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Posts Tagged ‘communities usa’

Paul Bradley Honored for Developing Manufactured Housing Co-ops

September 24th, 2013 Comments off

Paul Bradley, president of ROC (resident-owned communities) USA LLC has been chosen the Carsey 2013 Social Innovator of the Year, which recognizes a New England business leader with a commitment to social innovation and business. ROC USA assists residents of manufactured home communities (MHCs) form co-ops to buy their own communities. The founding president of ROC, Bradley has helped over 100 co-operatives secure community ownership, in the process preserving some 2,600 homes. Michael Swack, faculty director of the Carsey Institute’s Center on Social Innovation and Finance, says, “Paul Bradley has helped grow a social business that has helped thousands of people lead more secure lives by giving them a secure place to live. Paul is an innovator, critical thinker and outstanding leader. He is setting an example for how to scale a social business to serve people across the USA.” He will be presented with his award at the New Hampshire Social Business and Microfinance Forum Monday, Sept. 30, at the University of New Hampshire, according to fosters.com. The Carsey Institute at the University of New Hampshire conducts policy research on vulnerable children, youth, and families, and on sustainable community development, MHProNews has learned.

(Photo credit: fosters.com.–Paul Bradley of ROC USA LLC)

Wisconsin Land Lease Community Converts to Co-operative

July 18th, 2013 Comments off

With $1 million in financing from ROC (resident-owned communities) USA Capital, Prairie Lake Estates land lease community became Prairie Lake Estates Homeowners Cooperative, as the residents of this 70 homesite community became a Wisconsin limited-equity housing co-op corporation. The Northcountry Cooperative Foundation (NCF) provided leadership and technical support to the residents, marking the seventh conversion for the non-profit in Wis. and Minn., placing 530 homesites under resident control. Nearly all the households in Kenosha’s Prairie Lake Estates became members of the co-op. NCF will continue providing support and guidance to Prairie Lake, as MHProNews has learned from Warren Kramer, Exec. Dir. of the non-profit. ROC USA, also a non-profit but on a national scale, specializes in conversions to community ownership, and has assisted in converting 49 communities in 14 states, representing $116 million in financing.

(Photo credit: ROC USA)

ROC Strikes Again

April 4th, 2013 Comments off

Updating a story we posted Feb. 27, 2013 concerning residents of Wheel Estates MHC in North Adams, Mass. trying to buy their community, iberkshires informs MHProNews the nearly $4 million loan went through, financing managed by ROC (resident-owned communities) USA of New Hampshire. For years residents have allegedly complained the 42-year-old community, owned by Morgan Management LLC, needed repairs that were not done, and once Morgan sent notice it wanted to sell, the residents had 45 days to come up with a financing plan to buy the property. 105 households, over half the community, paid the $100 fee to become shareholders of the not-for-profit corporation, which virtually guarantees the deal is sealed, allowing the co-op to move ahead and elect its board of directors. In addition to ROC, Wheel Estates is receiving technical and start-up assistance from the Cooperative Development Institute of Shelburne, Mass.

(Photo credit: ROC USA)

Residents want to Buy their Community

February 27th, 2013 Comments off

Under Massachusetts law, MHC residents have the opportunity to match an offer by a third party to buy their community once it is offered for sale. Wheel Estates’ owner Morgan Management has a signed purchase agreement from Real Estate Seekers LLC for $2.73 million for the North Adams, MA community that the Wheel Estates Tenants Association is trying to match, utilizing a low-interest loan through ROC (resident-owned communities) USA. Iberkshires informs MHProNews the North Adams Rent Control Board is wrestling with ROC USA’s need for a guarantee that the rents will be sufficient to pay the interest on the note. The city ordinance does not allow for rent increases to cover “debt service.” While Mass. law encourages resident ownership, the ordinance basically opposes loans that make this possible. Of the 185 occupied homes, 101 have each paid a $100 membership share to be part of the cooperative. While members of the board generally support the residents desire for community ownership, they are reluctant to commit to a hypothetical rent increase, but have agreed to meet again March 13 to further explore the issue. Meanwhile, the residents group has until March 27 to line up financing.

(Photo credit: ROC USA)

Co-op Organizer Finances MH Buys

December 28th, 2012 Comments off

According to Financial Advisor Magazine, 40 percent of the manufactured homes in the 100 cooperatively owned manufactured housing communities in New Hampshire are appreciating in value. Since 1984 the New Hampshire Community Loan Fund (NHCLF) has helped organize these 100 communities and began financing MH purchases in 2003, loaning $25 million over the last nine years for residents to purchase 600 homes in New Hampshire. Ranging from $10,000 to $100,000, the default rate on the loans is 1.6 percent. In 2008 NHCLF spun off ROC (resident-owned communities) USA to help organize co-ops nationwide. Studies have shown members of resident-owned communities plant more flowers and are more involved in community activities. NHCLF President Juliana Eades says the homes are appraised and not discriminated against because of age. Commenting on the 8.75 percent interest rate, Eades says, “It’s better than 14% or nothing, and it costs us to do this. We’re a lender and an organizer. Most lenders don’t want to organize, and most organizers don’t know anything about lending. The fact that we’re a lender helps pay for the organizing.” MHProNews learned that three months ago they began offering mortgages on homes sited on land owned by the borrower. Eades gets high praise from the Ford Foundation’s George McCarthy, director of metropolitan opportunity, who says, “Juliana Eades is creative, thoughtful, and willing to take risks and put the institution and the institution’s money on the line to make things happen.”

