New ROC ready to fill vacant sites, address critical infrastructure needs
MOUNTAIN HOME, Idaho – Hamilton Place has been Board President Barry Shanahan’s home for five years. The manufactured home community is in quiet, suburban Mountain Home, Idaho, a town of about 15,000. It’s about 45 minutes southeast of Boise and best known for Mountain Home Airforce Base, Bruneau Sand Dunes and the beautiful winding Snake River.
On July 12, homeowners purchased Hamilton Place – a predominantly Hispanic community – for $1.13 million, securing housing stability for future generations. While rent increased by about $154 to $450 per month, it’s a fraction of the $1,200 renters pay for nearby two-bedroom apartment in Mountain Home.
“This was a wonderful thing that happened,” said Shanahan. “We enjoy our little community a lot. Everyone was very skeptical at first, but our community came together. Everyone here has a limited income, and we know there are challenges yet to come, but right now everyone is so happy because we don’t have to leave and change our lives.
“It relieved so much pressure for people.”
Before moving to Idaho, Shanahan spent 20 years in Hawaii where ran a janitorial company. He’s retired now, and he felt his background in business management and extra time in his life qualified him to volunteer to run for Board President.
“I wasn’t intending to run for Board President but when I saw that this community needed someone to take the lead, I decided to throw my hat in the ring,” Shanahan said. “I understood what it was like to work with property managers. And I know what it’s like to lead people. I had 10 people working for me and it’s important to get them to want to work for you and do a good job.”
During the process of becoming resident owned, he spent a lot of time talking to neighbors, translating important information from English to Spanish with his smart phone. He’s thankful for the support of LEAP Housing, a ROC USA Certified Technical Assistance Provider, who guided the homeowners through the purchase process and will continue to support them as they build the skills and leadership to manage their community. ROC USA Capital financed the deal along with LEAP Loan Fund. This is also the first time ROC USA Capital closed on acquisition financing where future revenue from infill is needed for the property to be stabilized. There are currently 22 occupied homes, two rental apartments and 13 vacant home sites in the community.
“LEAP is thrilled to have worked with the residents of Hamilton Place to secure their homes in fast-growing Mountain Home,” said Holly Apsley, LEAP ROC Program Manager. “This community sits in a peaceful rural setting about 45 minutes from Boise and has 33 spaces with only 22 filled. ROC USA Capital was able to provide innovative financing that takes into account the additional income that will be generated as these sites are filled in order to support significant infrastructure improvements. The Board Members did a great job of consistently seeking input from the wider community and ensuring that everyone was included in the process. We are excited to see site improvement work begin, and the cooperative continue to grow as an organization.”
Hamilton Place is the 329th ROC to work with ROC USA and the third ROC to work with LEAP Housing. Like many older manufactured home communities, deferred maintenance and neglect are often critical issues once homeowners become collective community owners. ROC USA Capital helped provide homeowners with an additional infrastructure loan to address water and sewer infrastructure issues.
“ROC USA Capital is very pleased to have provided flexible and long-term acquisition and infrastructure improvement financing to Hamilton Place Community, Inc. to enable the 22 current homeowners there to assume control of the land beneath their homes and improve their neighborhood in several key ways,” said Michael Sloss, Managing Director, ROC USA Capital.
Sloss said he looks forward to seeing both the infill of vacant home sites and key infrastructure improvements.
“The investments to be made in water, septic and road systems will enhance the quality of life for all current and future residents of this community,” he said.
While Shanahan is frustrated by years of neglect before the ROC took over, he knows that there will be challenges as the community works to fix infrastructure and beautify the neighborhood. He said he is so thankful for the continued support of the ROC USA Network.
“ROC USA Capital was so good to work with and that loan will help us address those issues now,” Shanahan said. “I’m so grateful that we can address those now instead of putting a band-aid on them. LEAP has been incredible to work with. This was such a big project. There was so much to do. So much to organize.
“ROC USA Capital and LEAP have made an impact on people’s lives that they don’t even realize.”