What is a resident-owned community and what does it mean for homeowners?
- In a resident-owned community, tenants form a nonprofit business called a cooperative (co-op) 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.
- 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.
- Everyone has a say in the way the cooperative is run, and major decisions are made by democratic vote.