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 corporation.
Each household is a Member of the Corporation. As a group, the Corporation owns the land and manages the Community. Members co-own and co-operate the place we call home.
Everyone has a say in the way the 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.
Members of a resident-owned community have the opportunity to exercise control over how their community operates by attending meetings, joining committees, or serving on our Board of Directors. In fact, participation is every Member’s responsibility. Because owning a share in our Corporation means that expenses ultimately come out of our pockets, contributing some of our valuable time and money is an important investment.
Everyday expenses are paid from monthly lot rents. Major expenses for repairs and improvements are approved by the Members. This is another way Members have control. Every major improvement increases the value of our community property and our individual homes.
We appreciate our independence and autonomy, and we also share in the responsibilities and expenses.