Windy Acres Cooperative brings investment full circle
“We believe in what ROC-NH is working for and we invest in what we believe in.”
Windy Acres Cooperative President Ed Yutzler
Windy Acres Cooperative, located in Charlestown, N.H., recently became the third resident-owned manufactured-housing cooperative to graduate from New Hampshire Community Loan Fund borrower to investor.
As with many New Hampshire co-ops, financing from the Community Loan Fund helped the residents of Windy Acres buy their park, starting with a deposit loan in 1993 and a second mortgage a year later. The co-op has done a good job managing its finances; in 2010 its board began exploring investment options to make better use of the funds it had in bank CDs.
The board members learned that they could invest in the Community Loan Fund, and immediately liked the idea of investing locally while getting a return on their dollars.
“We are investing to help in some small way so others have the opportunities we have had,” said Windy Acres President Ed Yutzler. “We believe in what ROC-NH™ (the Community Loan Fund's manufactured-housing program) is working for and we invest in what we believe in.”
By supporting the Community Loan Fund, Windy Acres becomes the latest co-op, joining Otarnic Pond and Woodstock Cooperatives, to bring its story full circle. The Community Loan Fund's investors – individuals, organizations and corporations – supported their conversions to resident-ownership. Now their investment funds will help the Community Loan Fund support other local initiatives.
This circle of success is a shining example of neighbors helping neighbors, one of the Community Loan Fund's founding principles.