Letter from Bernard

As we embark on this new endeavor, we find ourselves humbled.

We are humbled by the challenge at hand -- and to tackle it across four states. We will effectively compete in places that have a significant number of strong and highly successful local, regional and national public and private non-profits, as well as private sector developers.

Addressing the needs of affordable and moderate-income housing would seem to be nearly impossible. The numbers are staggering. The minimum wage today – $7.25 – is worth $2.00 less than in 1968 when adjusted for inflation. It is nowhere close to a living wage. Some 42 million households spend more than 30 percent of their income on housing. Another 20.2 million spend more than half

These numbers have skyrocketed over the past decade. The demand for affordable and moderate-income housing is tremendous – and growing.

We also accept the challenge of providing great housing for students at our nation’s colleges and universities. With these institutions facing ever-growing financial pressures that leave them unable to replace aging campus housing, we will work to provide the best possible off-campus opportunities to students.

We recognize that municipal economic and redevelopment efforts may not always involve the housing needs. To this end we will pursue, very selectively, those market-rate opportunities that further the long-term goals of those communities in which we serve.

Faced with all these challenges, Sanctuary Residential is resolute in its vision, mission and goal to aggressively compete in the market to develop high-quality housing.

Our aim is never to be the biggest, but to be the best at what we do. We are an organization where fair dealing is not an afterthought. Always doing what is forthright, proper and respectable is of the utmost importance. We will never be more than our character.

With this in mind, we ask you to join us. We ask that you hold us accountable as excellent stewards of our environment, our communities, our residents and our financial partners. We thank all of those who believe in us to take the chance to support and partner with Sanctuary Residential. Your trust is truly humbling.

With great wishes and thanks, be well.

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