About - New Hampshire Community Loan Fund

Overall Feedback:

As the president of a cooperative, elected 2 terms in a row, it is my opinion that this organization is terrible to work with. If you don't ask questions, maybe they are great, but if you look at the figures and question things, that's where it all goes downhill. I had issues with them not responding to emails or phone calls, and noticed that some seemed to pick favorites on the co-op boards they work with (the ones who don't ask questions), and will completely ignore those on the board that they seem to not like. That was my experience with the last person we worked with, who spent most of their time partnering with specific board members they liked. Ultimately, it is my opinion that the people I spoke with at the organization do not like board members that ask questions; especially when it is regarding our costs. Even our bank was receptive to questions and working out a change in our rate in order to help our community survive and help slow the process of our failing infrastructure. This so-called non-profit seemed far less concerned with our stability as a cooperative, and does not seem willing to work with us.Overall, I don't like the way this business works, as I believe they use fear tactics to get communities to become co-ops, regardless of the cost or whether it is something they can afford. In my opinion, our community bit off far more than we could chew when they became a co-op based on their recommendations and what I consider to be fear tactics based on what I have heard. When we first became a co-op, years before I was there, the rent went up substantially as soon as we became a co-op. Everyone was so scared of losing their home, they signed up by any means necessary. The interest rate we are paying for is far more than we are paying a for-profit bank, so I'm not sure what benefit we got from our involvement with this so-called non-profit company that is supposed to be there to help communities (while at the same time, being the company that loans money to the cooperatives and individuals buying homes in those coops)... It seems like there are endless conflicts of interests, and even the contractors we were referred to seem to be far more costly than some of the competition. In fact, we switched from using a contractor they referred us to that provided management, to using our own bookkeeper, and we were told that in new co-ops, have it in their contract to use a management company. Doesn't sound like the freedom that was pitched to my predecessors. Ultimately, I believe we will see a reversal of co-ops going back to being privately owned, or, if some remain, it will be because the residents are able to purchase the property on their own. In the situation my community is in, the way everything was structured initially, we will never be able to successfully purchase the property, or at least, not in my lifetime. It will be a forever mortgage payment that will be renewed every decade or so and the people who are here will eventually see further declines with little chance for the community's survival.