Help is on the way for ROCs with vacant home sites
By ROC-NH staff
The New Hampshire Community Loan Fund is offering revolving lines of credit to help resident-owned communities in New Hampshire fill their vacant lots.
If your community is having issues filling its vacant lots, the Community Loan Fund can help.
We're ready to roll out a new Revolving Line of Credit to help resident-owned manufactured-home communities (ROCs) in New Hampshire bridge the financial gap many experience while placing homes in their communities.
Many co-ops don’t set aside money in their budgets to prepare home sites, or to purchase and place homes. They can use the new line of credit for these purposes, reach their goal of full occupancy and increase revenue through the additional lot rent the new homes bring in.
ROCs can apply for access of up to $100,000 to fill lots in their community. Once the application is approved, the funds are immediately available, but no payment is due until after the ROC draws money from the account.
The line of credit can remain open for up to three years. Amounts not repaid through the sale of homes can be repaid over 10 years. ROC-NH has found that several manufactured-home dealers who have been made aware of this new program may be willing to delay deposits and payments that they have traditionally required up front. They may also be willing to offer discounts to co-ops that need to place multiple homes. Some may even be willing to wait for one end-loan payment, if the co-op has a ready, willing, and able buyer when the home is placed.
ROC-NH is also creating a new training to help ROCs fill vacancies. The training will cover items like negotiating with manufactured-home dealers, and using social media, posted flyers, open houses and relationships with local Realtors to find motivated, qualified buyers. If you're interested, ask your ROC-NH technical assistance provider to set up a training for your community and to learn how to apply for the line of credit!
ROC-NH™ is a program of the New Hampshire Community Loan Fund, Inc. and a ROC USA® Certified Technical Assistance Provider.
ROC-NH is a registered service mark of ROC USA, LLC.