Arlington, VA (January 11, 2024) - Rochdale Capital, a community development loan fund whose mission is to promote cooperative and community ownership; advance equity, diversity, and inclusion; and provide capital access in under-resourced communities, recently closed a $265,000 loan participation to finance capital repairs for The Students' Co-op, Inc, a 32-bed affordable student housing co-op on the campus of the University of Minnesota.
The Students' Co-op, Inc. (the Co-op) has been an affordable housing provider on the University of Minnesota campus since 1940. The Co-op’s mission is to provide affordable housing and a strong supportive community. Historically, the Co-op has been an intentional community 1 of up to 29 people of all genders who share a 3-story, 18-room stucco house.
COVID-19 caused the housing co-op to deteriorate. The alumni learned of lack of governance and substantial damage to the building from non-member residents and squatters. The alumni organized alongside the North American Students of Cooperation (NASCO) to get the building back on track.
Rochdale Capital worked with the lead lender Shared Capital Cooperative, a national community development financial institution based in the Twin Cities that focuses on co-op development, and Local Enterprise Assistance Fund (LEAF), a Massachusetts based community development financial institution on the transaction which totaled $1,415,000.
“Rochdale Capital is very proud to have the opportunity to work with Shared Capital Cooperative and LEAF on providing the necessary funding to restore the Students’ Co-op”, stated John Holdsclaw IV, President, and CEO of Rochdale Capital. “Our mission is to provide access to safe and affordable housing, and we look forward to having the housing co-op return to the campus.”
“We are pleased to be able to support Students’ Co-op to complete the renovation and re-open to provide affordable and safe housing options on campus”, stated Christina Jennings, Executive Director of Shared Capital. “We recognize that the project required significant commitment and collaboration, and we are grateful for the cooperation among Rochdale Capital, LEAF and Shared Capital that made it possible to assemble the needed financing.”