Norwich Housing Corporation
The Norwich Housing Corporation (NHC) is a private, not-for-profit lender that provides housing loans to alumni-led house corporations which are associated with chapters of Theta Chi Fraternity. Its mission statement is as follows:
“…to seek, through the prudent deployment of assets, to facilitate the ownership and improvement of housing for active chapters, and to produce income, thereby advancing the Fraternal experience.”
The NHC was established in 1929 as the National Board of Trustees (NBT). In 1998, the NBT was restructured and given the name "The Norwich Housing Corporation." A board of directors oversees the NHC and has supreme decision-making authority.
NHC loans are only available to house corporations, which are alumni-led legal entities that have been established under the laws of a state for the purpose of owning and managing a chapter's house. House corporations must be associated with an active undergraduate chapter to be eligible for an NHC loan. The NHC offers three different types of loans which are described under the "Loan Programs" section of this page.
Potential borrowers must complete an application process for all loans. Applications are reviewed two to three times per year by the NHC Board of Directors, and approval is not guaranteed.
To request a loan application, contact the International Headquarters at 317-848-1856 or email@example.com.
Traditional Mortgage Loans
The Norwich Housing Corporation provides traditional mortgage loans to house corporations that intend to purchase, build or renovate a chapter house.
On average, traditional mortgage loans from the NHC have higher Interest rates compared to customary mortgage lenders, so potential borrowers are encouraged to explore multiple financing options. For each loan request, the interest rate is determined by the criteria contained in the NHC Loan Pricing Matrix. The average interest rate for this loan program is 7.88% as of October 2016. The term is typically 5 to 25 years.
Life Safety Loans
Life Safety Loans are offered at a low interest rate for financing housing upgrades that are necessary for the reduction of serious safety risks. The interest rate for all Life Safety Loans is 3.0%. The maximum term is generally 5 to 7 years, and the loan is secured by a mortgage.
The NHC determines whether or not proposed facility improvements qualify for financing under this loan program on a case-by-case basis. However, items that typically qualify include fire-suppressing sprinkler systems, range hoods, and fire alarm systems. For each loan request, the NHC has the absolute discretion to deny financing for items that are inconsistent with the nature and purpose of the Life Safety Loan Program.
Frederick W. Ladue Loans (Emergency Loans)
The Frederick W. Ladue Loan is a short-term, unsecured loan that provides immediate financing in emergency situations (e.g. broken boilers, holes in the roof, etc.). Applications can be completed and reviewed quickly, and funds can be made available on short notice.
The amount granted for a Ladue Loan is generally less than $10,000. Because Ladue Loans are unsecured, they have a 10.0% interest rate. The term is typically 1 to 3 years.
Governance and Administration
The corporation is controlled by a board of directors which consists of five alumnus volunteers. The current board of directors is composed of the following members:
- President – Paul R. Norstrem (Alpha Pi/Minnesota 1986)
- Vice President – James S. McEachern, III (Beta Psi/Presbyterian 1982)
- Secretary – Joe L. Clack (Eta Sigma/Arkansas Tech 1980)
- Treasurer – Dr. Wesley K. Wicker (Alpha Phi/Alabama 1979)
- Counselor – Pete Mackey (Alpha Phi/Alabama 1978)
The day-to-day operations of the Norwich Housing Corporation are managed by the Chief Housing Officer. The Assistant Treasurer prepares the corporation’s financial statements and supervises the Chief Housing Officer.
Chief Housing Officer - Bill Russo
Assistant Treasurer - Jim Powell
The Norwich Housing Corporation reserves the right to make changes to this program at any time without notice. Do not make financial commitments to architects, contractors, or to anyone else, or negotiate contracts or leases of any kind on the assumption that a loan will be obtained. Loans are approved in the sole discretion of The Norwich Housing Corporation Board of Directors. No other person or entity has the authority to approve or promise loans.