Congratulations to the Homestead Acres Co-op, Inc., which refinanced their cooperative on December 15th. Homestead Acres has been struggling for several years to find funding for several important infrastructure projects in their community –including an urgent replacement of their existing pump station.
Though the cooperative had been interested in obtaining grants for these projects, grants can be unreliable and the funds for this pump station replacement were needed immediately. The refinance provided these funds to the community at a lower interest rate than the original loan at purchase in 2011. This lower interest rate allowed the cooperative to refinance and to borrow more funds without raising rents!
Now that the cooperative has refinanced, the pump station project is underway and will be completed this winter. Springtime projects will include an updated storm water drainage system that will prevent water from pooling around the pump station and/or under homes, and some important maintenance and repairs of the cooperative’s mound system and leachfield. The cooperative is also doing some renovations on a stick-built home rental on their property.