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Working to save jobs, homes, and essential community services

By News

Our donors and investors are enabling us to be as flexible and nimble as we need to be to respond to our borrowers' economic challenges.

“I’m grateful to not have to fear my home being foreclosed while I figure out what my next steps will be.”

This was the message from a Welcome Home Loan mortgage borrower who had lost her job and asked us for a moratorium on her mortgage payments so she could keep up with her utilities and other household bills.

She’s not alone. Working-class people, and the businesses that employ them, have borne the brunt of the pandemic’s economic fallout. Nearly four in 10 lower-income households say they feel worse off financially. About half have fallen behind on at least one basic expense, like food, housing, or medical care.

Through our Borrower Stabilization Fund, our donors and investors are helping us ensure that we have the resources to help the laid-off waiter who can’t pay his mortgage, as well as the resident-owned communities whose homeowners are struggling to pay their rent, and the businesses that need technical assistance and coaching to pivot to the new economic landscape.

"A lot of people here either lost their jobs or lost a lot of hours when COVID-19 hit."

Because of that generous and timely support, we’ve provided moratoriums to 50 borrowers, deferring $154,000 in monthly principal and interest payments, and provided nearly 270 hours of technical assistance and coaching to help borrowers work toward solutions.

We’re also offering access to a free and confidential help line to connect our borrowers with community resources that can help them and their families with stressful issues.

Support of the Borrower Stabilization Fund ripples through organizations to benefit families and the youngest among us. One child care director who received a payment deferral reported, “We are currently running all our programs, though with limited numbers of children. Our having two classrooms open is both in response to the CDC guidelines and current family need in our community. Thank you for your consistent support.”

A volunteer leader at a resident-owned manufactured-home community told us, “A lot of people here either lost their jobs or lost a lot of hours when COVID-19 hit. The loan deferment helped us as a community catch up on a lot of bills and avoid falling further behind, so that’s a big deal for us.”

Homeowners, child care centers, and resident-owned communities are not our only borrowers who have been hit hard. Our business borrowers have too. One of them, a baker whose largest customers are grocery stores, went from steady business growth to receiving hardly any orders when stores closed their bakery and take-and-bake sections. We deferred their loan payments so they could focus on refining their products and packaging. With longer expiration dates, their products were placed on the grocery shelves instead of the bakery area, and their sales are now back on the rise.

As resilient and creative as our borrowers are, we know they’re going to need more help. We anticipate the numbers of payment deferments and hours of technical assistance to continue to rise.

We’ve been able to be flexible and nimble because of those who have and continue to donate to our Borrower Stabilization Fund, as well as because of the long-standing support of our investors and donors.

Through this generosity, jobs, homes, and essential services are being saved in communities across New Hampshire. We will get through this together. Join us by donating today.