HRCU Home Loan Helps Local Family

Jack Peduzzi, Sr. Project Manager at The Housing Partnership; Marty Chapman, Executive Director of The Housing Partnership; Mr. & Mrs. Felix Mercedes; Bill Cormier, Partner at Hourihane, Cormier & Associates; and Julie Coakley, HRCU AVP of Lending & Business Development.

On Thursday, November 3 Holy Rosary Credit Union (HRCU) closed its first Home Loan in conjunction with The Housing Partnership (THP), a not for profit affordable housing developer based out of Portsmouth.

The property was purchased by the Mercedes family, who are now the prideful owners of their first home. It is one of five properties acquired and rehabilitated by THP utilizing federal Neighborhood Stabilization Program (NSP) funds provided by the City of Rochester.

The collaboration was born when Bill Cormier of Hourihane, Cormier & Associates approached HRCU to work as a team with The Housing Partnership to offer these homes for sale. THP, well versed in the complexity of federally financed property rehabilitation, owns and operates an additional 12 affordable rental housing units in Rochester.

In 2009, the City of Rochester was chosen as one of five cities in the state to share $18.5 million dollars granted by the federal Neighborhood Stabilization Program. The NSP program is operated by the U.S Department of Housing and Urban Development (HUD) and is administered by the New Hampshire Community Development Finance Authority (NHCDFA). The Neighborhood Stabilization program is designed to regenerate neighborhoods in decline due to foreclosure, abandonment and blight; of the $18.5 million dollars granted, Rochester was awarded $2.5 million for revitalization efforts.

HRCU, The Housing Partnership, and Hourihane, Cormier & Associates look forward to further collaborations in providing homes to first-time buyers through the NSP program.

HRCU’s home loan is provided in conjunction with special listed homes on the market with Hourihane, Cormier & Associates. For more information, please contact Bill Cormier at bill@billcormier.com.