New Hampshire Community Loan Fund Inc

“The organization amended its bylaws during fiscal year 2025. On january 30, 2025, the board of directors voted and unanimously approved disbanding the philanthropy committee, opting to have policies which fell under their purview be approved by the full board of directors going forward. On may 29, 2025, the board of directors voted and unanimously approved removing language pertaining to board member compensation and meeting cadence.”

“The form 990 is prepared by staff and the audit firm. Before filing with the irs, a draft of the completed form 990 is provided to all members of the board of directors and is reviewed in detail by the finance committee with questions addressed and resolved by the audit firm. The finance committee votes to accept the form 990, and minutes of the committee meeting are produced to document the review and the vote.”

“The organization requires employees and board members to complete annual conflict of interest surveys.”

“Compensation data regarding the two top executive positions was gathered nationally, regionally and locally. A committee of the board of directors reviewed the compensation with assistance from the human resources manager. After a review of the data and discussion by the board committee, it was determined that both positions are in a reasonable range with the data reviewed and that the compensation for the two positions is appropriate. Copies of comparability data analysis are on file and records of the board committee deliberations are documented.”

“The community loan fund's form 990, year-end audited financial statements and annual reports are made available to the public upon request and are posted on the organization's website for public inspection. Bylaws and conflict of interest policies are also available to the public upon request. This is stated on the organization's website.”

“The community loan fund's bylaws require the board of directors to include representatives of borrower organizations and investors among its membership. Donations and investments are accepted from employees, from individual board members, or from organizations of which current and former members are significant employees or board members. All transaction decisions follow standard policies and procedures including those covering conflict of interest. The transactions are part of the community loan fund's normal course of business and are open to the public at large. Two board members and six employees have provided investments or have family members who have provided investments totaling $2,000 and $92,064 respectively, to the community loan fund as of june 30, 2025.”

“Three community loan fund programs address n.h.'s need for housing for working families, seniors, and families with low incomes. 1. Roc-nh provides loans, along with educational and technical assistance, to build long-term value and security for residents of n.h.'s manufactured-home communities by helping them purchase, manage, and improve their communities as cooperative corporations. As of june 30, 2025, 152 resident-owned communities in n.h. Were home to 9,238 (primarily low-income) households. During fiscal year 2025, the community loan fund made 16 loans totaling nearly $17.2 million. In doing so, it preserved 189 housing units and provided 18,151 hours of technical assistance to resident-owned communities. 2. Because they are relatively affordable and available in rural communities, manufactured homes are, for some n.h. Families, the best housing option. They also provide an affordable option for older people who are downsizing, young families who are first-time homebuyers and adults with physical and mental challenges who wish to live independently. The community loan fund's welcome home loans provide real fixed-rate mortgage products for buyers of manufactured homes who own the land the house will occupy, or who have secured the land through cooperative ownership. The great majority of these buyers don't have access to conventional mortgage loans or lack the savings for down payment and closing costs. By making 2,190 welcome home loans totaling more than $117.4million since 2002, we have proven that these homebuyers are better-than-average risks as borrowers, with a cumulative loss rate of just 2.60%. During fy2025, welcome home loans provided $11.2 million in financing to 91 borrowers. Included in that number are 41 homeowner assistance loans to help buyers with low incomes cover closing costs for new homes, or purchase existing homes. In 2009, our welcome (then called cooperative) home loans earned the community loan fund the highest honor given to community development financial institutions: the next award for opportunity finance. The program's strong performance has also attracted other conventional residential lenders, including usda, nh housing finance authority and fannie mae, to this emerging market. 3. The multi-family housing program provides loans and technical assistance to nonprofit housing development organizations, with the goals of expanding n.h.'s supply of increasingly scarce affordable housing and keeping it permanently affordable. Since 1989, the community loan fund has made 191 loans totaling nearly $36 million, resulting in the creation or preservation of 1,978 affordable apartments valued at over $301.2 million. Multi-family housing has also helped create and nurture a now-mature network of nonprofit developers, while assisting community groups tackling their first projects, to create capacity in one of the least-affordable states in the nation.”

“The community loan fund is rooted in two beliefs: 1. One of the barriers that keeps people with low incomes from achieving greater self-sufficiency is a lack of access to credit. 2. People and organizations that have or manage financial resources are willing to help their neighbors when they have a trusted mechanism to do so. The philanthropy program works on the second part of that equation. We seek to make our investments opportunities a conduit through which people, organizations, foundations, and corporations safely and securely invest in n.h.'s people and communities. The community loan fund is a rarity among community development financial institutions in accepting investments in the form of unsecured loans from private individuals, as well as from institutions large and small. A robust pool of net assets helps the community loan fund maintain a 100% repayment record to its investors. It's the "shock absorber" that cushions their money against the rare borrower loan that isn't repaid. Investments in the community loan fund range from $1,000 to $7.5 million. The philanthropy program brought in over $7.9 million from 30 new investments in fy2025, bringing the number of current investors to 615.”

“The community loan fund offers financing for businesses ranging from self-employed entrepreneurs to high-growth, high-margin companies. Since 1984, our business finance program has provided loans, investments, and coaching to support the growth and resilience of small businesses and their ability to provide quality jobs. In recent years, we've had a special focus on helping farm and food-related companies and entrepreneurs without access to conventional financing grow and thrive. Since 1996, our business finance team has made 810 loans and investments and loans, totaling over $52 million and preserving or creating 2,948 jobs. In fy 2025, our business finance team provided 26 loans totaling more than $3.8 million, creating or preserving 73 jobs.”

“The community loan fund's audit committee assumes responsibility for the oversight of the audit of its financial statements and selection of independent accountants. The process has not changed from the prior year.”