Residents of Manufactured Housing Communities
Do You Own a Manufactured Home But Rent the Land Beneath It?
If so, NeighborWorks Montana is committed to helping people like you and your neighbors! Learn more about the resident-owned communities work we do or read below to find out why and how to make your community resident-owned.
In the United States, roughly 35 percent of owners of manufactured homes live in communities or “parks” where they rent the lot their home sits on. For a monthly rental fee, these homeowners receive basic services such as water, sewer and road maintenance from the community owner. The problem with this model is that homeowners living on rented land do not have the security and financial benefits available to people who own the land beneath their homes. Resident-ownership is a cooperative model that has proven to be successful at providing housing stability and greater financial security to residents of manufactured home communities.
Why Become Resident-Owned?There are many benefits to living in a resident-owned cooperative, which include control of monthly lot rent and improvements, lifetime security against unfair eviction, and a strong sense of community. Every member has a say in the way the community is run, and major decisions are made by democratic vote.
- Your community will never be sold and you will never be forced to move due to redevelopment
- Your lot rents will be stabilized and remain affordable
- You will have more opportunities to improve your home and access home financing
- You and your neighbors will gain control over improving the infrastructure, health and safety in your community
- If you do decide to move, your home may sell more quickly and at a higher price if your community is resident-owned
How Can My Neighbors and I Buy Our Community?
First of all you have to have a community owner who wants to sell. NeighborWorks Montana can help you approach your community owner to let them know about the opportunity for resident-ownership, determine their interest in selling, and help you negotiate a purchase agreement. From there we help you build a membership, form a corporation, evaluate the opportunity to purchase, and secure financing. The funding for the purchase is based on the income generated through lot rents and is not based on individual personal financials. Residents do not have to come up with the cash to purchase the community.
Does this sound too good to be true? Does it seem like this could never work in your community? Think again – more than 150 communities across the country have successfully become resident-owned! Learn more about existing resident-owned communities in Montana here.