Affordable Housing Stories -
[Cached Version]
Published on: 2/12/2006
Last Visited: 1/20/2008
One morning, Florence Quast arrived home from her job as an obstetrical nurse in Nashua to the uncommon sight of her neighbors assembled by the mailboxes in their manufactured home community.
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Quast didn't know, but before long she and the other 56 families in the Milford neighborhood paid $10 each to retain a lawyer.They engaged the Loan Fund, Legal Assistance and other non-profits to fight the owner and buy the park themselves.
They formed a cooperative and, after some legal wrangling, they made an offer to the owner of $1.5 million.He gave them ten days to come up with the money and close-on the day before New Year's Eve.
"We did it," said 69-year-old Quast, now retired, who became the cooperative's first president."I think the owner was shocked that we'd come up with the money."
To make it happen, the Loan Fund provided a bridge loan until the Souhegan Valley Manufactured Housing Cooperative could get a $350,000 Community Development Block Grant.
"My proudest accomplishment is helping us become a co-op and buying the park because it's something people said we couldn't do," said Quast, who has traveled nationally to talk about cooperatives.