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New Hampshire’s Community Loan Fund converts MHC #106

August 21st, 2013 Comments off

nh-community-loan-fund-logo-posted-daily-business-news-manufactured-home-pro-news-Residents of Lamprey River and Railroad Street land lease communities in Newmarket, NH recently purchased their communities. Heron Point Estates Cooperative, New Hampshire’s 106th manufactured-home cooperative forged through the work of the state’s Community Loan Fund, will manage both communities.  Education, technical assistance and funding were arranged by the New Hampshire Community Loan Fund, which allowed Lamprey River and Railroad Street residents to organize and form Heron Point Estates Cooperative, Inc. in June 2012. The coop then negotiated with the Wajda Family Trust – the communities private owner- for the final purchase price of $1.295 million before finalizing with mortgages from the Community Loan Fund and Profile Bank. Fosters says the Community Loan Fund converted its first manufactured home community (which it refered to as “mobile home parks”) in Meredith, NH in 1984. Their strategy is being applied in other parts of the U.S. by what Fosters calls a spinoff organization, ROC USA.  Cooperative President Susan Robshaw said: “We own it, we manage it and we will never have to worry about someone coming in and taking it away from us. It has brought a lot of us closer together and formed or renewed friendships. We will now work together to make it an awesome place to live because it is ours! It is my hope that everyone will take pride in ownership.”  ##

(Image credit: NH Community Loan Fund)