Colorado Lake Cooperative Obtains Permanent Loan
The Colorado Lake Cooperative is a 45-space manufactured home community nestled against the Colorado Lake east of Corvallis. Residents initially formed a not-for-profit entity and purchased the community, originally known as Lakeshore Estates, from the previous owner in 2007, using a combination of traditional mortgage debt and $13,100 in membership loans. The new permanent financing from NOAH in the amount of $1.9 million enabled the resident-owned cooperative to refinance the maturing mortgage debt, pay off the individual membership loans, and preserve the community as affordable housing for the long term. NOAH worked closely with the residents and with partner CASA of Oregon on the transaction. CASA provided additional financing and technical assistance to the cooperative. CASA is a leader in Oregon in preserving manufactured home parks through the organization of resident cooperatives and a valued partner of NOAH.
Beautiful New Housing Comes to Downtown Medford
With a rental housing vacancy rate of just 2% in Jackson County, the fifty-units of new affordable housing in The Concord are a welcome addition to the community. Developed by the Housing Authority of Jackson County, The Concord features 1 and 2 bedroom units with large windows, balconies and energy efficient systems and appliances. Twelve of the apartments have rental subsidies and are prioritized for persons living with disabilities. Services to those with disabilities will be provided by Pathway Enterprises. La Clinica will provide residents with periodic on-site medical and dental health screenings. NOAH will be providing a $1.6 million permanent loan. Additional funding for this development comes from Key Bank, Oregon Housing and Community Services, the City of Medford, and the Housing Authority of Jackson County.
Another Park Acquisition/Transformation Begins
St. Vincent de Paul Society of Lane County (SVDP) is on a mission to transform deteriorated manufactured home parks (MHPs) into safe, livable communities. The Saginaw MHP is SVDP’s sixth park acquisition/transformation effort, and they’ve become an expert on turning these older, under-invested parks around. With 41 mobile homes and RVs on 14 acres, SVDP plans to make significant upgrades to the park infrastructure, as well as replace several of the dilapidated homes. NOAH provided a $1.49 million acquisition loan. Upon the completion of upgrades and stabilization of occupancy, NOAH plans to provide the permanent loan. Additional support secured to date comes from Oregon Housing and Community Services. SVDP will provide intensive social services, which are critical to changing the culture in the MHPs and improving the quality of life for the people who reside there. They will also add a new community room, office space, bathrooms, signage, lighting, and playgrounds.
Manufactured Housing Peer Learning Collaborative Begins
On April 21 & 22, 12 organizations from around the state participated in the launch of the Manufactured Home Park Peer Learning Collaborative. NOAH is facilitating this program, which is designed to build capacity among nonprofit and public sector organizations interested in manufactured housing as a critical component of the affordable housing continuum. Participants will identify a performance challenge from one of these broad areas of the manufactured housing industry: manufactured home park preservation, resident engagement, manufactured home replacement and repair, policy development and access to credit. With curriculum, coaching, and peer group learning, participants will realize substantial performance results with the ultimate goal of increasing the supply, condition and security of manufactured housing for households with low and moderate income. Primary support for this program comes from Meyer Memorial Trust, with additional support from Oregon Housing and Community Services. Program training and coaching is being provided by Charlie Baum of Starting Point, with additional support from Stan Biles of Management Solutions.
Equity Plan Adopted
Earlier this winter, NOAH’s Board of Directors adopted a Social Equity Plan. The plan establishes goals for expanding NOAH’s lending in underrepresented and underserved communities, and creating policies and practices to better support diversity, equity and inclusion. For more information contact .(JavaScript must be enabled to view this email address).
NOAH Hosts Reception for Eugene Partners
NOAH’s Board of Directors and Management Team hosted a reception in Eugene to acknowledge the good work of our local partners and celebrate the 27 affordable housing developments financed by NOAH in the Eugene area. NOAH Board Chair Brian Stewart welcomed guests and shared a slideshow of local housing developments. Many thanks to the banks, housing development organizations and public officials who attended the reception and who work tirelessly in service to their community. Additional thanks to locals John Van Landingham and Stephanie Jennings for their ongoing service to NOAH on the board and loan committee, respectively.