Arlington, VA (September 22, 2016) —Today, National Cooperative Bank (NCB), a leading financial services company dedicated to serving cooperatives and socially responsible organizations nationwide, was nationally recognized by The American Bankers Association Foundation with a 2016 Community Commitment Award in the affordable housing category for their resident –owned manufactured home financing program with ROC USA Capital and MetLife.
In 2015, National Cooperative Bank forged a $40 million national financing program with ROC USA Capital, a Community Development Financial Institution, and MetLife, one of the largest life insurance companies in the world, to finance resident-owned manufactured home communities (ROCs) to scale. The program provides first mortgage/ acquisition permanent loans to finance the conversion of resident associations of manufactured home communities to cooperative ownership.
The three partners understand the critical need of affordable homeownership across the country and have structured the loan program to bring affordable long term fixed rate financing and technical assistance to empower residents to own their own homes and communities.
The ROC USA Financing Program demonstrates National Cooperative Bank’s strong and passionate commitment to bettering the lives of its customers and community,” said Rob Nichols, ABA president and CEO. “Their work embodies the mission of the Community Commitment Awards and they are a truly well-deserved recipient.”
Manufactured housing communities (MHCs) are the largest unsubsidized source of affordable housing in the U.S. With more than 50,000 MHCs nationwide and more than 2.7 million households living in these communities, the MHC sector is a vital affordable housing resource for low-income homeowners.
“We are honored to receive such an important recognition from the American Bankers Association,” said Charles E. Snyder, President and CEO of National Cooperative Bank. “Finding innovative ways to bring affordable homeownership to scale through the cooperative model is critical to our mission. We are very fortunate to have great partners in ROC USA and MetLife to bring this structured loan program to housing communities across the country.”
The annual awards, sponsored by the ABA Foundation, recognize and promote the valuable ways banks of all sizes and charters contribute to economic growth, community development, and overall well-being. The awards will be presented during ABA’s Annual Convention in Nashville on Oct. 16.
