LOMCO and Non-Profits: A 50 year partnership
In the early 1960’s LOMCO’s founder Leroy Doty, a pastor at Brethren Manor church in Bixby Knolls, was looking for a way to provide housing for his eldest parishioners. He identified the HUD 202 program as a way to develop a 296 unit property which was completed in 1965. Recognizing that other Non-Profits were also looking for ways to cost effectively provide housing for senior citizens, Leroy began working with other non-profits as well, teaching them to utilize the same 202 and 236 HUD programs to finance their development plans.
Eventually, Mr. Doty and his partners began working full time as management agents who focused solely on providing Non-Profit entities with expertise in housing development, financing, and all aspects of HUD program management. Over time, LOMCO became known as the premier consultant for faith based Non-Profit organizations that wanted to develop and house its senior population.
Managing Senior & Rehabilitation Properties
LOMCO acquired 8 properties from 2000-2010 from its Non-profit clients, working cooperatively so that the projects would have sustainable rehabs and commitments to preserve affordability well into the future. To help augment the Mission, LOMCO partnered with HUD in its Resident Service Coordinator program which is designed to extend independent living for seniors . This program provides a full time social worker at 8 of our current sites that coordinates case management with residents that are frail and struggle with acts of daily living. Additionally, the RSC’s help with socialization of the residents and directing them to benefits where available.
Today, LOMCO manages a total of 9 properties and part of our growth is due to partnerships we’ve forged with Non-Profit Organizations whose mission is to provide assistance for physically disabled individuals. For our rehabilitation Non-Profit partners, we handle all aspects of housing operations. For both our Housing and Rehabilitation motivated Non-Profit partners, we work directly with each property’s Board of Directors, as the Non-Profits owners have chose not to install an Executive Director or staff. LOMCO has been counted on since its inception to provide guidance and feedback to each Board; helping to balance mission with financial performance. Working closely with the Boards, we’ve developed strong relationships that have led in certain instances to acquisitions when the board decided new leadership and funding were appropriate.
The partnership LOMCO has with Non-Profits extends almost 50 years and is based on the knowledge that LOMCO will help Non Profit Boards achieve their Mission and Financial objectives. We continually work with our clients to help them manage relationships with their lenders, investors , HUD and other stakeholders. We help our clients manage their surplus cash, refinance their properties, find programs for their residents and even help them sell the properties to third parties when called upon.