How a resident-owned community (ROC) works, and why it matters for homeowners
A resident owned community is a neighborhood of manufactured homes owned by a cooperative of the homeowners who live there, rather than by an outside investor. Each household still owns its own home. Together, through the cooperative, the residents own the land, roads and shared infrastructure, and make decisions about the community democratically.
Grey Stone became a resident owned community in 2010, when its homeowners formed Grey Stone Mobile Home Cooperative and bought the park.
• Residents own the park through the cooperative
• One membership and one vote per home
• Five-member resident Board, elected by members
• Members vote on lot rent increases and bylaw changes
• Annual Meeting of members every March
• $50 membership fee
From the cooperative's bylaws.
Homeowners who live in the community join the cooperative by paying a modest membership fee. Membership comes with a vote and with responsibilities, such as taking part in governing and running the community.
The cooperative, not an individual landlord, owns the land. Many ROCs use a limited-equity model: the membership fee is returned when a member leaves, rather than growing in value, which helps keep the community affordable for future residents.
Members elect a Board of Directors from among the residents. The Board manages day-to-day decisions and may hire professional property management, while members vote on major issues at membership meetings.
Because residents own the land, the community cannot be sold out from under them or redeveloped by an outside owner. Members who follow the rules can stay.
Lot rent is set by the community to cover costs and reinvest in the property, not to generate profit for an investor. ROC USA reports research showing that after five years of resident ownership, ROC site fees ranged from market rate to as much as 17% below market.
Residents decide on the rules, budgets, improvements and priorities for their own neighborhood.
ROC USA is a national nonprofit network launched in 2008 to make resident ownership possible nationwide and expand economic opportunities for homeowners in manufactured home communities. It combines technical assistance from a network of regional nonprofit affiliates with financing through its subsidiary, ROC USA Capital, and offers ongoing training for resident leaders.
Grey Stone Mobile Home Cooperative is listed in ROC USA's network of resident owned communities, having joined in April 2010.
The Cooperative Development Institute is the ROC USA Certified Technical Assistance Provider for Maine and the other New England states outside New Hampshire. Through its New England Resident-Owned Communities (NEROC) program, CDI helps manufactured homeowners organize cooperatives, purchase their communities, secure financing, govern democratically, and find funding for infrastructure improvements.
CDI has worked with Grey Stone, including through its Water Infrastructure Support Program on planning for water, wastewater, stormwater and electrical improvements.
4 lots are open now. Read our bylaws and rules, then apply online.