7.30PM: The NZ AIDS Foundation has signed a two million dollar agreement to purchase the Auckland building housing its National Office and expects to take possession on July 1st, 2008. The Foundation signaled its intention to purchase the building six months ago, and NZAF Chair Hoani Jeremy Lambert says ownership of the building will enhance "the long-term financial sustainability of the Foundation’s work." Speaking to GayNZ.com shortly before the Christmas break, Lambert said the Board has been reassured that it’s cheaper to purchase the College Hill building and run a mortgage for fifteen years than to continue on a lease arrangement for the same period. "Purchasing the building will reduce outgoings and free up funds previously spent on rent for provision of services to our communities," he adds. The deposit for the $2.1 million purchase will be sourced from NZAF’s operating reserves, which Lambert says cannot be used for day-to-day expenses, and grants. "The subsequent mortgage repayments will be paid out of everyday operating expenses, as was the rent previously." The Foundation currently occupies approximately 160 square meters of the building and the purchase will take its available space up to 360 square meters. The planned relocation of the Burnett Centre will absorb some of the extra space and Lambert says the purchase will allow the NZAF to support other affiliated organizations, such as Positive Women, who may not have the resources that the Foundation has. "No gay or HIV-positive support organisation anywhere in the country owns a building, so this will also provide a significant asset for our communities," says Lambert.
Credit: GayNZ.com News Staff
First published: Thursday, 27th December 2007 - 8:45pm