What is a resident-owned community?
Our board members celebrate the purchase of Mountain Springs Villa in 2011.
In a resident-owned community (ROC), homeowners form a nonprofit corporation called a cooperative or an association. Each member household of the ROC is an equal owner of the corporation, which owns the land and all underground infrastructure (like pipes, for example), and any common utilities or buildings.
The members continue to own their homes individually.
There are plenty of great reasons to choose a resident-owned community:
- Security – Take comfort knowing that the community will always remain a resident-owned, manufactured home community. The land cannot be sold. Each member household has a lifetime right to occupy their lot, as long as they pay their rent, follow community rules, and remain a member of the corporation.
- Control - Every member household has a say! Major decisions are made by democratic vote of the membership, including electing a representative Board of Directors, approving the annual budget (monthly lot rent, capital improvements, operating expenses), and setting the Community Rules.
- Community – Member households get to know one another as we govern and improve our neighborhood. We can’t help but come together and make great friends in the process.