Cause: Affordable loans for low-income home buyers
When, three decades ago, 13 homeowners in a mobile home community faced possible eviction if their land were sold, Juliana Eades and the newly formed New Hampshire Community Loan Fund rescued the group by helping them form a co-op to buy the land themselves. Hired in 1984 before the organization had made a single loan or received an investment, Eades, now president, developed the affordable loan program for low-income manufactured homeowners in similar straits, using capital from 139 institutional and over 400 individual investors to help form more than 100 co-ops across the state. With fewer opportunities for bank financing than middle-class home buyers, the organization’s beneficiaries receive not only affordable mortgages but also technical assistance during the lending process and advice on how to budget and pay off debt.
We have faith in regular people. Just because someone is low-income and can’t get bank financing doesn’t mean they should be stuck forever without the chance of buying a home.”