It’s been too long …
I can’t believe it’s been four months since I last wrote! So much has happened.
The big three for me have been:
One, ROC USA’s national PRICE application – a $75 million proposal to HUD for 29 communities in 12 states – has been submitted!
I am so proud of our PRICE teams – led by Chief Operating Officer, Nic Salerno and Mary O’Hara, Executive Vice President of ROC Movement – who brought this massive application process and the application itself to the finish line.
I was told by a highly respected executive-level colleague that it was the “best application” he read. That pleases me and has me hopeful, but I’ll be nervous until we hear from HUD!
So many communities are relying on us – which is nothing new – but on this, we have no control whatsoever after Nic hits the submit button. Wish us and the communities well!
Across the Network, we have 13 partner organizations also submitting applications for co-op MHCs. Every ROC that identified a need and took the necessary steps is in one of those 14 applications! That’s an amazing level of coordination and cooperation. It shows the benefit of “Better Together.”
As you may know, ROC USA and its Network of nonprofit TA providers with the most forward-leaning leadership from the ROC Association pushed for the funding bill in 2021 and 2022. It was renamed the PRICE Initiative after former U.S. Rep. David Price (D-NC) who chaired a key sub-committee of the House.
There are so many cool stories from this period – stories of community leaders rallying in every possible way and public servants stepping up. People beat up on government but, in my career, I have met and worked with so many people in public service who just want to help those in need. Frankly, it is one thing that keeps me optimistic and hopeful.
Overall, the public response has been great! However, one commenter shared that the federal government shouldn’t invest in MHCs.
I can relate to being critical of public investments at times, especially when taxpayer dollars aren’t used in smart ways to make lasting healthy impacts on communities.
However, ROCs are effective and long-lasting.
ROCs in our network are limited equity coops that are a great vehicle for helping low-income homeowners gain ownership and control of the land beneath their homes – as opposed to being owned by Wall Street or private equity investors.
And, as limited equity coops there is no profit-motive involved in their ownership. They charge site fees to cover their costs and build reserves, not make a profit. And these ROCs cannot sell the land and make a windfall profit from the sale and loss of affordable housing. Profits from the sale of the land have been removed.
Both elements make these ROCs lasting affordable communities that are an asset to the region in which they own and operate. In effect, ROCs serve a clear public purpose. This current affordable housing crisis highlights the need, but I can tell you having worked in low- and moderate-income neighborhoods almost my entire adult life, there has always been a need!
What homeowners in co-ops want is a stable and affordable community in which their homes gain in value – they build equity – and that the land under their home is secure and affordable. They didn’t enter the coop as a commercial investor, they are involved because their home relies on the land and the community.
ROCs are effective and long-lasting, so let’s make the infrastructure healthy and resilient in these vital neighborhoods!
Two, I am so happy to write about the Board of Directors’ appointment of Emily Thaden as ROC USA’s new President!
She is terrific! She has the experience, brains, heart, and energy to bring everyone on board and take resident ownership to the next level of scale and impact. While I have known her on the national shared equity housing scene for many years, I am now getting to see how she works up close. I could not be more excited about her leadership and the future than I am.
You can read more about Emily here.
I am going to be at ROC USA part-time for the next six months to help Emily transition into our complex nonprofit organization. The range of things we do is quite something, and there’s no one like us.
Her hire signals a change: ROC USA is evolving to work with many more public and philanthropic partners to help homeowners who choose resident ownership have an affordable path to it. This may sound easy – and it’s not. We operate in the market and must arrange low-cost resources quickly to make co-op purchases affordable.
It’s stuff Emily is well-prepared for, and she will be a great addition to the teams that are working in these areas. The mission impact of more partners joining the ROC Movement will be great!
I will be moving full-time into ROC USA’s new subsidiary, Integrity Community Solutions at the end of the year. I’m already there in lean start-up mode on a part-time basis. (More on that later.)
And third, on a personal level, my mother has moved from Freedom Village Co-op to a continuing care community called Heritage Heights. She’s still close by – just six minutes – and a short bike ride (which I need to do more often!)
The co-op was a great eight-year period for her after she downsized from her home of 40 years. She served on the Board early in her tenure and knew almost everyone in the neighborhood. Her neighbors threw her a going away party, which was very sweet. Thank you, Freedom Village Members, for being such great neighbors!
Beyond Freedom Village, others in the ROC world know her – Lois – as she attended several co-op events, including the ROC Leadership Institute at SNHU. (She still razzes me about the Elvis impersonator. I thought it was fun.) She’s doing well and is happy in her new community.
Hoping you are well. It’s been a busy four months. I’m glad summer is here! I hope you enjoy it.