Financing has been used to assist low-to-moderate income homeowners with the acquisition of their cooperative, resident-owned communities, in addition to supplying working capital for improvements

Cambridge Savings Bank (CSB), a full-service mutual bank with a customer-first approach and over $6 billion in assets, today announced that it has provided $15.3 million in financing to ROC USA® since 2021. Headquartered in Concord, NH, ROC USA is a nonprofit organization on a mission to make quality resident ownership viable nationwide and to expand economic opportunities for homeowners in manufactured (mobile) home communities.

ROC USA provides training to affiliate nonprofits and homeowners in resident-owned communities (ROCs), as well as financial resources to help families build wealth through collective ownership. Its relationship with CSB originated in April 2021, when CSB granted a $4 million line of credit to ROC USA that was used to finance major improvements to the water, sewer, and roads at the 9-year-old resident-owned community, Cranberry Village. CSB provided an additional $2 million to allow ROC USA to take advantage of favorable interest rates and refinance a 55 and over community in Shirley, MA. In December 2021, CSB supported another ROC USA client community with a $3.3 million participation loan to assist with the resident purchase of the community and contribute to necessary capital improvements in Danvers, MA. Most recently, a $6 million revolving line of credit from CSB was partially used to support the acquisition and major infrastructure improvements to Royal Crest, a 144-site ROC in West Wareham, MA

“The support we have received from Cambridge Savings Bank over the last three years has empowered hundreds of families across Massachusetts to take control over the communities that they call home,” said Michael Sloss, Managing Director at ROC USA® Capital, ROC USA’s CDFI (Community Development Financial Institution) lending subsidiary. “Adam and his team have been great partners, supporting our efforts to make quality home ownership viable. Thanks to CSB, we've been able to assist hundreds of homeowners in joining resident-owned cooperatives.”

Benefits of living in a resident-owned community include control of monthly rent, consistent improvements, security against evictions, liability protection, and a strong sense of togetherness due to the shared ownership structure. Major decisions are made by a democratic vote, whereby members elect a board of directors, which appoint committees to ensure the continued viability of the cooperative and manage day-to-today operations.

“CSB is always eager to support members of our community, particularly when it comes to promoting access to affordable housing in our high-cost state,” added Adam Bispham, VP, Corporate Banking Relationship Manager at CSB. “ROC USA works hard to provide low-to-moderate income homeowners with the freedom, responsibility, and comfort to make their communities and their economic security their own. We look forward to continuing our partnership with ROC USA, providing the resources they need to preserve and improve affordable communities.”

CSB’s partnership with ROC USA is the bank’s latest investment that empowers Northeastern residents to have access to affordable housing. In 2022, CSB provided a $93 million construction loan to support the Innes Redevelopment Project and extended $84.5 million in funding to Strategic Land Ventures to help finance the construction of mixed income housing. The bank also donated to Cambridge Housing Authority and Caritas Communities to support programs focused on combating homelessness in Boston last year.

CSB’s commercial division is focused on serving the unique needs of its local communities and businesses, offering a full suite of Corporate Banking Lending, Asset-Based Lending, Commercial Real Estate Lending, Treasury Management, and Trade Services solutions. To learn more about CSB’s custom lending solutions, please visit cambridgesavings.com or contact Adam Bispham at abispham@cambridgesavings.com.

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About Cambridge Savings Bank

Cambridge Savings Bank is a full-service banking institution with over $6 billion in assets. As a mutual bank, CSB is committed to improving the quality of life of our employees, customers, and the communities we serve. One of the oldest and largest community banks in Massachusetts, Cambridge Savings Bank offers a full line of individual and business banking services across a robust Massachusetts-based branch network and through digital banking solutions for commercial, small business and consumer customers. In 2022, CSB received an investment-grade rating from Kroll Bond Rating Agency reinforcing the bank’s position as a reliable business lender. To learn more about how CSB can meet your needs, visit us at cambridgesavings.com, or better yet, come meet us to help you make the most out of your banking relationship. Member FDIC. Equal Housing Lender.

About ROC USA

ROC USA® is a non-profit social venture scaling resident ownership of manufactured home communities since 2008. Together with ROC USA Network, a group of regional non-profit affiliates, and ROC USA Capital, a CDFI lending subsidiary, ROC USA® works with 306 resident-owned communities nationwide. ROC USA continues to build strong national and regional relationships in support of Resident Owned Communities as it looks to realize its vision of a country in which the owners of efficient and affordable homes are economically secure in healthy and socially vibrant resident-owned communities.