In 1983 a non-profit organization known as The New Hampshire Community Loan Fund was founded. Their goal was affordable loans and housing for low to moderate income citizens of NH.
Their financing model was established in 1984 when the Sisters of Mercy loaned them $43,000 (at low interest). That money was loaned to 13 families in Meredith who lived in a manufactured housing park and wanted to purchase the park from its aging owners.
This was the first NH Co-Op....one of many to come. They are now known as the Meredith Center Cooperative listen to their story! This milestone meant that the residents now owned the land beneath their homes, they controlled when and if they would move,their rates were stabilized and any sub-structure improvements built more equity in their homes.
To date the Loan Fund has helped fund more than 90 Co-Ops throughout the State and even in this economy.... they are still lending. In February of this year the NHCLF is investing, in the State of NH, 1.5 million dollars where it will be lent to small businesses and non-profits, people re-financing manufactured homes and co-ops buying manufactured home parks.
In the state of New Hampshire one of the most difficult properties to finance is manufactured housing. If the home is on its own land....there is hope. But if it is in a park and older than 1973....cash is the best option. Even if you can manage to obtain financing....it usually means a larger down payment and higher interest rate. However,if your property is in a co-op....not only may your values be higher....there are also more lending sources available for potential Buyers.
My husband and I have reached retirement age. And like so many others, circumstances have dictated that we keep working.
We sold our home of 25 years to not only downsize but to reduce monthly payments. Our goal was to buy a place we could still afford to live in when working may no longer be an option. Fortunately we have found a lovely manufactured home in "The Meadows" in Hopkinton NH. It has a 3 bedrooms, 2 baths and a sunroom on 1/4 acre lot with a peaceful river in he back. Best of all they are taking steps to go Co-op! And will be working with the NH Community Loan Fund.
Not only is this an improvement financially but as a Realtor I will now have first hand information on the benefits and "inner workings" of the process. This can only help to benefit future clients!
I will be posting Blogs about the proceedures and our progress.....
Talk about good timing!!
Concord NH Realtor
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Joan Mirantz - Joni is a Realtor® with Keeler Family Realtors, a locally owned, Customer Service oriented Firm.
Joan Publishes a monthly Newsletter "Food For Thought" under the pen name Realtor Sherpa.
(Joan also answers to Miz Maven and Miss Joni.)
Joan works in Buyer and Seller Representation with concentrations in the Merrimack Valley Area and towns surrounding Concord NH - the Capital City.
"I love what I do, and it shows in how I do it"
what a great story. Thanks for sharing.
Hi Joan...We'll be anxious to see photos of your new home too. When will we be seeing those?
Oh, and congratulations!
Kate
It's interesting that a key role was played by the Sisters of Mercy. Certainly a fitting action for a group with that name.
Hi Joan, This is a great post and informative as well. I think most around the country don't know about the co-op form of ownership ( very popular in Manhattan). One of the features of more common co-op's was that the board could approve or not approve the potential new shareholder of the co-op. I recall reading ( this was a long time ago) how some claimed that co-ops were not so democratic if the other owners could approve or not approve as the case may be, potential new owners. I think it depends on how the co-op is organized and I think your posts will shed a lot of light on the more modern co-op. I watch for all the great information you will provide on this.
Evening Joan - Great post. I love those good news stories. Have a productive week and keep blogging.
Cheers
Hi Joan... What an interesting post. Good luck, in your new home and with your efforts to go co-op! Please keep us all posted on your progress!
Yankee ingenuity at its' finest. Why does this story not surprise me?
Joni,
I remember Co-ops from my real estate training but have never had any experience with them. Not sure there are any in NC...? Very interesting.
Hello Lise...I'm glad you enjoyed it!
Hi Kate....hummm pictures! Well as soon as my furniture is out of the middle of the floor (we are painting)and the flooring that is "aclimating"(I swear....my husband said this was needed) to my house temperature,all 24 cartons,is installed....it will be picture time!
How true Bob....maybe that's why it's been so successful?
Actually it may be more similar than we think William....traditionally new "Buyers" do have to have approval by the Board....I'm not sure what that entails though...the by-laws haven't been written yet!(probably mostly ability to pay)
Thanks Fredy
Will do Steveo...do you have a bit more breathing room this week?
Hi Carol...it does give one hope...
Hi Cynthia...read Williams comment above. They are a similar concept to NY Co-Op apartments
Joan, what I would give to be on 1/4 acre with a peaceful river in back!!! Sounds beautiful.
This will be a very interesting process to be sure. I don't know a lot about coops in real estate. Thanks for enlightening all of us on this possibility. I think a lot of people would like more information about this.
Joni, Your new house sounds lovely though I know how stressful it was, it's OVER! The co-ops we have here, we do not own the land. And they're not inexpensive....they come with many rules as well. Yours sound very different.
Brian...this is actually rather exciting for us....the river part that is. The river is swelling because of thawing and this particular one has a flood watch on it for this weekend.It should be fun to watch. We are on the high side so I don't think we have to worry(at least I hope not)
Joan....you may want to click on the link to the list. NHH has historically lended in co-ops and it may be a fit for some of your smaller Buyers?
Carol...we personally will not ownthe land either....the corporation will. But, we are members of the corporation (sort of like a condo). And there are also rules....but they aren't too bad! But it is affordable!
Interesting story about something we never knew anything about. All the best.
B & C....keep posted! I'll be going over the process. Thanks for reading!