The Sacramento Bee
By: National Cooperative Bank
May 7, 2013
National Cooperative Bank (NCB), as part of its commitment to serving low- and moderate-income communities and promoting cooperative development , has partnered with ROC USA® Capital to provide a $5.4 million loan to Clackamas River Community Cooperative in Clackamas, Oregon. NCB, a leading lender to cooperatives throughout the country, and ROC USA, (Resident Owned Communities) a provider of financing and technical assistance to residents of manufactured home communities, arranged this vital financing for the 76-site community to acquire, develop and convert the property to a limited-equity cooperative.
"We are pleased to have provided such important funding to the Clackamas River Community and support the current residents' efforts to fulfill their goal of homeownership," said Ann Fedorchak, Director of Co-op and Community Development at NCB. "Our partnership with like-minded organizations as ROC USA and CASA of Oregon, was a great occasion to further our efforts as a socially-responsible financial institution, and continue to make a difference in communities across the country."
Continued Michael Sloss, managing director of ROC USA Capital, "We were very pleased to partner with the homeowners at this cooperative, NCB and CASA of Oregon to preserve 76 affordable homes in such a great community". He added, "To deliver long-term affordable fixed-rate permanent financing to the co-op while promoting preservation of this neighborhood so convenient to Portland, represents tremendous community impact."
Clackamas River Community Cooperative homeowners purchased the land underneath their homes on Oct. 26, 2012. While this vibrant community is an easy commute from Portland, residents say it still has a definite country feel, with the Clackamas River running along its border and a lush park with walking trails.
NCB's partnership with ROC USA Capital, a Community Development Financial Institution, is a natural one. Launched five years ago, parent ROC USA is a social enterprise that provides technical assistance and financing to help homeowners of manufactured homes gain financial security through the ownership of their communities. As a Community Development Financial Institution (CDFI) ROC USA's mission is to preserve affordable housing by making resident ownership of manufactured home communities viable nationwide.
NCB shares a similar mission and goal actively promoting the creation and success of cooperatives, while also providing programs to meet the financial needs of these underserved communities. In 2012 alone, National Cooperative Bank committed and deployed $232 million to initiatives serving low- and moderate-income communities in sectors including housing, healthcare, small business and solar energy.