ROC Strikes Again

Updating a story we posted Feb. 27, 2013 concerning residents of Wheel Estates MHC in North Adams, Mass. trying to buy their community, iberkshires informs MHProNews the nearly $4 million loan went through, financing managed by ROC (resident-owned communities) USA of New Hampshire. For years residents have allegedly complained the 42-year-old community, owned by Morgan Management LLC, needed repairs that were not done, and once Morgan sent notice it wanted to sell, the residents had 45 days to come up with a financing plan to buy the property. 105 households, over half the community, paid the $100 fee to become shareholders of the not-for-profit corporation, which virtually guarantees the deal is sealed, allowing the co-op to move ahead and elect its board of directors. In addition to ROC, Wheel Estates is receiving technical and start-up assistance from the Cooperative Development Institute of Shelburne, Mass.

(Photo credit: ROC USA)

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