THE GORDON H. MANSFIELD VETERANS COMMUNITY, LEEDS
On March 23, 2011 announcement was made of an Enhanced Use Lease of 9 acres on the Veterans Affairs Medical Center in Leeds, MA. In addition the VA has selected Soldier On for an Industry Innovation Competition award under the (VAi2) Innovative Initiative for up to $8 million for use towards the development of a Limited Equity Cooperative on the proposed Enhanced Use Lease site.
This Project will, for the first time in the nation, provide ownership units for formerly homeless veterans on the grounds of a federal VA medical center. Using the Limited Equity Cooperative model, veterans will now be able to live the rest of their lives with dignity and respect as part of the local taxpaying community by becoming homeowners, many for the first time in their lives.
Like its Pittsfield predecessor, The Gordon H. Mansfield Veterans Community, Leeds will be a limited-equity housing project that will provide veterans with an opportunity to complete the transition from homelessness to home ownership.
This initiative allows veterans to gain a further sense of autonomy in making decisions and also provides individual deposit accounts set up in their names. Because the housing is funded through the (VAi2) Innovation Initiative to Soldier On, the money usually paid as debt service on a housing loan instead goes into an account for the veterans taking part in this program. Allowing the veterans to gain equity through an Individual Deposit Account.
By providing this double incentive, the initiative gives veterans both a sense of ownership in the present and a small nest egg for the future.