(Photo credit: ROC USA)

And Now for the Rest of the Story……..

June 28th, 2012 Comments off

Following a Daily Business News post from June 18, 2012 about two MHCs in Carver, Massachusetts being snatched from the jaws of Equity Lifestyle Properties and becoming co-operatives, MHProNews has learned from boston, according to MA law, MHC residents have the first right of refusal if their community is being sold. Pine Tree Village (family, 186 homes) and Cranberry Village (55+, 280 homes) owner David Piper signed an agreement to sell the pair to ELS in Dec. 2011 for $22 million, a figure the residents had to match. The residents approached Piper with their offer the day before he was set to close with ELS. ROC (resident-owned communities) USA, a specialist in MHC co-operatives, arranged the 30 year mortgages for each community—6% for Pine Tree, 6.2% for Cranberry. Massachusetts-based Community Development Institute assisted ROC in developing budgets, finding a management team, and setting up operations.

(Photo credit: Amelia Kunhardt/The Patriot Ledger—Pine Tree residents Susan Roovers with daughter Whitford)

Community Ownership of Communities

May 4th, 2012 1 comment

A segment on National Public Radio (NPR) highlights the problem MHC residents may face if the MHC owner decides to sell his community, causing residents to lose a home that may no longer be mobile, and thus their financial investment. Where some people may see this as a huge boulder that cannot be moved, ROC (Resident Owned Communities) USA, a non-profit based in Concord, New Hampshire sees an opportunity for community residents to purchase the land their homes sit on as a co-operative. When a community comes up for sale, Paul Bradley, president of ROC, and his team help residents form an entity to make a bid on the land. If the bid is accepted, ROC helps the co-op find investors. To date he has received backing from several foundations, but he hopes to tap into the deep well of commercial markets, much like the $13 million Bank of America has invested. B of A’s’ Dan Latendere says ROC has a good business model. Says Bradley, “On over $200 million worth of total lending, not a single lender has lost a single dollar over the course of the last 30 years.” He sees MHCs as affordable housing for people of low to moderate incomes, and co-ops as the opportunity to control their destiny. MHProNews.com has learned community owner George Allen was quoted as supporting the ROC option. “ROC USA has helped 2,200 homeowners in 35 communities purchase their parks and gain economic security,” says Bradley. He adds, “I want resident ownership to be available to every homeowner group in the country that wants to buy their community.”

(Image credit: National Public Radio)

Co-ops Descend on White House

May 3rd, 2012 Comments off

Sys-ConMedia reports 29,000 cooperative businesses nationwide will be represented when 150 leaders of the National Cooperative Business Association (NCBA) gather at the White House May 4 with top policy makers to discuss their roles in job creation and business development in their communities. Liz Bailey, CEO of NCBA says cooperatives generate two million jobs each year. Cooperative success stories will be a highlight of the gathering. One of the presenters will be ROC (Resident-owned Communities) USA LLC, which helps homeowners in MHCs cooperatively purchase the land beneath their homes. ROC’s goal is to ensure affordable housing for low to moderate-income people and enable them to build wealth. ROC has helped take 110 communities to self-ownership. U.S. cooperatives account for more than $3 trillion in assets, over $500 billion in total revenue and $25 billion in wages and benefits. Paul Bradley, president of ROC USA, is a contributor to MHProNews.com.

ROC USA Selects New Manager

March 27th, 2012 Comments off

From the headquarters in Concord, New Hampshire of ROC (resident-owned communities) USA, LLC President Paul Bradley informs MHProNews.com Michael Bullard has joined the ROC team as Communications and Marketing Manager effective April 9, 2012. For nearly ten years Bullard has been Executive Editor of the Cecil Whig newspaper in Cecil County, Maryland where he successfully enlarged the paper’s online presence and developed multi-media news reporting. Says Bradley, “I am excited to have Mike on our team – he brings a journalist’s ear for a good story, a proven ability to communicate with a wide array of audiences and impressive new technology skills. “Mike’s going to help get the word out about the benefits of resident ownership as well as help our community leaders get and stay connected.” Bullard says, “I’m really excited by the work ROC USA is doing – the stability that resident ownership affords has the potential to open many other doors for homeowners. As a New England native, I’m also anxious to return home and start down a new career path.” Since 2008, ROC USA has assisted 35 communities in 12 states to become resident owned, preserving nearly 2,200 affordable homes.

(Image credit: ROC USA)