Dec 01Mercy Loan Fund preserves affordable housing for New York residents
Thanks to a $1,159,055 loan from Mercy Loan Fund (MLF) to ROC USA® Capital (ROC USA), 384 low-income residents at Champion Mobile Home Park in Elbridge, New York will continue to have quality, affordable housing. Champion consists of 170 mobile homes owned by seniors and working families, the majority at or below 80 percent of the Area Median Income.
In 2008, when residents of Champion Park learned that the company that had owned the park for 25 years would be listing the property with a national brokerage firm within a month, they became concerned and decided to form a Homeowners Association. The newly formed HOA elected board members reached out to ROC USA to assist them in becoming a resident-owned cooperative, allowing them to become homeowners for the first time.
When a manufactured home community or “mobile home park” is for sale, ROC USA seeks to provide homeowners with the opportunity to purchase their community. They also provide ongoing technical training and networking support to help them build value and be successful over time.
This year, ROC USA, along with their partner NCB Capital Impact (NCB), found themselves nearing maximum loan capacity.
Enter Mercy Loan Fund.
“MLF purchased a 95% participation interest in the Champion Mobile Home Park loan, freeing up ROC USA and NCB to provide similar, home saving loans in the future,” explained Erika Lindholm, Senior Loan Officer for MLF. “Mercy Loan Fund is grateful for the opportunity to partner with ROC USA and for the work they do to provide home-ownership opportunities for low-income people like the families who call the Champion Mobile Home Park, home.”
(Source: Community Matters Newsletter – Fall 2012)
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