National Cooperative Bank in Arlington, Va., has formed a partnership to invest $40 million in an effort to provide loans for resident-owned manufactured home communities.
The $2.1 billion-asset National Cooperative and MetLife, in New York, will each invest $15 million in the project and ROC USA Capital will invest $10 million over two years. The funds will be used to finance resident-owned manufactured home communities in 20 states.
ROC USA Capital, a certified Community Development Financial Institution based in Concord, N.H., has a $100 million portfolio of first-mortgage community acquisition/permanent loans to 42 resident-owned manufactured home communities.
In the latest agreement with MetLife and National Cooperative, national banks, insurance companies and pension funds can partner with the venture to finance resident-owned communities.
