National Cooperative Bank (NCB) of Arlington, VA and New York’s MetLife have collaborated with ROC (resident-owned communities) USA to invest $40 million to provide loans for resident-owned manufactured home communities. According to justmeans, NCB and MetLife will each invest $15 million and ROC will put in $10 million to finance resident-owned communities over a two-year period in 20 states.

“We launched ROC USA Capital to build a robust national market to finance the acquisition, long-term ownership, operation and improvement of manufactured home communities by the lower-income homeowners who call these neighborhoods home,” said ROC USA Capital Managing Director Michael Sloss.

Since 2008, ROC USA’s efforts have resulted in a $100 million portfolio of first mortgage community acquisition/permanent loans, enabling over 3,400 low-and moderate-income homeowners to acquire, preserve and control their own neighborhoods in 42 resident-owned communities in 11 states. .

MHProNews understands that involving institutional investors in ROC USA may open the door for other institutional investors to participate as well as develop a secondary market for ROC USA Capital’s loans. ##

(Photo credit: ROC USA)

Article submitted by Matthew J. Silver to Daily Business News-MHProNews.