What is a resident-owned community and what does it mean for homeowners?
- In a resident-owned community, tenants form a non-profit corporation called a cooperative.
- Each household is a member of the cooperative and an equal owner of the land. As a group, the cooperative owns the land and manages the community.
- The members continue to own their own homes individually.
- There are many benefits to living in a cooperative, including control of monthly lot rent, repairs and improvements, lifetime security against unfair eviction, liability protection (Members are not personally liable for co-op loans.), and a strong sense of community.
- Everyone has a say in the way the park is run, and major decisions are made by democratic vote.