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