Two more manufactured home communities loans in Enfield and Canaan, NH were closed, converting the properties into resident owned communities, Steve Varnum told MHProNews.com.
Varnum is with the NH Community Loan Fund (NHCLF), which he says was Established in 1983, and closed on their first resident owned cooperative in 1984. Mascoma Parks, LLC, owned both Daniels Acres Mobile Home Park in Enfield, and Pleasant Valley Mobile Home Park in Canaan.
NHCLF “supplied financing and training to both resident groups, has converted two parks to resident-ownership in the same day,” Varnum explained.
Mascoma Valley President Lennie Beliveau said, “At first, most of the residents and I were frustrated. It seemed like everything had to happen so fast! It felt like there were too many things to decide, too much information to digest, and everything was just moving too quickly.”
But after meeting with Mascoma Meadows Cooperative in Lebanon, Beliveau said, “We all felt much better about all of it. We knew it was the right decision and we’ve never looked back. It’s been a really great experience.”
“Today,” says Varnum, “more than nearly 7,000 homeowners in ROCs in every county in the state have access to home financing, as well as an annual leadership training in which they earn college credit, a training conference, and management guidance for cooperatives.”
While circumstances vary, MHProNews is told that the typical resident ownership conversion is done at a market rate.
An unrelated interview with Kim Capen, an NH ROC community cooperative leader, is posted on this page. The interview provides additional insights from the residents perspective to the ROC process. To read the related story, click here. ##
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Submitted by Soheyla Kovach to the Daily Business News for MHProNews.com.