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It’s a record.
In an industry often dominated by men, it’s women who took the leadership role.
Homeowners in Halifax Estates closed recently on the largest-ever reported limited equity manufactured home cooperative purchase. The move provided pride and enhanced security to the community’s 700 retirement-age residents who live there, per a release from ROC USA to MHProNews
The $27 million purchase “is certainly a milestone in the cooperative and manufactured housing sectors, the impact is life changing for the people who live in the 430 homes in Halifax Estates,” said ROC USA’s Mike Bullard.
“Nancy Froio, president of the residents association that purchased Halifax Estates, and her husband downsized into Halifax more than 12 years ago and fell in love with the community,” Bullard’s statement said. “A widow for nine years now, Froio is thankful that her neighborhood won’t be sold again now that she and her neighbors own it.”
“The resident association has purchased the community for $27 million with assistance from Cooperative Development Institute. CDI is a certified technical assistance provider with ROC USA® Network,” per ROC USA.
“ROC USA is a non-profit that works nationally through a network of nine such technical assistance providers to assist residents of for-sale mobile home parks form resident corporations and buy their communities cooperatively,” stated Bullard. ”Technical assistance will continue to be provided by CDI to the association for the length of the mortgage — a minimum of 10 years.”
The Daily Business News is told that the Halifax Estates is the 18th Massachusetts community supported by ROC USA Network and the 210th nationwide. There are nine technical assistance providers in ROC USA Network work with 13,500 households in 14 states.
“In these democratic resident-owned communities (ROCs), homeowners each buy one low-cost membership interest. Each household has one vote on matters of the community. The members elect a Board of Directors to act on day-to-day issues and vote as a membership on larger matters like the annual budget, bylaws and community rules,” per ROC USA.
The network prides itself on being able to perform on a commercial basis and competitively with the market at large, per prior interviews between MHProNews and ROC USA President, Paul Bradley.
“Financing for the project came from ROC USA® Capital in collaboration from TD Bank, Bank of America, Boston Community Capital and Leviticus 25:23 Alternative Fund,” said Bullard. “ROC USA Capital is a wholly-owned subsidiary of ROC USA and a U.S. Department of Treasury-certified Community Development Financial Institution. “