Project providing permanent, affordable homes for veterans
“We were galvanized into action when we learned that veterans were ready to leave supportive housing, but couldn’t because there were no affordable places to move to. These veterans deserve better housing opportunities,” says New Hampshire Community Loan Fund President Juliana Eades.
The result is Veterans First, a demonstration project that will provide permanent homes for military veterans in a resident-owned community in Danville, N.H.
The Community Loan Fund collaborated with Rock Rimmon Cooperative to place 10 ENERGY STAR®-rated, one-bedroom manufactured homes on its empty lots for veterans from Harbor Homes’ transitional housing program in Nashua and Manchester.
The first five homes arrived in early January.
Living in a small (500-square-foot), affordable, easily accessible home in a cooperative community, these veterans will enjoy the comforts of supportive neighbors and the life experiences they share with their fellow veterans.
Each participant is supported by Harbor Homes’ services, including financial literacy training, and homebuyer education from NeighborWorks Southern NH. Also, as Community Loan Fund borrowers, they'll have access to its Easy Assistance Program for confidential counseling and other help with the challenges of daily life.
Rock Rimmon Cooperative, which prepared the sites for the new homes, will also benefit from Veterans First. Greater occupancy of the community will strengthen the co-op’s finances and make all of its 77 homes more affordable for the long term.
Costs less than apartment
Manufactured homes cost about half as much to build as conventional homes and placing them in a resident-owned community saves the homeowner the cost of buying land. The veterans’ housing costs will be much less than renting a comparable apartment.
The homeowners will pay only $250 down to buy their homes, and their initial estimated monthly mortgage (including taxes and insurance) will be less than $200. The homeowners will also be responsible for paying the cooperative’s monthly lot rent.
The special zero-percent financing from the Community Loan Fund is available thanks to our permanent capital donors, whose gifts extend our reach and enable us to shape loans to the needs of low-income borrowers.
Other funders and partners for the Veterans First project include the Federal Home Loan Bank of Boston; Merrimack County Savings Bank; and the Jameson Trust, Thomas W. Haas Fund, Steven Epstein Donor Advised Fund, and Howe Family Funds of the New Hampshire Charitable Foundation. Skyline Homes innovated the design of these small homes with the encouragement of Next Step, a national partner focused on affordability and energy-efficiency in manufactured housing.