I agree with others' comments that the R&F won't bat an eyelash at this and will actually think this is a good thing. On the surface, it is. After all, for poorer congregations, they can get a remodel done essentially for free. However, the letter has this sentence that is worth noting:
From now on, all funding for approved projects will be provided by the branch office from the funds that have been donated by you dear brothers and sisters.
There is a huge implication here. No congregation will be able to do a renovation, repair (beyond minor), or upgrade without express approval by the branch. Carpet needs to be replaced? Expect a year or more of red tape to get that approved. It took our cong. almost three years to finally get the RBC involved with our remodel. What we really needed was new carpeting. The rest was just nice-to-haves. Spent tens of thousands more on a major remodel when we could have spent less than $10,000 to get new carpeting. It was a waste, and it was several years of begging to get approval.
Because the funding is coming from the branch, that means the branch must approve the project. Thus the phrase, "approved projects". Too bad if you think it's important and the branch doesn't. Want a new sound system because yours sucks? Too bad. Not important enough. 13,000 other projects ahead of you. (Yes, I'm being facetious, but this is what I envision.)
Just remember the golden rule: He who has the gold makes the rules.
Is this a money grab? That remains to be seen. Is it a CONTROL grab? MOST DEFINITELY.