First Alliance Credit Union proudly announces its partnership with CoNorth and the residents of Lone Oak Estates Cooperative to help preserve affordable housing and strengthen community ownership in Cannon Falls, Minnesota.
On December 9, 2025, the residents completed the purchase of their manufactured home park community and officially became cooperative owners, securing long-term affordability for 32 households in SE MN.
Through a resident-led acquisition facilitated by CoNorth, Lone Oak Estates has been transformed into a limited-equity cooperative, allowing residents to make democratic decisions about rent, repairs, and improvements, and protect their homes for generations to come.
“Every co-op conversion is a celebration, but this one is extra special,” said Victoria Clark-West, Executive Director of CoNorth. “Lone Oak Estates will be the second resident-owned community we’ve helped organize in the Cannon Falls area.”
CoNorth also supported the Cannon Falls community of Sunrise Villa more than 20 years ago. “Sunrise Villa is still thriving over 20 years later,” Clark-West added. “These communities last and they’re created to be permanently affordable.”
Lone Oak residents have long advocated for needed infrastructure improvements that were difficult to secure under previous private ownership. As recently as March 2025, the community was without water for several days due to a water line rupture the private owners did not immediately repair.
“This is a huge step for us, starting today, we control our finances and our future” said Jamie Menard, President of the Board of Directors at Lone Oak Estates. ”There are a lot of improvements we want to make and we’re excited to get to work.”
With cooperative ownership now established, residents will be able to manage their lot rent, plan improvement projects, and control their own financial future.
Affordability was a critical priority for Lone Oak Estates, where 65% of residents earn only 50% of the Area Median Income (AMI) and household income averages just $47,000 per year.
First Alliance Credit Union worked closely with CoNorth to support the cooperative purchase and provided $725,000 in loan financing as part of the final acquisition package.
“We’re proud to partner with the Loan Oak Estates community and CoNorth to provide new affordable housing solutions,” said Danielle Sommerfeldt, AVP of Business Development and Lending at First Alliance. “Our goal was to make this process as easy as possible.”
The credit union also deployed its mobile branch directly to the community to facilitate loan signing, helping ensure a smooth transition and accessible process for resident members.
Remaining financing of the $1.89 million purchase was provided through CoNorth Loan Fund LLC (CLF), which is supported through a direct appropriation from the Minnesota Legislature in 2023, which provided CLF with equity capital to support manufactured housing preservation projects.
With the purchase of Lone Oak Estates, more than 1,250 homes across Minnesota and Wisconsin are now preserved in cooperative ownership through CoNorth’s work, strengthening access to affordable housing and building stability in communities facing increasing cost pressures.
First Alliance Credit Union is proud to support programs, partnerships, and collaborative financing strategies that help Minnesota families build stronger financial futures.
Lone Oak Estates Cooperative is a 308B cooperative corporation that is governed cooperatively and one of Minnesota’s growing number of resident-owned manufactured home communities.
CoNorth, is a St. Paul-based nonprofit organization formed in 1999. CoNorth is a cooperative development center, specializing in housing co-op development and support. CoNorth is a ROC USA® Certified Technical Assistance Provider (CTAP), one of ten nonprofit organizations performing this kind of community development activity around the country. Since ROC USA’s inception in May 2008, CTAPs like CoNorth have facilitated over 350 resident purchases, representing over $1 billion in financing.
First Alliance Credit Union is a not-for-profit financial cooperative, serving Southeast Minnesota for over 90 years. Membership is open to everyone who lives, works, worships, owns a business, or attends school in Blue Earth, Dodge, Fillmore, Freeborn, Goodhue, Le Sueur, Mower, Nicollet, Olmsted, Rice, Steele, Wabasha, Waseca, or Winona counties.