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Million Euro Project 30 Aug 2019

Housing for a community may be costly. Nevertheless I believe it can be economical. Today just an exploration of what could be done.

The space of 3 ordinary houses.

Building on a lot area of three ordinary houses could cost similarly to building three houses on that lot. Let say one million Euro.

Who could live in such a building (For a floor-plan see picture):
At the ground level: two rooms for elderly people with a bathroom.
At the first level: three apartments for small families ( 0-2 children.)
At the top floor: 6 single apartments with two share bathrooms.

Financially

Borrowing 1 Million Euro at 2.5% annual interest costs yearly 25000 Euro. Yearly payback to bank: 30000 Euro. Utilities (Energy, water, taxes, etc.): 17000 Annually. In total, the community needs to pay annually: 72 000 Euro for the housing. Which is monthly: 6000 Euro.

When the (3) families pay each 1000 Euro and the (6) singles pay each 500 Euro, the housing costs will be covered. That is very similar to what the same people would pay for renting.

The estimation is quite pessimistic with no start capital. The mortgage costs are decreasing 3% per year.

Floorplan