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Posts Tagged ‘new hampshire community’

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)

 

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)

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)