Resident Ownership of Communities Protects from Developers

The New York Times reports that in some areas of the country, the land that manufactured housing communities sit on is becoming more valuable, and owners may be interested in selling to developers for apartments and condominiums.  Residents, especially retirees, are concerned that rents may increase beyond their affordability.  Several states now offer tax incentives to non-profit tenant associations to form a cooperative and purchase the communities in which they live.  States from Maine and Delaware to the upper Midwest and Northwest have all seen a rise in non-profits buying their own communities.  Many residents like the sense of security, and are developing a community mindset as they address the issues of infrastructure maintenance.  Paul Bradley, president of ROC USA, a nonprofit group that provides assistance to these residents, said, “The real big win, in terms of the homeowners, is that that cooperative removes the property from the speculative real estate market.  No third party is going to profit off of the land in the short term.”

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