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Black woman mortgage advisor smiles while meeting with two Black men inside a bright, modern NL–CMC office. The wall displays the New Legacy–Community Mortgage Collective logo. Through large windows, clean-lined community homes are visible, reflecting cooperative homeownership.
"Seal of the New Legacy Community Mortgage Collective featuring a family standing beside a large key, surrounded by images

NEW LEGACY
COMMUNITY MORTGAGE COLLECTIVE

No banks.  No exploitation. Just people-powered homeownership.

"High-contrast black and white geometric pattern featuring interlocking angular shapes that form a repeating, cube-like design. The lines are bold and evenly spaced, creating a visually striking, maze-like texture."

What NL-CMC Is & Why It’s Different

The New Legacy Community Mortgage Collective (NL-CMC) is Velmorya’s innovative, cooperative homeownership program. It’s designed to make owning a home affordable, secure, and sustainable—without the risks and instability of traditional mortgages. Here, housing is more than shelter—it’s a pathway to community stability, shared equity, and generational wealth.

How the NL-CMC Model Works

Unlike a traditional mortgage, where a bank owns your debt and can foreclose, the NL-CMC is owned by the community itself. Residents make monthly contributions into a shared fund that:

  • Pays for construction and maintenance of all homes

  • Protects residents from foreclosure or eviction due to financial hardship

  • Builds shared equity that benefits all members

Core Principles

  • No Foreclosure – Homes cannot be taken away because of missed payments.

  • No Displacement – You will never be priced out of Velmorya due to rising housing costs.

  • Shared Equity – As Velmorya grows in value, so does your personal stake in the community.

Where Do Your Housing Payments Go

Every monthly contribution is reinvested directly into Velmorya’s growth and well-being:

  • Road, building, and utility maintenance

  • Education and workforce training programs

  • Health and wellness facilities

  • Cultural and recreational projects

  • Emergency preparedness and safety infrastructure

Benefits of the NL-CMC

  • Affordable monthly payments without predatory lending

  • Stability in housing costs over time

  • Equity that can be passed down to future generations

  • Stronger community bonds through shared responsibility

  • Homes designed with sustainability and comfort in mind

How to Join the NL-CMC

  1. Apply for Residency – Begin the application process to join Velmorya.

  2. Select Your Home – Choose from available housing options in the Unity District.

  3. Join the Collective – Become a contributing member of the NL-CMC.

  4. Move In – Enjoy the security and benefits of cooperative homeownership.

The NL-CMC is more than a mortgage—it’s a promise of stability, dignity, and opportunity.
Learn More About Our Economy →

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