"You turn my donations into opportunity"
What kind of impact do you want your money to have?
Whether talking about charitable donations or interest-earning investments, Joe Keefe’s answer is the same. He wants to measurably improve people’s lives and opportunities, especially those of his New Hampshire neighbors.
The Community Loan Fund, he says, does both.
It’s making capitalism work for everyone, rather than just the privileged.
“There are sectors of society that otherwise would not have access to credit. They’re worthy of it, they make good use of it, they build businesses, they support families, yet they would not be adequately served by traditional lenders,” he says. “That’s why I donate to and invest in the Community Loan Fund.”
Joe is President of Impax Asset Management in Portsmouth, N.H. Over the last decade-plus, he has supported the Community Loan Fund by donating to its annual campaigns and permanent capital fund. His company also donates, through an employee committee, and has invested here.
He says, “The ability to be a donor or investor, or both, is one of the great things about the Community Loan Fund.” He also appreciates that at the same time the Community Loan Fund uses financing to help people help themselves, its programs bend business markets toward the people who most need them.
Back in 1984, when ROC-NH helped its first group of homeowners buy their manufactured-home park, no bank would lend to a resident-owned community. Now, banks routinely partner with the Community Loan Fund in financing park purchases.
Welcome Home Loans proved that buyers of manufactured homes, when they also own the land under their homes, are worthy of the same financing available for conventional homes. As a result, the federal Fannie Mae program backs mortgage loans in pre-approved ROCs (resident-owned communities).
“You’ve had some fabulous, groundbreaking programs, and have shown that these programs work in business markets,” says Joe. “It’s making capitalism work for everyone, rather than just the privileged."
Learn more about how donations to the Community Loan Fund's contribute to our borrowers' success.
This story appeared in the New Hampshire Community Loan Fund’s 2018 annual report.