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Posts Tagged ‘loan fund’

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)

 

American Association of Retired Persons Funds Manufactured Housing

June 13th, 2013 Comments off

As realestaterama informs MHProNews, 13 million people over 50 contend with unaffordable and/or inadequate housing. The AARP (American Association of Retired Persons) Foundation is investing $2.5 million in three different strategies that provide housing for the over 50 crowd who have limited means. One of the recipients is ROC (Resident Owned Communities) USA, which will use the funds to enable residents of manufactured home communities to cooperatively acquire the land on which their homes are sited. Manufactured housing is the largest source of unsubsidized affordable housing in the nation. The other two national organizations receiving investment funds are NCB Capital Market, which offers an alternative to traditional nursing homes; and Enterprise Community Loan Fund, Inc., which helps with financing for affordable housing as well as federally qualified health centers.

(Photo credit: ROC USA)

Manufactured Home Community Converts to Co-op

June 7th, 2013 Comments off

In an exclusive to MHProNews, Steve Varnum of the Community Loan Fund says Silver Fox Estates in Pembroke, New Hampshire became the state’s 105th resident-owned manufactured home community as of May 30, 2013. With funding and assistance from the New Hampshire Community Loan Fund, the Silver Fox Homeowners Cooperative, Inc., organized in Nov. 2010, negotiated with owner Linda McClintock to purchase the 21-homesite community for $675,000. The fund helped convert the first community in 1984. Says Juliana Eades, the loan fund’s president: “Residents who purchase and run their communities are protected against excessive rent hikes and park closures, and often feel greater pride and investment in their homes and surroundings.”

(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)

Co-op Handyman Honored by ROC-NH

June 26th, 2012 Comments off

Fosters reports from Rochester, New Hampshire a long-time resident of Acorn Terrace Cooperative has been honored with the ROC-NH  “Above and Beyond” award. Although Richard “Dickie” Williams is president of the cooperative, he is best known for his many acts of kindness as a handyman and all around helping hand to many in the community. Above & Beyond awards honor members of New Hampshire’s manufactured-housing cooperatives who “go above and beyond in their willingness to pitch in for their communities, and to assist their neighbors.” Having been called the Saint”, “King Richard”, “Mr. President” and even “Pope”, Dickie received his award June 2, from U.S. Senator Jeanne Shaheen at ROC-NH’s “Co-ops Celebrating Community” event. Acorn Terrace became a cooperative Oct. 1, 2010 with assistance of the New Hampshire Community Loan Fund. Resident Maureen Kinch says of Williams: “The garbage cans go out, the garbage cans go in. He’s just always there, no matter who’s there, no matter what anybody needs. He’s always there to help.” MHProNews has learned there are 102 MH cooperatives in NH.

(Photo credit: Kate Harris/Community Loan Foundation–l-r, Community Loan Foundation Pres. Juliana Eades, Williams, and U.S. Sen. Jeanne Shaheen)

NH Program Helps MH Residents Save Energy

May 15th, 2012 Comments off

The U.S. Dept. Of Energy has contributed $600,000 to Southern New Hampshire Services project to weatherize 100 homes in Exeter’s four MHC Co-ops. The Regional Greenhouse Gas Emissions Reduction Fund through the N.H. Public Utilities Commission is donating $2 million for the program to expand to 425 homes in 20 resident-owned communities across the state by the end of the year. SeaCoastonline tells MHProNews.com Rick Minard of the state’s Community Loan Fund says the cost to weatherize each home is $6,500 but it reduces energy consumption by about 25 percent. The energy auditors who do the work also check for gas and carbon monoxide leaks. The materials and service are free, but applicants must qualify for fuel assistance in order to be eligible for MH weatherization.

(Photo credit: SeaCoastonline—Energy auditor Ken Cantara winterizing MH.

NH Resident-owned Communities Hits 100

April 9th, 2012 Comments off

ConcordMonitor says Foxy Terrace Cooperative in Derry, New Hampshire became the 100th resident-owned manufactured housing community in the state Feb. 19, 2012. Many of the cooperatives were years in the making, due to most lending institutions’ reluctance to finance a collective of primarily low-income residents, which comprise the majority of the 5,600 co-op households in the state. Banks also questioned the residents’ management experience and maintenance abilities. In 1984 Meredith Center Cooperative was the first, when the elderly owners of a 13 home community in Meredith, NH sold to the residents, who were guided by a community development graduate student working with the newly-organized Community Loan Fund and the Sisters of Mercy. Not one of the 100 communities has failed or been sold, which MHProNews.com has learned rank in size from eight to 300 home sites.

(Image credit: MapQuest)

New Hampshire’s Newest MH Community to Go Co-op

February 16th, 2012 Comments off

The 54 homeowners at Big W Mobile Home Park in Derry, New Hampshire, are celebrating ownership of their community. The New Hampshire Community Loan Fund (NHCLF) and ROC -NH (Resident Ownership Capital-New Hampshire) are celebrating their birthing of the 100th MHC in New Hampshire. Not one of the 100 has failed, through good and bad economic times over 27 years. The NHCLF provides financing and support for people of modest means to have decent, affordable housing. ROC-NH is part of ROC-USA which has been converting LLCs to cooperative ownership since 1984. Resident-ownership also means access to Cooperative Home Loans, a program which provides fair, fixed-rate mortgage loans to residents of MHCs. Craig Welch, vice president of housing wrote in his email to MHProNews.com, “The Derry homeowners join more than 5,600 others in NH, and another nearly 1,500 homeowners in 22 communities in the ROC-USA network, who enjoy the security, stability and affordability that cooperative resident ownership provides.”

(Photo credit: ROC-USA)