing. For the planned low-energy standard KfW 40 Plus, a KfW-subsidy will be implemented together with the UmweltBank. This subsidy is provided in the form of an interest subsidy and an annuity-reducing repayment bonus amounting to 15% of the loan amount.
Our project is very much in the public eye, both as an IBA-project and because of its special features such as wooden construction, use concept, modular space. You can find a publication overview on our press page. Therefore, we expect significant sponsoring support. First sponsoring contracts have been signed and, with support by IBA, there are promising prospects of further potential sponsors.
Our own work
We are motivated to contribute our own work, which means building parts of the house ourselves. We hope that future residents join us here, as the entire project is based on taking initiative and team work, and also because our contribution made in this form is explicitly part of the project. Additionally, we plan to organise work camps and to work with travelling journeymen and journeywomen. However, the planning foresees only a very modest amount of own work, for the sake of conservative planning approach. Currently it covers 2.5% of the total package. This mainly comprises work in the outdoor areas, facade, paintwork, assembling the furniture and aiding during construction of untrue walls. Therefore, there is still potential to further reduce the building costs by increasing the amount of our own work.
Refunding of loans
Bank loans and direct loans will be paid off from the moment the first tenants move in, through the income generated by the rents minus running costs for operations and maintenance. The rent including heating costs will average at €300 per month. This rental income will be also used for our large common areas. As a non-profit project with the tenants being at the same time owners, we can guarantee reasonable rents for the long term.
Figures at a glance
|Funding programme “Variowohnen”||€2,12 million|
|Funding programme “Holz Innovativ”||€0,50 million|
|Funding programme “Rationelle Energieverwendung”||~ €0,19 million|
|Funding programme “Barrierefreie Lebenslaufwohnungen”||€0,05 million|
|Direct loans||~ €2,30 million|
|KfW (KfW 40+ subsidised loan) and loan from the Umweltbank||~ €12,00 million|
|Own work and sponsorship||~ €0,50 million|
|Total investment sum||~ €18,00 million|