GILFORD — Residents of Edge of Woods I, II and III in Gilford closed recently on the purchase of their 49-unit park, making it New Hampshire's 112th resident-owned manufactured-home community.
Using training and technical assistance from the New Hampshire Community Loan Fund's ROC-NH™ program, residents organized and formed the Edge of Woods Homeowners Cooperative, Inc. in order to convert their privately owned manufactured-home parks into a resident-owned community when it came up for sale.
The cooperative then negotiated with park owners Claire Perrier, Samantha Bernasconi and Michael Normandin for the purchase price of $1.79 million before finalizing the deal with financing from Franklin Savings Bank and the Community Loan Fund.
"It seems like such a long road, but we are finally owners of the Edge of Woods parks and look forward to owning and managing them. They're a nice place to live," said Edge of Woods Homeowners Cooperative, Inc., President Brian Pineault. "There is still so much we do not know, but we look forward to ROC-NH assistance to help navigate our path through uncharted waters."
Now that Edge of Woods I, II and III is a resident-owned community (ROC), homeowners there are eligible for products and services, like real, fixed-rate mortgages, that haven't been available to them previously.
For 31 years, the Community Loan Fund has worked in towns and cities across New Hampshire to connect people and families with the loans and training that allow them to have affordable homes, secure jobs and greater opportunity.
The Community Loan Fund helped Meredith homeowners form the first cooperative park in 1984. Since then, 6,363 homeowners in N.H.'s 112 resident-owned communities enjoy access to home mortgages, an annual leadership program, a bi-annual conference, a management guide for cooperatives and other resources available through ROC USA® and the Community Loan Fund.
A full list of resident-owned cooperatives in New Hampshire is available at http://www.communityloanfund.org/how-we-help/roc-nh/nh-cooperatives.
For more information on the Community Loan Fund, go online to www.communityloanfund.org or call Director of Communications and Marketing Steve Varnum at (603) 224-6669, ext. 277.
Established in 1983, the Community Loan Fund was one of the first Community Development Financial Institutions in the nation, and has received industry awards and recognition for social impact, financial strength and performance. For more information, visit www.communityloanfund.org or call (800) 432-4110.