Home finance program officers cite strength, stability
of resident ownership as basis for entry
into resident-owned manufactured home communities
CONCORD, N.H. — Members of resident-owned mobile home communities in every state outside of New England have a new option available to them to finance the purchase of a new home, thanks in part to the security that resident ownership brings to these communities.
“SACU finances homes in communities and is happy to extend our product to resident-owned communities or ROCs. We see the growth of these communities as a trend, one that is a strength in our ability to lend, and a trend we want to be a part of,” says Barry Noffsinger, spokesman for CU Factory Built Lending, a division of SACU.
SACU recently signed an agreement with Prairie Lake Estates, a ROC in Kenosha, Wis.
“This has been a need in our community, we’re happy to have SACU here and look forward to many more home lenders to follow,” says Joe Tominaro, president of the Prairie Lake Estates board of directors.
“This points to growing recognition among home lenders that there are unique advantages to financing homebuyers and homeowners in ROCs. The manufactured home financing market has been in a tailspin for nearly 15 years — we’re step-by-step rebounding from that with this and other programs opening up across the country. More news will soon follow!” said Paul Bradley, president of ROC USA.
ROC USA includes two wholly-owned subsidiaries: ROC USA Network and ROC USA Capital. ROC USA Network is made up of eight certified technical assistance providers — nonprofit organizations that provide on-the-ground organizational development in each ROC USA community. These trainers work with resident groups from the first meeting following notice of a community sale through the purchase process and for at least the life of the group’s mortgage. They train Board officers, help navigate renovation and rehabilitation projects, and work to make the community self-sufficient and strong.
ROC USA Capital is a U.S. Department of Treasury-Certified Community Development Financial Institution. Its sole line of business is making pre-development, purchase and construction loans to resident-owned communities that work with a ROC USA certified technical assistance provider. Since 2008, it has made nearly $100 million in purchase loans alone.