Study Reveals Resident-Owned Communities pay less for Sites

roc_usa__creditAs dailydemocrat tells MHProNews, a 2006 study by the University of New Hampshire compares resident-owned manufactured home communities (MHC) to those owned by investors. The research revealed those who live in a community owned by the residents, called cooperatives, have lower site rents, higher average home sales prices as well as faster sales, and access to fixed rate home financing. People who live in the co-ops have more control over the rents and governance of the community, and are not worried about the community closing resulting in their displacement.

Comparing the 150-home site Leisureville Mobile Home Park in Woodland, Calif., which has been resident-owned since 1995, with investor-owned, 262-home site Rancho Yolo in nearby Davis Calif., the residents of Rancho Yolo are paying $2,808 more per year in rent.

Both MHCs have their fair share of single, divorced or widowed women, and both have low to extremely low income groups: 40 percent of the residents at Rancho Yolo fall into that category, while 50 percent of that demographic live at Leisureville. All receive Social Security retirement or disability income, none are receiving Section 8.

On Founders Day at Leisureville April 6, 2014, the celebration in honor of 19 years of co-op ownership brought out current and former mayors and other local officials. There were toasts, reflections, speeches and extensive “thank yous” to the many people and organizations that helped the residents over a three-year period achieve their goal. Today the community has the lowest site rents of any MHC in Woodland or Davis.

Meanwhile, at the other end of the nation, in 1984 the New Hampshire Community Loan Fund (NHCLF) initiated the purchase of a 14-site MHC in Meredith, NH. Currently, there are 114 MHCs in NH owned by the residents.

As other states got into the act, the NHCLF birthed ROC (resident-owned community)-USA in 2008, which with its affiliates have given rise to 174 resident-owned communities comprised of over 10,000 manufactured home owners in 14 states. ##

(Photo credit: ROC-USA)

matthew-silver-daily-business-news-mhpronews-comArticle submitted by Matthew J. Silver to Daily Business News-MHProNews.

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