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By Lauren Williams on 03/25/2011 @ 12:00 PM

Tags: Housing and Homeownership

NeighborWorks® Montana helped the homeowners of a 32-home community in Kalispell become the state’s first resident-owned community in August. ROC USATM Capital provided senior position financing totaling $852,000.

A home in the Green Acres Co-op: Kalispell, Montana

John Sinrud, a former legislator and current Government Affairs Director for Northwest Montana Association of REALTORS®, was elected as the co-op’s founding president. With vivid memories of recent community closures in Bozeman and Whitefish, and the resulting loss of people’s homes, Sinrud says he “and a lot of people were immediately supportive of the idea of cooperative ownership.”

“As homeowners alone, we could not have done this without the support of NeighborWorks Montana and ROC USATM Capital,” reports Mr. Sinrud. “We could never have gone to a private bank with this – we didn’t have the downpayment, nor as a new business did we have the credit rating to make this happen.”

NeighborWorks Montana is the ROC USATM Network CTAP in “Big Sky” country. “We’re delighted to have assisted the homeowners to make this happen. It was a good deal for both the homeowners and the seller, as it passes on the seller’s legacy of providing a safe and affordable place to the people who live there,” stated Sheila Rice.

The seller, George Everett, a long-time local REALTOR® who also served in the Legislature, noted, “I was happy to see them buy it; I have come to know and like the homeowners, they’re hard-working and decent people and I wanted to provide them an opportunity.”

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